£50k Secured Loan ~ Paid £20k off ~ But you still owe us £50k sir !

Whilst my title of this post may seem a little light hearted this in reality is far from the case ! I would like to share the following with you, and would appreciate any ADVICE that members may have.

Around 3 - 4 years ago we took out a Secured Loan, with Blemaine Finance of Manchester. The Loan was arranged via the Broker Ocean Finance. I should say at this point i am trying to obtain a Payment Statement from Blemaine & a copy of the Credit Agreement.

The loan was taken out at a time when we thought it would be easy to repay the £600 a month repayments, but as things often go, our circumstances changed after around 6 months and payments were missed occasionally, and since then whilst we have always kept paying, there have been times when we were in arrears, as we still are today to the tune of around £2000, and have an arrangment to overpay each month to catch up.

The original term of the loan was 13 years, although we have now been told that "it will not finish on time".

Last week we requested a settlement amount, not that we were in a position to settle but meerly to see what was owed. Here are the amounts.

Original amount of loan £50,000

Charges etc to close loan £ 9,000

Total settlement £59,000

So i rang them asking why i had made payments of over £20,000 and still owed them £9000 more than i had borrowed !

I was told that as the "account" was usually late or in arrears most of the monies paid were for interest, and that out of the £600 that had been paid, AND CONTINUES to be paid, £20.00 a month will be taken off the balance outstanding.

The loan is not interest only.

Had i realised this 3 years ago, i would not have been so stupid.

Blemaine never send out payment statements unless requested i was told, i can only presume this is because some customers like us, just pay or try to pay, and just carry on.

I wont ramble on anymore until hopefully i get a few replies.

Thank you

PS just remembered, they stated today that the loan was "unregulated" what ever that means?

Unregulated means it isn't covered by consumer credit legislation - I think the limit is £25,000.

The practical effect of this is that you cannot rely on CCA 1974 or 2006 to get a copy of the agreement or an up to date statement of account, and since it is a secured loan and since Blemain are fairly notorious on this site, you have to be very careful.

My advice would be to

a) read every thread you can find which mentions Blemain.

b) if you find posts from someone who seems to be a bit of an expert on them, send them a message asking for help on your thread.

JUST POSTING THIS AS I POSTED IT IN THE WRONG SECTION.

£50k Secured Loan ~ Paid £20k off ~ But you still owe us £50k sir !

Whilst my title of this post may seem a little light hearted this in reality is far from the case ! I would like to share the following with you, and would appreciate any ADVICE that members may have.

Around 3 - 4 years ago we took out a Secured Loan, with Blemaine Finance of Manchester. The Loan was arranged via the Broker Ocean Finance. I should say at this point i am trying to obtain a Payment Statement from Blemaine & a copy of the Credit Agreement.

The loan was taken out at a time when we thought it would be easy to repay the £600 a month repayments, but as things often go, our circumstances changed after around 6 months and payments were missed occasionally, and since then whilst we have always kept paying, there have been times when we were in arrears, as we still are today to the tune of around £2000, and have an arrangment to overpay each month to catch up.

The original term of the loan was 13 years, although we have now been told that "it will not finish on time".

Last week we requested a settlement amount, not that we were in a position to settle but meerly to see what was owed. Here are the amounts.

Original amount of loan £50,000

Charges etc to close loan £ 9,000

Total settlement £59,000

So i rang them asking why i had made payments of over £20,000 and still owed them £9000 more than i had borrowed !

I was told that as the "account" was usually late or in arrears most of the monies paid were for interest, and that out of the £600 that had been paid, AND CONTINUES to be paid, £20.00 a month will be taken off the balance outstanding.

The loan is not interest only.

Had i realised this 3 years ago, i would not have been so stupid.

Blemaine never send out payment statements unless requested i was told, i can only presume this is because some customers like us, just pay or try to pay, and just carry on.

I wont ramble on anymore until hopefully i get a few replies.

Thank you

PS just remembered, they stated today that the loan was "unregulated" what ever that means?

JUST POSTING THIS AS I POSTED IT IN THE WRONG SECTION.

 

£50k Secured Loan ~ Paid £20k off ~ But you still owe us £50k sir !

 

Whilst my title of this post may seem a little light hearted this in reality is far from the case ! I would like to share the following with you, and would appreciate any ADVICE that members may have.

 

Around 3 - 4 years ago we took out a Secured Loan, with Blemaine Finance of Manchester. The Loan was arranged via the Broker Ocean Finance. I should say at this point i am trying to obtain a Payment Statement from Blemaine & a copy of the Credit Agreement.

 

The loan was taken out at a time when we thought it would be easy to repay the £600 a month repayments, but as things often go, our circumstances changed after around 6 months and payments were missed occasionally, and since then whilst we have always kept paying, there have been times when we were in arrears, as we still are today to the tune of around £2000, and have an arrangment to overpay each month to catch up.

 

The original term of the loan was 13 years, although we have now been told that "it will not finish on time".

 

Last week we requested a settlement amount, not that we were in a position to settle but meerly to see what was owed. Here are the amounts.

 

Original amount of loan £50,000

Charges etc to close loan £ 9,000

Total settlement £59,000

 

So i rang them asking why i had made payments of over £20,000 and still owed them £9000 more than i had borrowed !

 

I was told that as the "account" was usually late or in arrears most of the monies paid were for interest, and that out of the £600 that had been paid, AND CONTINUES to be paid, £20.00 a month will be taken off the balance outstanding.

 

The loan is not interest only.

 

Had i realised this 3 years ago, i would not have been so stupid.

 

Blemaine never send out payment statements unless requested i was told, i can only presume this is because some customers like us, just pay or try to pay, and just carry on.

 

I wont ramble on anymore until hopefully i get a few replies.

 

Thank you

 

PS just remembered, they stated today that the loan was "unregulated" what ever that means?

It is my understanding that any loan over 25k is classed as unregulated and as such not all of the CCA applies, only certain sections. This means there are limitations with regard to our rights.

G

I'm in a very similar situation with Picture. I can't believe that after 4 years of paying them £800 a month, I still owe them the original amount borrowed because I reduced my paymnents for a year (without their consent) in order to survive.

Surely there is some law against this? It's like loan sharks - you just pay them forever and the loan is never paid

You should look at the possibility of the secret commissions that were paid also !!! And have you tried to reclaim the charges ? Did you see this ? - GMAC fined £2.8m for 'mistreating' mortgage customers | Money | guardian.co.uk

Any PPI on the loans at all ?

What is start date of loan?

How much were the repayments?

How many repayments exactly and how much were they, if different from above?

What interest rate are you on?

Try to be specific as possible!

I am the original poster of this thread now under a different name for some reason ....

Anyway, what happened? Lost our house and family home of 100 years, got divorced, lost kids, everything, yes some was "our" fault, but the people are ****, and always will be

I borrowed £50,000 from these chancers back in 2006/7, in 2009 i called them asking for a settlement after paying £20,000 off the loan over 3 years. £59,000 was the reply because of interest and charges.

I lost the house, marriage, kids the lot, yes we were late on payments, but these guys are despicable...... today ? nearly 10 years later comes a letter from them....ive over paid and they have made a mistake.... £90 refund.

Im not accepting, its opened up old wounds, im stronger now than then.... and feel like a fight, naturally....

My God! Hope you get some retribution Jimmy.

yes jimmy i can tell you are feeling same as me, ive been truth utter hell with blemain, ive had other trauma too to deal with and blemain made it worse. I went in to see my mum at carehome i had just come off phone with blemain at home then went to see mum and i walked in her bedroom and burst in tears i couldnt talk to mum cos she had alizmers, and i had to be strong for her, but blemain had really threatened me and my home and i hit a low ebb that day when you going through this you feel alone and why wont blemain listern its just terrible. Then my son had trauma and i went court on this and won case, but again while this going on and i told blemain they kept calling, sending letters and constant hell at me it was rediculous you will believe me i know they made me do about 12 income and expenditures on phone over 14 month period i told them every month or so, we just did another in and exp stop it, it was driving me crazy not normal it was all about THE CONTROL OF BLEMAIN and threats if you moan about your LOAN they do this ITS NOT FUNNY i realise now how cruel they were and this went on constant right up to this year ive been unheard, if its not income and expeditures they do over phone and break your plan on purpose they do something else to upset you like say they didnt receive your letters i send all letters recorded, so i say oh i go get receipt then when you got it and then suddenly after 1 mins they say oh found it. Constant jokes and game playing with you yrs of it isnt funny ,you have my simpathy jim sorry to hear your story. Its like a blemain club well these members want out and not associate with them anymore. Must rest now i have to give drs again my bloodpressure reading only been 10 days and they ask another reading already cos drs know the blemain case i have has made me very distraught. Must get some sleeping tablets next or have good day out try chill,but also end this nightmare of blemain.