Blemain Agreement Has gaps not filled in!

[cupcake68]

We took out a 2nd charge on our home with Blemain Finance in Dec 2007 through Freedom finance on the assumption that we would only need it for 6 months, then we would pay it off (along with the 12K early repayment fees!) and not worry any more.

 

We needed the money for a building development that was meant to get us out of financial difficulty!

 

We had no other way of raising the money and thought it was our only way out.

 

When the time came we were unable to repay after 6 months and our development was complete but we were unable to sell we had no choice but continue the monthly payments (12.1%pa).

 

Seven months on and we are in severe financial difficulty. Mainly because we cannot remortgage the development.

 

Trying to work out exactly where we stand we have been trying to understand all the very small print in our agreement. I know we should have taken more notice before signing it....!

 

Having read (but not understood) all the small print I am amazed they are allowed to force such incredibly tough conditions! I certainly didn't realise they could change the rates whenever they feel like it with just 7 days notice.

 

Also having read these terms and conditions there are a couple of things that have come to my attention:-

 

They do not quote a title number.

 

There is a clause in the schedule that has a blank space that should have been filled in.

 

Do I have some come back on this agreement?

 

Any advice would gratefully received.

 

Thanks

[Markiemark1]

What's the clause in the schedule??

[cupcake68]

It's in the Schedule under Mortgage conditions

No 5. In any case where the Property consists of registered land the Mortgagor agrees that the Lender may apply for a restriction to be entered on the Proprietorship Register in the following terms:

*no disposition of the registered estate by the propritor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated in favour of the Lender referred to in the charges register (or, if appropriate, signed on such propritor's behalf by an officer or its solicitor)" and to the extent that the Lenders security shall fail to take effect by way of Legal charge it shall take effect as an equitable charge, in which case;

(1) By signing this agreement the Borrower agrees to the registration of an agreed notice for the purposes of protecting the Lenders interest and to an entry in form N of schedule 4 of the land registration rules 2003 ans

(2) The borrower authorises the Lender to sign any application for the registration of an agreed notice on behalf of the borrower.

 

I hope that is what you mean!

 

I truly have no idea what it is talking about!!

 

(I must have been out of my mind to sign this!)

[cupcake68]

SORRY!!

 

Just re read my post they spaces I put in to show where the gap was obviously wasn't enough to show on my post!

 

The gap is where it says

 

"being of the charge dated in favour of the Lender referred to in the charges register"

[cupcake68]

It's done it again!!

 

The gap is between the words "dated" and "in favour"

 

I hope someone can understand me!!

[frettful38]

I have just had a look at my loan agreement with Blemain Finance and it says the exact same thing, so I would be very interested in your thread any any advice on this matter.

 

Hope someone with better knowledge replies soon, thanks

[cupcake68]

Hi frettful38

 

Does your agreement also say they can change the interest as and when they choose with just 7 days notice?

 

When we took this out Blemain insisted we see a solicitor to have them explain the terms to us. Which we did and the only thing the solicitor really came up with is if you have an insurance claim any money you get from the insurance you must give to Blemain (which I thought was bizarre but not terribly important!). He didn't seem to notice the blank space (or didn't care about it!).

 

Because we thought it was just for 6 months we weren't too concerned but now it's been more than a year (and we have read through the terms properly!) we are very concerned about it.

[frettful38]

Yes it does say that too what are we going to do. I did not have a solicitor to look at this

[frettful38]

I think we all made mistakes somewhere along the line not knowing what consequences lied ahead, but we are not the only ones to blame. These companies have a major hand in turning the world upside down. If we try to challenge any of these clauses or any other part of our agreements no doubtedly they will be well prepared to defend, then again you never know maybe something good may come out of this.

[cupcake68]

Due to the current buy to let mortgage conditions we are in serious financial difficulties and having read Blemains terms and conditions it says they may repossess as soon as we come to an arrangement with anyone we owe money to!

 

This and many other concerns has stopped me sleeping at night for the last three months!

 

My health and my family are at serious risk and at this point I have no choice but to do anything I can to secure our home.

 

Advice would be truly appreciated as I can not afford time pursuing this if I have no chance of success.

 

Many thanks

Edited February 8, 2009 by esile172

[frettful38]

I am sorry to hear how badly this is effecting you and hope someone with better knowledge will come along and advise you better.

Is it not worth you going to the citizen advice to see if they may be able to help or point you in the right direction.

 

Keep searching and finding out as much as information as you can. And please don't worry to the extent that it effects your health. I know its easier said than done, but from my own personnel experience if you worry too much it can cloud your sense of judgment, and this makes it harder for you to find the best help. Keep strong and have faith, and don't give up. You are not the only one in such a state, have a look at my threads

 

I wish you the best of luck and remember there is always a way out of everything its just a matter of finding out how

[midge61]

Hi

Don't know if this is of any help.

 

I think if you go to cab you can get half hour free with a solicitor. If you explain you need to see one that specialises in contract law they may be able to put you in touch with one.

 

Also if you have legal cover on your house insurance you may be able to use that.

 

The firm Stephensons halp with mortgages as well I think, it may be worth looking at their website. I think they do no win no fee

[frettful38]

Thanks midge61,

 

I am sure esile172 will find that information is a least a first step in the right direction, hmmmmmmmmmmm maybe I should go and get mine checked out too,

[cupcake68]

Thanks Midge61

 

Does anyone have any idea what they are talking about in that paragraph?

 

I am trying to establish if it is a vital part of the agreement!

 

Thanks again!

[frettful38]

I think you should contact someone to have a look at the agreement.Midge61 suggested a firm Stephensons that help with mortgages & loans. If you type their name in to google you can have a look at their site and what they do. I have had a look today myself and find them quite interesting.

 

Have a look and see what they say

[cupcake68]

Thanks frettful38

 

Your kind words are lovely

 

I will look them up. Where are they based do you know?

[frettful38]

Give me a min I will just post up details

[frettful38]

This is their website.

 

Overview - Contract, Consumer & Housing Disputes - Stephensons Solicitors (Leigh, Wigan, Manchester, Bolton, St Helens) - Family, Commercial Law, Conveyancing

 

 

This is where their offices are based, when you go on their website it will say contact us then you can find out, Good luck and keep posted with what happens,

 

• Enquiry form
  
• Bolton
  
• Leigh, Union Street
  
• Leigh, Lord Steet
  
• Manchester
  
• St Helens
  
• Wigan
  
• Wigan Investment Centre
  

[midge61]

If you have your documents scanned onto your computer you can e-mail them to them to look at. That is what I did.

[frettful38]

Could I please ask you midge61 what happened with your case or are you still doing it?

[cupcake68]

Thanks so much

 

I can scan contract quite easily (it's very small and faint but hopefully it would be readable!)

 

I'll have a look at their site now!

[frettful38]

No probs,

 

Let us know if you hear anything

[cupcake68]

I will be contacting them tomorrow.

 

Having just read through my contract for the third time I am starting to understand it a little more.

 

The date that had not been filled in is in the schedule which is classed as page 4 of 5 of the entire agreement.

 

Also....!

 

Am I right in saying (from something I have read this weekend!) that they must allow you 14 days to change your mind? If so is this before the money is released? Because my terms and conditions state

 

21. The borrower has no right of cancellation under the C C Act 1974, the timeshare Act 1992 or the financial Services (Distance Marketing) Regulations 2004.

 

I might be confused with something else but...!

[frettful38]

Well I would love to say yes but as you I am just as lost and confused on this matter. I too have also contacted them. Lets hope we both get to hear good news. If I get any news in the meantime I will let you know.

 

See you were panicking so much yesterday and today you probably feel a bit relieved that you have made a good start in the right direction, keep posted and I will too if I hear anything,

 

 

Good luck and take care,

[cupcake68]

I'm not sure I feel more confident tonight but I at least know where to try next!

 

Thanks for your support.

 

Sleep well