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
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
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