Hi there,

I am new to all this I don't know if this is the correct page to post this and it may sound long winded here goes.

I am doing this on behalf of my mother as she is very ill especiall since my dad died 5 years ago. My mother took out a Secured Loan with Blemain Finance in 2004, which she now regrets. I have been looking through her paperwork relating to this loan and I think there are alot of discrepancies. I requested a statement from Blemain 2 months ago which the supplied ( this is the first statement we have ever received from them). They also supplied an early settlement figure which shocked me they quoted as a early settlement figure £31,395.46 ( as at 14 July 2011), my mother has paid back to date £28,189.60, the loan was for £35,533.

No disrespect to my mother I wish she would have never taken this out, she is not good with figures and does not understand APR and all the other charges they added and the Terms and Conditions, she was just told to sign the papers and she would get the money at the time I think my mother for some reason was desperate for some money, to be honest I do not know how she was allowed to get this much money as she was unemployed on benefits in fact I think she was retired due to ill health.

I have been researching this company through these consumer sites and it has opened my eyes as I thought my mum was the only one. Something needs to be done about this company and other companies like this.

I am going to be sending a SAR to obtain all info they have relating to this loan and on my mother. I have already started a PPI claim against them.

Any advice about what I should do next would be appreciated. I don't want my mum paying this debt until she dies, she is 71 just now, I didn't know much about this debt until after my dad died and I started dealing with all my mums correspondence and finances.

Kind regards

Yvonne:wink:

Have moved your thread to the Debt forums, you might get more advice there.

This type of loan is causing a lot of grief for people as the early repayments go to paying off the interest which is calculated and added up front. It is only toward the end of the term that the capital is repaid.

As you have already sent off a Subject Access Request, I would wait until you receive the data and then we can perhaps help some more.

You say you have already submitted a claim for the refunding of the insurance. Do you need any help with that ?

If you have a read of the Single Premium Policy link in my signature you will find some spread sheets and a lot of advice that might assist in the PPI reclaim process

What in Hells name was the interest

rate on this?

If your mum took out the loan in 2004.. why did they even sell her PPI.. she was too old ?

Hi there

Thanks for moving my thread to the correct place and thank for reply, citizenB I have a company called ISmart dealing with my PPI Claim.

With regards to interest rate I have a copy of the offer letter that I can post if it helps, I have actually just noticed that in the line Signed for and behalf of Blemain Finance Limited there is no signature, the offer letter gives the details of the loan:

1. The property ("the property) the freehold/leasehold property situate at and known as ------------------------------------

2. The security: a first/second mortgage over the property

3. The Loan: ("The Principal Sum") £35,533.00

Payment Protection Premium ("PPP") £1,933.00

Your Broker's Fee £1,100.00

Legal/Administration Costs £800.00

4. Rate of interest being an Annual percentage APR (variable) 10.91%

Rate of: ("the rate"):

5. The repayment period: ("the term") 20 years

6. Monthly repayment ("the instalments") £352.37

7. Number of monthyly repayments 240

The above is an extract from the offer letter word for word.

My mum was struggling with the repayments last year so I telephoned them so see if they could reduce the payments after speaking to about 5 different people in different departments I spoke to someone who was very cheeky, refused any lower payments advising that maybe next year the payments may come down or may stay the same depending on the interest rates, he also advised that they set the interest rates as they are not goverened by the Bank of England I thought this was a lot of rubbish and just hung up the phone.

My mum feels very foolish and knows she has made a big mistake.

Thanks again

Yvonne x

Will try and find someone to offer more advice.

Just quickly as I know this will be moved to another forum, but as CB has pointed out with the PPI, it seems this loan was missold, age will come into it but you mention being on benefits which suggests to me your mother would not fit the criteria for such a loan. If you can find out if the loan was sold by a broker and if they are still trading will be helpful to know for members to start replying.

determindator, there appears to be a brokers fee listed in post 6..

Hi again

Im so glad I came to this site, my mum would have been 64 when she took out this loan. Regarding the brokers Nearly all paperwork has the Blemain Finance Logo. When I claimed PPI from them I received a questionnaire from company called phone - a - loan asking mu questions as why I am claiming PPI, I never sent it back to them have sent it to the company who is dealing with my claim.

I have found a letter from blemain which says 'I am pleased to enclose our offer letter and standard security in respect of your proposed loan, which has been introduced by Direct Finance.

I can scan this paperwork on my laptop and post them on here if it helps.

Yvonne x

Yes good idea, make sure you remove

personal details and barcodes if any.

You will need to convert to pdf in order to upload to the forum Please ensure any personal identifiers are removed. Instructions for posting pdfs on the forum below.

Dx100 – Instructions on uploading pdfs

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

im going to ask a silly question how do I attach my paperwork to this thread?

Cheers

im going to ask a silly question how do I attach my paperwork to this thread?

 

Cheers

Not silly at all, it took me a few months to work it out Follow the instructions I have copied below.. after the red asterisks

Dx100 – Instructions on uploading pdfs

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

************************************

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

Hi

Dropping in as requested by citizenB.

Can you also post up the statement of account you received MINUS PERSONAL INFO AND ACCOUNT NUMBER ETC.

I am out tonight so won't be able to take a detailed look until Sunday afternoon but if you can post that statement up I may be able to shed some light on things for you.

Regards

ims

WOT another night on the pop IMS:?:

Good evening,

I have at last managed to work out how to upload the files, having a dumb blonde moment:wink:, the following is the only information my mum can find hopefully if Blemain reply to my SAR I will have more information:

4.pdf

5.pdf

1.pdf

3.pdf

Hope I uploaded files correctly, once again I would like to thank you for taking the time to respond, just want to take the stress away from my mum as she is quite ill. Hope everyone if having a nice evening.

yvonne:-D:whoo:

your name is showing on early settlement

letter.

sorry mums name

Thanks for noticing bridgadier, thought I had deleted all that information, think I have been on my laptop too long today, I have deleted that attachment, I will delete name and upload again, then might switch my laptop off and have a nice wee glass of wine.

This is the letter (minus names this time I hope) regarding early settlement figures.

early settlement letter.pdf

subbing to this one

Nerly forgot, sent a letter to Financial Ombudsman regarding this, got a reply from them informing me that because of the date of the Loan, Blemain Finance were not regulated by them,

Blemain are members of the F.L.A but I don't think they will be much help. Blemain are **** bags but if we can get enough of us to go for them we may have a chance. I have a friend who knows a lot about them and I keep getting more info by the week. Good luck.

Hi yvonne

As promised I now have some time to look at this so will post some observations shortly

ims