FREEDOM FINANCE sold me a loan......!

[cupcake68]

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

[cupcake68]

Any information greatly received!

[manchester1]

Esile , you need to tell the forum the specifics and what do you think is not right about the loan:confused:

 

Manc1

[cupcake68]

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)

[stagecoach]

hi ,

tried getting a loan through freedom finance and was declined by all 3x lenders , but to top it all freedom fince deducted£95.00 out of account without my knowledge

they refuse to answer email and refuse refund , now left without money for council tax water food .

SO WHATEVER YOU DO DO NOT USE FRREDOM FINANCE UNLESS YOU ARE EXTEMELY WEALTHY.

[SabreSheep]

Stagecoach you may want to start your own thread, you should be able to reclaim that charge

 

Capcake, you mention interest on their charges. My guessing is that those charges alone may be unlawful and therefore any interest charged on them as well.. What sort of charges are they?

 

I would recommend both a CCA request as well as Subject Access Requests asking for everything.

[dx100uk]

thread is from 2009!

 

now closed

 

start a new thread

 

dx