Thanks GB (again!) We still have our existing mortgage, this is a 2nd loan on our property! I am going to try to find the money to pay March min payments (!) and CCA them all, hopefully in the meantime we might get our second opinion on the remortgage (although I'm not holding out much hope - their reasons for not loaning were so lame!) Is that really the odds on credit cards older than 2 years? Of the the 30 we have between us (3) I think we only have one that is newer than that!

Hi GB The interest rate we are paying hasn't changed since we took it out in dec 07, we are still paying 12.1% but it does state it can be changed at anytime with just 7 days notice!! I thought a 2nd mortgage was called a 2nd charge am I wrong? If I CCA the credit cards it is going to effect my credit rating initially therefore we won't be able to get rid of these sharks will we?

Thanks everyone for your comments Here is my agreement blemain agreement pictures by elise_clay - Photobucket I'm not expert at any of this but it seems to me they just put whatever they like in the agreement! But we did sign it therefore.......! We do have a glimmer of hope at the end of the tunnel today. The mortgage that we were hoping for was turned down on monday because basically they were saying that although one of the applicants (my partner) had proved income to cover the mortgage the other (my Dad) could not afford to pay if applicant one could no longer pay!! In other words it's not a joint income they wanted, they wanted to know that both apllicants were able to pay (what a joke!). Anyhow, our mortgage broker having thought about it has raised a complaint and they are going to look at it again! I just hope we can get rid of this awful sub prime loan so that I can get on with addressing the unsecured debts!

We hope the same but it definitely a clause in the agreement to say they may do this and from what i have read about this company they do exactly as they please and it would appear that because it is an unregulated loan they can do what they want! Another of their terms states that if we make an insurance claim whilst they have the charge any money we receive from the insurance must go straight to them instead of being used for any repar!!!! We were truly out of our minds to sign this agreement!

Hi Creditcardmug Yes that's the depressing thing, if we had remortgaged we would have been fine, even without the remortgage we can afford to pay the mortgages etc but not the credit cards but our terms and conditions on the 2nd charge state if we come to an agreement with any creditors they may repossess. Therefore I feel like it's hardly worth trying!

I have another thread re the SP loan http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/182358-blemain-agreement-has-gaps.html#post1966662

Thanks 42man. We took out the SP loan in Dec 07 and haven't missed any payments and don't intend to. We are not going to be able to keep up the minimum payments on credit cards after this month but we still hope to be able to pay the mortgages, the problem is the small print on the SP loan indicates that if we come to an arrangement with any creditors they have the right to sell our home, therefore it feels like all hope is gone now we can't remortgage to get rid of SP loan. We need to raise a mortgage of 180k on a propery currently valued at 250-275k you wouldn't think it would be that hard would you? I just don't know if I can keep this up!

Thanks Gordons barking! We have tried to work ownership/income around the best we can but this truly was our only hope! I'm really trying to pull myself together! I know things aren't as bad as they seem I just don't know how to protect my family as best I can. Not only will we lose our home but also my disabled father who will also lose his car (through disability benefit) From what I have learnt on this superb site I have no problems with CCA ing all our credit cards but all that almost seems worthless if the sub prime lenders are going to step in the moment we come to any arrangements with any creditor and take our home! I think it may be time to give up and run away!

I am fairly new to this site and have been trying really hard to get my head around all the information I have learnt but today I have taken a real beating and at this moment in time I cannot see the wood for the trees! We are in serious credit card debt and have a 2nd charge on our home with a sub prime lender. We (being myself, my partner and my father) have several properties between us and if we could sell everything today would be able to pay everyone off with a little (not much) left. We have 2 young children who after a very bad experience at local school were taken out last year and have been home educated since (therefore terrified of them getting upset by phone calls and knocks at the door). Having been trying to remortgage several properties since September (no luck with any!) we have sold everything we can to keep making the minimum payments on credit cards. We thought we were virtually there with Abbey. They started a remortgage application for us in January and we were told if we could prove earnings they would be happy to lend. That was 4 weeks ago and they have now, today decided they cannot! So now we are stuck with sub prime lender (12.1%) whose small print is scaring me rigid. i.e as soon as we come to an agreement with a creditor they have the right to sell our home! Having learnt what I have on here in the last couple of weeks we intended to CCA all our credit card co's (approx 20 between us) but didn't want to do that until the remortgage was through. What should we do now? We do not want to loose our home and I just don't know what we should do first. I have been trying to identify where we stand with the sub prime loan (another thread) but it appears it is unregulated therefore we have no protection from their actions. Should we just start CCA ing all creditors? I feel like I want to run away with my kids and hide in a hole! What upsets me most is we are only just getting them back on track after the terrible experiences they endured last year, I don't want to move them away and lose all the friends they have around here! Sorry if this is all over the place but my mind won't think straight any more!

Will that not encourage Blemain to be awkward?! I don't want to cause trouble unless I know I have been wronged!

Will they inform Blemain?

No I am a bit scared to because I don't want to upset Blemain! I have nothing from freedom except for a couple of covering letters!

So I think the questions we need to ask are 1. Freedom who sold me the loan should have given me key facts sheet on the loan (as I never had one). 2.Can Blemain charge me interest on their charges? (not sure if they are) 3. Do I have any protection when they are not regulated? 4. I thought it was an interest only loan but the monthly amount appears to show it as a repayment loan yet I cannot find any mention of what kind of loan it is. Should it state the kind of loan? 5. The title of the loan document says "This agreement sets out below and overleaf the terms on which we, Blemain Finance Ltd of Bracken House, Charles Street, Manchester M1 7BD (the Lender) MAY make a loan to you the (Borrower(s)" 6. Are they allowed to charge that much in early repayment charges? Can you think of anything else?

Sorry! Is this better?

Thanks for all this info. I am posting my agreement on here (by the suggestion of another member). I'm hoping someone on here will look at it for me to see if all is ok.

Hi Manchester1 We took out a 2nd charge on our property through freedom finance in Dec 07. The loan was from Blemain finance. It was for 138k. We intended it to be for 6 months whilst we took on a business development, then we intended to pay it back (along with the 6 month int as early repayment fees). Unfortunately things didn't go to plan and we still have the loan. It's interest rate is 12.10%pa. We are currently trying to remortgage to pay them off but it's all getting pretty hairy! Whilst worrying constantly about how we are going to get out of our mess I have been reading the small print of their loan and have scared myself rigid. Also having read on this site about Blemain I am even more scared. I have posted a thread about it http://www.consumeractiongroup.co.uk...as-gaps-3.html but I'm not really getting the answers I would like. Basically I would like to know if 1. Freedom who sold me the loan should have given me key facts sheet on the loan (as I never had one). 2.Can Blemain charge me interest on their charges? 3. Do I have any protection when they are not regulated? 4. I thought it was an interest only loan but the monthly amount appears to show it as a repayment loan yet I cannot find any mention of what kind of loan it is. Should it state the kind of loan? 5. The title of the loan document says "This agreement sets out below and overleaf the terms on which we, Blemain Finance Ltd of Bracken House, Charles Street, Manchester M1 7BD (the Lender) MAY make a loan to you the (Borrower(s)" It does not say they have given a loan it says they MAY give us a loan 6. Do they have to send us a statement every year? (we haven't received one as yet)

Any information greatly received!

Thanks for that info. We were quoted 6 months interest as early repayment penalty, we have never paid late or spoken to them on the phone and we did have them named on our insurance so if they dare to charge me any more than 6 months interest I will not be a happy bunny. Am I right in saying that the opinion on here is that they must be enforceable because they aren't regulated? I would really like confirmation of this before we pay it off (if we ever get the mortgage offer we're waiting for! - supposed to be sorted last week but still waiting!!). Having read so much on here about them they seem like sharks and I can't believe they can get away with behaving like this!

My dad, having read the terms and conditions on the letter that holds his new credit card(the old one had expired), believes he has technically agreed to any new terms just by using the new card? I think we need to have signed a new agreement, but he thinks the online registration thing gets them out of that? Does anyone know? Thanks

Does anybody have any information on freedom finance? I took out a loan through them that doesn't seem quite right to me and I wondered if anyone knows anything about them or if they are regulated etc? We took out the loan as a last resort for a business development which we thought would solve all our problems and be paid back within 6 months. That was more than a year ago. I am now trying to remortgage to get rid of this loan and the more I read the worse this company gets. Not Freedom but the loan company they advised us on. Do we have any protection/comeback with freedom? Thanks

Thanks frettful and magiciangirl but my query is I don't know what I'm complaining about!!! At this point I don't know what (if anything) they have done/are doing wrong except not sending statements. I keep coming across information but I don't know if it applies to them (special that they are!) because they are not regulated and because they are not covered by the CCA 1974.

Oh don't worry he will be! I also thik this could be the way out for a lot of credit card companies. They are desperately trying to find a way out of loaning to high risk customers!

My dad has received a letter this weekend from Marbles, he's had the credit card for years. They are insisting he sign a new agreement if he wants to continue using the card. Am I wrong or are they virtually admitting the existing agreement is unenforceable?

Thanks magiciansgirl i can't see that on my agreement! I've just looked on their website, they don't seem to be offering advice to us it's just for their members!

Is your loan a repayment? Did you know that when you took it out? Do you get statements?