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Blemain finance advice please

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  • Blemain finance advice please

    Hi Im trying to understand my friends Blemain loan
    Firstly its not regulated by cca as its 35k
    Though I did send sar for them and got back a list of transactions which shows standing order received day after payment due so they are classed in arrears almost every month , however no extra charges show but again neither does any balance at any stage apart from the beginning so Im still no clearer to what they owe at all now .
    I presume I can write a letter asking for present balance and confirm what if any extra charges have been added and then if there is some query it ?
    Now my friends say they were never asked to get independent advice (though it states on form they were told about this )
    This loan was secured on property and they also say they did not know a 1000 fee was to be added to it for "brokers fee " as well as the 595 lenders fee so figures are as follows
    loan 35000
    brokers fee 1000
    arr fee 595
    solicitor costs 118
    Title insurance 125
    Total 36836
    Now I cant really understand the payments but it says
    First 3 months 0% then discount off annual nominal rate for 12 months giving 7.8% . When discount period ends interest charged at Annual Nominal rate which is currently 9.8% for remainder of loan term .This is a monthly rate of 0.82% equivalent to 10.4%APR
    Payments are
    3 at 0
    12 of 347.80
    plus 168 @389.05 (assuming no variance in interest rate )
    I also dont know if rates have changed guess I need to ask them that too but by my calculations this makes total payments on 35000 loan inc additions mentioned 69534
    Can anyone tell me (providing rates dont change ) is what they say correct and do the figures work out okay as i cant understand if it does or not
    Just wondering if its wrong and if i can help them challenge anything in the agreement
    On small point says form should be completed in their own handwriting and it wasnt but it says the confirm it was completed by them (when it wasnt ) and the initial enquiry form completed by broker that ive got says "flat rate of 5.82% which isnt mentioned anywhere though repayments quoted on same sheet are same as above
    Any help advice etc please ladies & gents ?
    Regards Gaz
    Tags: None

  • #2
    Re: Blemain finance advice please

    Originally posted by gaz2006 View Post
    Hi Im trying to understand my friends Blemain loan
    Firstly its not regulated by cca as its 35k
    Though I did send sar for them and got back a list of transactions which shows standing order received day after payment due so they are classed in arrears almost every month , however no extra charges show but again neither does any balance at any stage apart from the beginning so Im still no clearer to what they owe at all now .
    I presume I can write a letter asking for present balance and confirm what if any extra charges have been added and then if there is some query it ?
    Now my friends say they were never asked to get independent advice (though it states on form they were told about this )
    This loan was secured on property and they also say they did not know a 1000 fee was to be added to it for "brokers fee " as well as the 595 lenders fee so figures are as follows
    loan 35000
    brokers fee 1000
    arr fee 595
    solicitor costs 118
    Title insurance 125
    Total 36836
    Now I cant really understand the payments but it says
    First 3 months 0% then discount off annual nominal rate for 12 months giving 7.8% . When discount period ends interest charged at Annual Nominal rate which is currently 9.8% for remainder of loan term .This is a monthly rate of 0.82% equivalent to 10.4%APR
    Payments are
    3 at 0
    12 of 347.80
    plus 168 @389.05 (assuming no variance in interest rate )
    I also dont know if rates have changed guess I need to ask them that too but by my calculations this makes total payments on 35000 loan inc additions mentioned 69534
    Can anyone tell me (providing rates dont change ) is what they say correct and do the figures work out okay as i cant understand if it does or not
    Just wondering if its wrong and if i can help them challenge anything in the agreement
    On small point says form should be completed in their own handwriting and it wasnt but it says the confirm it was completed by them (when it wasnt ) and the initial enquiry form completed by broker that ive got says "flat rate of 5.82% which isnt mentioned anywhere though repayments quoted on same sheet are same as above
    Any help advice etc please ladies & gents ?
    Regards Gaz
    *************** have i got this in wrong section as no one replied so far regards Gaz

    Comment


    • #3
      Re: Blemain finance advice please

      Hi guys you may be interested that I'm having issues with blemain finance too however I have good solicitors on the case, whom are taking court action. A non regulated loan has had excessive charges added. I have a lot of information on this company including contridictive evidence, for example do you know sterling properties there so called LPA receivers are actually owned by the directors or blemain. Something else handy worth taking note of is that although the products are unregulated they do fall under OFT rules, there also investigating on my behalf, along with the FSA who in 2009 had an undertaking made against blemain about there un orthodox protocols and excessive charges. Blemain is the group company which is regulated by the FSA. I'll keep up updated

      Comment


      • #4
        Re: Blemain finance advice please

        OK Gaz---I'll look tomorrow

        Which Gary are you btw---you from PCF or PAG?--lol

        Comment


        • #5
          Re: Blemain finance advice please

          [QUOTE=Turboman;277930]OK Gaz---I'll look tomorrow Which Gary are you btw---you from PCF or PAG?--lol Id probably laugh too if I knew what PCF or PAG is explain please ? Did you take a look regards Gaz

          Comment


          • #6
            Re: Blemain finance advice please

            Originally posted by Djames View Post
            Hi guys you may be interested that I'm having issues with blemain finance too however I have good solicitors on the case, whom are taking court action. A non regulated loan has had excessive charges added. I have a lot of information on this company including contridictive evidence, for example do you know sterling properties there so called LPA receivers are actually owned by the directors or blemain. Something else handy worth taking note of is that although the products are unregulated they do fall under OFT rules, there also investigating on my behalf, along with the FSA who in 2009 had an undertaking made against blemain about there un orthodox protocols and excessive charges. Blemain is the group company which is regulated by the FSA. I'll keep up updated

            Hi - I'm Jason , I've just come to the end of my loan agreement with these Muppets - the costs and charges they are stating are laughable. As we know they are one evil company. would you have the email of the solicitors you have used regarding the above as i want to make there life hell like they have mine. I have made sure THE LOAN AGREEMENT balance is now 0.00 - and the rest they can hopefully whistle for wondered if i have a case....

            thanks......

            Comment


            • #7
              Re: Blemain finance advice please

              Originally posted by jasonburch View Post
              Hi - I'm Jason , I've just come to the end of my loan agreement with these Muppets - the costs and charges they are stating are laughable. As we know they are one evil company. would you have the email of the solicitors you have used regarding the above as i want to make there life hell like they have mine. I have made sure THE LOAN AGREEMENT balance is now 0.00 - and the rest they can hopefully whistle for wondered if i have a case....

              thanks......
              i would be very interested too, mine has just supposed to have ended, but according to them i still owe over 4k on a 6k loan after 5 years !...:tinysmile_cry_t:

              Comment


              • #8
                Re: Blemain finance advice please

                Blemain Finance v Bentley

                A debtor has secured a five-year block on repossession in a claims management case against his lender, after using consumer credit law to challenge his secured loan
                agreement.


                Peter Bentley, of Bridgend, Cardiff, used the meaning of unfair relationships under Section 140A of the Consumer Credit Act (CCA) 1974 to claim that his loan contract with Blemain Finance was an unfair one. Blemain also agreed to charge no further interest on the 40,000 loan and cut his repayments from 550 to 150 a month.

                At the High Court in Cardiff, Judge Milwyn Jarman also prevented the lender from levying any charges or legal costs "whatsoever." The judge barred Blemain for enforcing repayment via repossession for five years, but even after this period, it can only bring repossession proceedings if there are at least 12 months? arrears on the new level of payments.

                Bentley's lawyers, Consumer Credit Litigation Solicitors (CCLS), successfully argued that Blemain had loaned the money to Bentley irresponsibly and that the agreement took advantage of his desperate situation. CCLS argued that shortcomings in the decision making procedure on granting the loan, such as in the under writing, affordability checks and valuation processes, led to the credit agreement being unfair.

                Andrew Settle, solicitor for CCLS, said: "The relationship between the parties was an unfair one within the meaning of Section 140A of the CCA 1974. CCLS is utilising a significant number of legal arguments, like those used on behalf of Mr Bentley, in thousands of cases on behalf of our clients." CCLS successfully demanded to have the loan account re written, which is believed to be the first time a loan account has been rewritten under settlement, as a result of the unfair relationships test.

                Comment


                • #9
                  Re: Blemain finance advice please

                  Please note just done a little homework on CCLS and they have been shut down by the regulators..... Great start lol:tinysmile_cry_t:

                  Comment


                  • #10
                    Re: Blemain finance advice please

                    Originally posted by jasonburch View Post
                    Please note just done a little homework on CCLS and they have been shut down by the regulators..... Great start lol:tinysmile_cry_t:
                    Yes they were linked with Cartel Client Review a CMC who has also been shut down leaving millions of their clients up the swanney without a paddle and owing millions.
                    There are other Solicitors like Watsons Solicitors http://www.watsonssolicitors.co.uk/ who work on a no win no fee and specialise in this type of work.

                    Comment


                    • #11
                      Re: Blemain finance advice please

                      They may have beem closed down but the court judgement still stays the same

                      a judge decided that on the evidence, not any claims management company

                      Comment


                      • #12
                        Re: Blemain finance advice please

                        Re; The LPA receivers used by blemain are Sterling properties ltd, Sterling property co ltd and Waterfold asset management ltd. They are all the same company owned by jerrold holdings / Blemain group They have recently moved to a newindipendent address as they previously shared with Blemain
                        Now i thought LPA receivers should be independant. Can anyone confirm this

                        Comment

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