Loan Information Figures not right??????????

[postggj]

I Would Be Very Watchful Of Any Claims Co

They Will Be In It For Them Self, Not You

 

I Repeat

 

Wilson V Hurstanger

 

If Any Commission Payment Has Not Been Disclosed On The Agreement It Invalidates The Agreement And Any Advance Would Be Classed As A Gift

 

Stuff Getting Back Commission Payments And Interest If You Can Get The Agreement Written Off

 

I Have No Sympathy For Them

They Tried To Shaft You From The Beginning

[groovycaz]

If your agreement is anything like the link to the house repo, its no doubt unenforceable, I know the monthly repayments on my loan were £12 more than are shown on any of the rule of 78 repayments,...its worth looking into Gc

[frettful38]

Thanks postggj, do you have any suggestions how I would do this myself, in my previous threads my greatest fear is what if they call in my loan:D

[frettful38]

Thanks gc, my loan is over £35k and I don't want to rock the boat. I am not too sure about this claim company as I know these people look out for themselves. I should do this myself I think.

 

All I need to know is how to go about it

[MRS_P]

I Would Be Very Watchful Of Any Claims Co

They Will Be In It For Them Self, Not You

 

I Repeat

 

Wilson V Hurstanger

 

If Any Commission Payment Has Not Been Disclosed On The Agreement It Invalidates The Agreement And Any Advance Would Be Classed As A Gift

 

Stuff Getting Back Commission Payments And Interest If You Can Get The Agreement Written Off

 

I Have No Sympathy For Them

They Tried To Shaft You From The Beginning

 

Even if the agreement is post 6th April 2007?

 

Mrs_P

[postggj]

Correct

Even Past April 2007

[frettful38]

So postggj please could you advise on what the first step of action would be please, who should I contact, FOS FSA, or do I write to Blemain first?

[postggj]

you allways write to the creditor first as an official complaint

 

mention the undisclosed commission payments and wilson v hurstanger and what it means

 

you need there final reply before it goes up the chain to the fos

[frettful38]

Thanks postggj for your advice.

[frettful38]

I don't know if this sounds strange but would like to hear anyones views. As you know I have been contacted by a claims company who claim that I have a case against my lender and broker.

They claim that the broker fee was added to my loan but was showing separately on the loan agreement and also a commission was paid. Now I did not know about the commission being paid to the broker, only the broker fee. After looking at the terms and conditions of the broker it says that

 

Ocean will receive a commission from the lending company. This is variable and is dependent on a number of factors including:

Who the lender is

The interest rate charged

Whether optional payment protection insurance is taken with the loan

The typical amount of commission received would be 10.2% of the amount borrowed. This commission payment is a payment from the lender to us. It is not deducted from your loan advance.

Ocean may also charge you a fee. The fee is up to 12.5% of the loan amount and is only payable on completion of your loan. This fee is normally added to your loan.

 

 

And in the lenders terms and conditions it says

 

 

Where a broker fee is payable by the borrower for introducing the borrower to the lender, then the borrower authorizes the lender to pay these fees from the total loan. The lender will usually pay the broker a commission and this will normally be calculated as a percentage of the loan amount. The lender has no problem if the borrower wants to ask the broker about any commission payable.

 

 

 

 

Mind you my loan agreement is printed so small I need a bloody telescope to read it, anyways my question is that this claim company think I have a claim, but in both lender and brokers terms and conditions it is clearly written what and how they were to paid.

So why have this claim company said that the broker fee is added to my loan,when it is suppose to be according to the broker?

 

 

The lender paid a commission to the broker and has covered their back as they indicated it in their terms and conditions, but this was not put in writing to me or verbally told?

 

 

Any clues anyone?

[legalpickle]

Do NOT use Claims Management companies. They will take a lump out of your compensation.

 

All credit agreements are regulated by the Consumer Credit Act 1974 & 2006, however, only agreements or purchases below £25k come under s75 [where the credit provider has joint and several liability with the provider of the goods]. Also, only unsecured loans or credit cards come under certain other sections.

 

The agreement can technically be unenforceable if it's a secured agreement but it is more complicated. Because the loan is secured against a property the unenforceability is different and harder to fight. If one is to fight something like that, I would recommend a Solicitor and not to do it on one's own, because the property may be repossessed if you don't know exactly what you're doing.

 

Regarding commissions. It is common that a mortgage broker is paid a commission from the lender. This is common practice and how the mortgage broker makes their money.

 

I frankly don't see the chance you have of a case here. Ocean Finance brokered a mortgage with Blemain. You were told of the broker fee which would be added to your agreement. It is none of your business if there is a commission paid by Blemain to Ocean as it doesn't increase your loan.

 

If Ocean charged you a fee, then they would have made that clear to you. You may have misunderstood it, but I doubt they would have not told you.

 

Steer way clear of claims management companies. There are a very few honest ones but they are usually very small and do local business or steer clear of the financial services & personal injuries sectors - most reliable claims management companies deal in employment tribunals and the like. The large ones are batch handling claims and normally botch up or overcharge.

[frettful38]

Sound advice there LP, I thought it was too good to be true. I will contact them and tell them I am not interested as I don't want to rock the boat at the moment.

 

I am up to date with my loan, so don't have any probs there, maybe I will kick up a scream when I redeem my loan, but until then I will let things lie.

[frettful38]

Right I don't know if there is a reasonable explanation for this or if this is what it should be.

 

I have just checked through all mine and all my husband's credit file, with the all three credit reference agencies, Experian e.t.c.

 

Now where is there any mention of Blemain Finance in them. There is a company called Finance House who are registered and the details of our secured loan is showing under them. Finance House have registered their name as a mortgage provider.

 

I assumed that as our lender is Blemain then their name should appear on our credit file or is this not true?

 

Anyone with any knowledge of this could please provide more information please.

[legalpickle]

Right I don't know if there is a reasonable explanation for this or if this is what it should be.

 

I have just checked through all mine and all my husband's credit file, with the all three credit reference agencies, Experian e.t.c.

 

Now where is there any mention of Blemain Finance in them. There is a company called Finance House who are registered and the details of our secured loan is showing under them. Finance House have registered their name as a mortgage provider.

 

I assumed that as our lender is Blemain then their name should appear on our credit file or is this not true?

 

Anyone with any knowledge of this could please provide more information please.

Go to FSA Register and search for both of them

[frettful38]

Thanks LP, will do that right now.

[frettful38]

Blemain Finance come up on the FSA register, but they are not showing on mine or my OH's credit file anywhere. I have been through everything with a fine toothcomb and nothing is coming up.

 

There are two loans that I took out before Blemain and a company called First National Home Finance LTD comes up, but no clue why Blemain have not registered their name on our credit files?

[frettful38]

you allways write to the creditor first as an official complaint

 

mention the undisclosed commission payments and wilson v hurstanger and what it means

 

you need there final reply before it goes up the chain to the fos

 

 

I remembered that I did write to the lender about the secret commission, and they wrote back saying that I was not entitled to that information, and that I could write to the broker to ask them how much they received. I wrote to the broker and they said exactly what the lender told me and asked me to write to the lender.

 

Anyway I have the Underwriting Sheet which shows a commission paid without my knowledge. Now I've given my self a migrane today trying to work out the figures. I can't seem to see if this commission was added to my loan, and if it was that is a very big naughty from the lender and broker.

 

I need someone good with figures

[frettful38]

Also checking my loan agreement it actually a variable interest rate loan, but I have had no reduction in the interest since my loan started.

 

At the top of my loan agreement it says that,

 

THIS AGREEMENT SETS OUT BELOW AND OVERLEAF THE TERMS ON WHICH WE, BLEMAIN FINANCE (THE LENDER) MAY MAKE A LOAN TO YOU, THE (BORROWER).

 

So this means theyhave not given me the loan, they are saying they MAY make a loan. I know they have given me the loan but the wording on top of my agreement is quite misleading

 

Don't get me wrong I am not trying to wriggle out of paying the loan, but would love to find a few clauses as they have not played fair, especially with all the charges they added

[cerberusalert]

I have a letter from blemain that states only loans under £25,000 are unregulated so if yours is over £25,000 it should be regulated..Gc

 

Loans under £25K are regulated under the CCA 1974 those above £25K were unregulated but it has since doubled to £50K this year, AFAIK it is not retrospective tho'.

[frettful38]

Oh pardon me for being a bit goofy cerb but could you explain that in more detail. Sorry my brain is not registering today at all, I was up all night with a very upset tummy and still feeling quite weezy too.

 

I understand that my loan is unregulated because it is over £25k that bit I get. So what does the doubled to £50k bit mean please?

[legalpickle]

Blemain Finance come up on the FSA register, but they are not showing on mine or my OH's credit file anywhere. I have been through everything with a fine toothcomb and nothing is coming up.

 

There are two loans that I took out before Blemain and a company called First National Home Finance LTD comes up, but no clue why Blemain have not registered their name on our credit files?

If you look at Blemain's record on the FSA register you will see that they are an introducer, i.e. not the provider, that means they won't show up on your credit record, coz they're not providing the credit!

 

I remembered that I did write to the lender about the secret commission, and they wrote back saying that I was not entitled to that information, and that I could write to the broker to ask them how much they received. I wrote to the broker and they said exactly what the lender told me and asked me to write to the lender.

 

Anyway I have the Underwriting Sheet which shows a commission paid without my knowledge. Now I've given my self a migrane today trying to work out the figures. I can't seem to see if this commission was added to my loan, and if it was that is a very big naughty from the lender and broker.

 

I need someone good with figures

I think we've covered this already, haven't we? Commissions paid to brokers are none of your business if you don't pay for them! Other amounts paid to one party or another would have been told to you, and if you claim you weren't told you'd need to get proof as to such, which would be impossible, because they'd obviously claim you were told, and you probably signed something saying you were told everything anyway! Stop wasting your time in my opinion.

 

Also checking my loan agreement it actually a variable interest rate loan, but I have had no reduction in the interest since my loan started.

 

At the top of my loan agreement it says that,

 

THIS AGREEMENT SETS OUT BELOW AND OVERLEAF THE TERMS ON WHICH WE, BLEMAIN FINANCE (THE LENDER) MAY MAKE A LOAN TO YOU, THE (BORROWER).

 

So this means theyhave not given me the loan, they are saying they MAY make a loan. I know they have given me the loan but the wording on top of my agreement is quite misleading

 

Don't get me wrong I am not trying to wriggle out of paying the loan, but would love to find a few clauses as they have not played fair, especially with all the charges they added

Re: my statement above. According to the FSA Register, Blemain are an introducer, but they may also be a trading name of a lender. Go to Companies House and click on the Webcheck, then search for Blemain and search for the other company. If they are both registered at the same location, the odds are the other company is a name for Blemain.

 

Also, at the top it may say their trading name, but look through the terms for the actual legal company name, which will end in Ltd, Limited or PLC.

 

Finally, if you're still confused, go back to the FSA Register and call the FSA tomorrow to ask them! It could be that Blemain sold the mortages to another company. No clue. You probably should have received something saying that, if that's the case, but who knows!

 

If the charges were commission & broker fees, then they're entirely legal, and are relatively common. If the charges are something else then say what they are and we'll see if the charges themselves can be claimed.

 

Loans under £25K are regulated under the CCA 1974 those above £25K were unregulated but it has since doubled to £50K this year, AFAIK it is not retrospective tho'.

All this is rubbish! All consumer credit agreements, including mortages, are regulated under the Consumer Credit Act 1974 & 2006, just some sections of the CCA apply to different agreements.

 

For example: Section 75 - regarding protection from a credit card company for faulty or non-provided goods or protection on hire purchase agreements - does not apply to to items of a value above £25k.

 

Some unenforceability terms apply to some agreements and some apply to other agreements. Saying that the CCA doesn't apply above a certain value of agreement is untrue and misleading. Yes, certain sections may not apply, but others will!

 

Oh pardon me for being a bit goofy cerb but could you explain that in more detail. Sorry my brain is not registering today at all, I was up all night with a very upset tummy and still feeling quite weezy too.

 

I understand that my loan is unregulated because it is over £25k that bit I get. So what does the doubled to £50k bit mean please?

 

The words "regulated" and "unregulated" are technically untrue! All financial products and services are regulated by the FSA and/or OFT. You people are using it to refer to certain terms in the CCA and taking those terms as the whole meaning of regulated and unregulated, which is VERY misleading!

 

What cerberusalert is saying is that NEW agreements since very recently up to £50k are "regulated", i.e. covered by those terms you are talking about, but it doesn't apply retroactively, i.e. to agreements prior to that very recent date!

[frettful38]

Thanks for all that info LP, I just checked my and OH's credit files and the name The Mortgage Supplier is shown as the company name. Thanks for clearing things up about Blemain being an introducer. You are a very good teacher and I am learning fast with your advanced knowledge.

 

So it seems that my loan is with The Mortgage Supplier? I have never heard anything from Blemain informing us about this and this is the first I knew about this LP.

 

The charges they have charged me for being in arrears for two months mounted to £315. They sent me a total of nine letters each being £35 each. I have cleared the arrears in March 09 so at present am up to date. I asked them to refund the £315 and they said they would not. I did not write back again.

 

If my loan is with The Mortgage Supplier did I not have a right to know this? Also the broker fee was added to my loan, was that alright too?

 

I have read their terms and conditions and in paragraph 12 it reads

 

The Lender may assign its rights and transfer its obligations under this agreement at any time but the borrower may not.

 

I guess they have covered their backs by this hey? God I am learnin so much each day that things are not always what they seem

[legalpickle]

Thanks for all that info LP, I just checked my and OH's credit files and the name The Mortgage Supplier is shown as the company name. Thanks for clearing things up about Blemain being an introducer. You are a very good teacher and I am learning fast with your advanced knowledge.

 

So it seems that my loan is with The Mortgage Supplier? I have never heard anything from Blemain informing us about this and this is the first I knew about this LP.

 

The charges they have charged me for being in arrears for two months mounted to £315. They sent me a total of nine letters each being £35 each. I have cleared the arrears in March 09 so at present am up to date. I asked them to refund the £315 and they said they would not. I did not write back again.

 

If my loan is with The Mortgage Supplier did I not have a right to know this? Also the broker fee was added to my loan, was that alright too?

 

I have read their terms and conditions and in paragraph 12 it reads

 

The Lender may assign its rights and transfer its obligations under this agreement at any time but the borrower may not.

 

I guess they have covered their backs by this hey? God I am learnin so much each day that things are not always what they seem

Besides for the default charges all is entirely legitimate. You would have been told about the broker fee, but even if you weren't, proving as such would be impossible.

 

Can you post a copy of your letter asking for a refund of the charges up here? My guess is that you didn't write the exact legal terminology and just said they're unfair! If that is the case, I can't say I'm surprised they told you where to get off!

 

I suggest that in the same letter you write asking for the charges to be refunded, you ask for details over who exactly is your lender, and liable for any problems with the mortgage as it is unclear from the documents and was not explained to you in depth.

 

Draft a letter - leaving out the legalities - and post a copy up here - minus confidential details - covering the above, and asking for an immediate refund of the charges - with a breakdown of the charges and dates they were applied.

[frettful38]

I don't know why then this claims company wrote to me saying that;

 

By charging a broker fee, which is paid by you to the broker for arranging the loan. This fee is added to the costs of the loan and is shown separately on your loan agreement. In your case a fee of 1750 was added to your loan];and/or

 

By receiving a commission directly from the lender. The commission is usually a percentage of the loan amount and may be greater if payment protection insurance is arranged with the loan. The commission is an incentive paid by the lender to the broker for referring the loan to the lender. This is not shown on your loan agreement.

 

LP I had someone on here confirm that I had a secret commissions claim, give me a sec and I will try and find it.

Edited August 17, 2009 by frettful38

[legalpickle]

I don't know why then this claims company wrote to me saying that;

 

By charging a broker fee, which is paid by you to the broker for arranging the loan. This fee is added to the costs of the loan and is shown separately on your loan agreement. In your case a fee of 1750 was added to your loan];and/or

 

By receiving a commission directly from the lender. The commission is usually a percentage of the loan amount and may be greater if payment protection insurance is arranged with the loan. The commission is an incentive paid by the lender to the broker for referring the loan to the lender. This is not shown on your loan agreement.

 

LP I had someone on here confirm that I had a secret commissions claim, give me a sec and I will try and find it.

The claims management company will probably try to allege that you weren't told about the broker fee, and will probably lose! Don't trust claims management companies!

 

I'd be interested to see who claimed you have a secret commission claim, and on what grounds. If the commission was not charged to you for your mortgage, then it's none of your business.

 

Is there Payment Protection Insurance on your mortgage? That could be a big claim!