Blemain Agreement Has gaps not filled in!

[cupcake68]

Just spoken to my household ins legal line.

 

They can't help me because they don't cover for this kind of thing but he did seem to find it pretty strange that there were bits that should have been filled in and weren't.

 

Frettful38 does your contract also have a space on page 1 under item k? It looks like there should be a title number there! (just under your address)

[midge61]

Hi

 

The cca act 1974 only covers loans under 25K if that is any help.

If you borrowed more than this then the rules are different I believe.

 

You really need to speak to a solicitor that deals with this sort of thing I think.

 

Blemain are NOT the sort of company to tackle by yourself. Some time ago there was some postings by the user patrickq who went to court with them and his experience was not very good they will pull out the big guns when neccessary.

 

I am not trying to worry you but just to warn you that you need to be very thorough and have all your paperwork in order.

 

This was posted on another thread by sprouty:

Any body who feels they have been charged excessive charges in a blemain loan at set up may wish to speak to Andrew Oaks of Capital Law (Cardiff) who is considering putting together a Group litigation in the matter of hidden commission payments.

http://www.consumeractiongroup.co.uk/forum/data-protection-default-issues/25615-blemain-finance.html

 

Long thread but may enlighten you a bit.

[frettful38]

Good evening esile172,

 

I have just had a look a look and yes it is the same as yours, also at the top of my agreement it reads

 

"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)"

 

Does it say it on yours too?

[cupcake68]

Thanks midge61 - I think I read that thread (I've read so much my mind is in a whirl!) but I couldn't find any information of the outcome. Do you know how it turned out?

 

Frettful - yes mine says exactly that. I think I'm going to go to land registry site to make sure they have put a charge on the property! (I know! I know! wishful thinking!) Then I'm going to go to CAB solicitor to ask them to check it out. The guy I spoke to today kept saying he thinks it's more than likely enforceable but there are parts that could be deemed unfair.

[cupcake68]

I have had Stephensons read though my contract and they don't think that there is anything suspicious in it. I didn't get to speak to the expert but his assistant assured me if he was concerned about the gaps he would have said so!

[frettful38]

Sorry to hear that, well you can always get another opinion. Hope it all works out for you

[cupcake68]

Ok!

 

There is hope!

 

I have just been reading another thread (this site is so addictive!). It was about an unsecured loan so I'm not sure if the same rules apply but I read how they cannot charge interest on the charges added to your loan which made me go and check my agreement again!

 

Guess what!

 

We borrowed 138k with charges it's 141K they have quoted the rate as 1.01% monthly but they worked out the payment s to £1517.20 per month.

 

My calculations work out that they have been charging us for £150k (!!)

 

What do I do now?

 

Please advise.

[Dazza6]

Afternoon. I also have a secured loan with Barclays. The Legal Charge does give a Title No. What are the implications. They have also failed to lodge the security although the loan was taken out 28 months ago. How do I stand.

this will be one for the legal seagulls

[cupcake68]

It appears that the loan is a repayment!

 

Nothing in our paperwork mentions whether it is repayment or interest only, we asked for interest only but we obviously didn't have it confirmed!!

 

We were not given a key facts sheet and they are charging interest on the loan amount plus the added costs is this allowed on secured loans?

 

We are hoping to hear about the remortgage tomorrow and if we get it we will want to get it through as soon as possible but I would like to know that the loan is legal before we give them the extra six months interest they require for early repayment!

 

Please advise.

[Dazza6]

My thread should have read that there was no title deed no listed on the charge. It was left blank. Is this in our favour.

[cupcake68]

I have been onto Stephensons again. They are saying because the agreement is not regulated the normal provisions for improper execution do not apply!!!!!!!

 

Does that mean they can do what they want, charge what they want and I can do absolutely nothing?

 

Please help

[frettful38]

esile172, Did you through a broker, and as I said in my earlier thread at the top of the agreement it 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, just a thought what do you think.

[cupcake68]

Do you mean that might imply it doesn't have the right terminology?

 

I am scarring myself silly over their terms and conditions! Every time I read them I find something else I don't like the sound of.

 

Having read lots of things about their behaviour just makes it worse!

 

I have just been onto Blemain website, they mention the FISA, does this mean we do have some protection do you think?

[frettful38]

I do not really know that much about all this but I am sure someone will be able to be a bit more clear on this soon,

[cupcake68]

Also have you received any statements? We only took our loan out in Dec 07 but I have never had a statement. Something I read said without an annual statement the loan is unenforceable but I am confused about the difference between secured and unsecured rules!

[frettful38]

I think these loans are un-regulated when they were taken out so you need to find out about what rules apply for these type of loans, and the lenders duties your rights e.t.c,

 

I am not too sure myself but you google or go to advice centres to get more info. Once you have all the information maybe you can take it from there and see if there is anything in your agreement worth challenging, but you need to do your homework first.

 

I am sure that you must have some right because there are a lot of funny things in these agreements that are quite odd.

[cupcake68]

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

[frettful38]

It is a variable interest rate loan I cannot see if it is repayment or interest anywhere, and I have not got any yearly statement either,

I took this loan out in SEPT 07

[magiciansgirl]

Hi esile72 and frettful, you have to ask Blemain for a statement quoting paragraph 2 of thir terms and conditions where they say they will provide an annual statement. You have to make it clear that it is your free annual statement and not an extra one or they will charge you.

 

My agreement says that Blemain are a member of the CCTA (Consumer credit Trade Association) and subscribe to its code of conduct. Their phone number is 0845 257 11 66. I would have a word with them if I were you; I shall be, when it comes to redeeming my loan. Good Luck.

[cupcake68]

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!

[magiciansgirl]

Hi, I just had another look at the Blemain website and their is a section for new and existing customers, with a sample statement (look at both pages). I don't think anyone on this thread has ever had one of these statements? I ought to have had one in November, after the redesign.

 

But on page 1 they do state that if there is a dispute about the agreement itself the customer can go to the Financial Ombudsman but only if one has contacted BF first. yes, but they aren't famous for responding to queries....

[frettful38]

Thanks magiciangirl,

 

Anything we do should be done in writing, because phoning will not be proof if we need to go any further with them

[magiciansgirl]

Hi Frettful, yes absolutely in writing and recorded delivery; I have had some success in getting info. writing like that which I'm now deciding what to do with. See my last post on 'GE Money Secret Commission'.

 

Another reason why I would never ring Blemain is that I don't trust them not to charge me for the phone call.....

[frettful38]

Thanks magiciangirl I understand your feeling of but hang in there were hopefully we can change this to soon

[cupcake68]

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.