Blemain finance

[JonCris]

I couldn't find any connection with Lehman Bros either and I spent a lot of time on it last night. Apart from the Barclays stake, they got funding from Bank of Australia and HBOS, which is not great news given HBOS seem shaky now. JonCris, two questions if you don't mind? Surely neither Blemain or a new owner can repossess if one is completely up to date with payments? And if they are sold, could it be an opportunity to have the terms of the loan/mortgage agreement redrafted? MG

 

1st no you would need a court to amend the contract

 

& 2nd yes if you keep to the contract there's little you can do but remember they can & already have increasing monthly payments & once you miss a payment there's little they will do as if the mortgage is in a SPV the terms cannot be changed also with the connivance of both the government & the FSA these financial products fall outside a mortgage lenders normal code of practice or government regulation

 

This is intended to make it easier to liquidate (repossess) the asset & is why they appeared more attractive to the banks, easier to kick folk out rather than go through all that time consuming business of trying to help the desperate

Edited September 17, 2008 by JonCris

[JonCris]

Forgot to mention but there is 1 light at the end of the tunnel in that if when you took out the mortgage it claimed to offer you all the usual protections of a normal mortgage & after being bundled into a SPV those protections became non-existent there might be grounds for disputing the agreement as being unfair

[Guest dvdriley]

HENRY Moser and his family, who hail from Bury, control 84 per cent of Jerrold Holdings, which was formerly known as the Blemain Group.

The company, which has operated from Manchester for the past 30 years, specialises in property and investment, along with the provision of secured finance to property developers and consumers.

With impressive profits for the year to June, 2004, of '26m on turnover of '54m, it is suggested that 55-year- old Mr Moser and his family have an interest in the Jerrold Holdings business worth '140m.

We estimate Mr Moser's wealth accordingly.

[Guest dvdriley]

HENRY Moser and his family, who hail from Bury, control 84 per cent of Jerrold Holdings, which was formerly known as the Blemain Group.

The company, which has operated from Manchester for the past 30 years, specialises in property and investment, along with the provision of secured finance to property developers and consumers.

With impressive profits for the year to June, 2004, of '26m on turnover of '54m, it is suggested that 55-year- old Mr Moser and his family have an interest in the Jerrold Holdings business worth '140m.

We estimate Mr Moser's wealth accordingly.

 

HENRY Moser, the boss of Manchester-based lending house Blemain Group, is edging closer to selling a majority stake in a deal which could net him around '260m. Barclays Private Equity is reportedly set to win a bidding battle for the business.

 

Blemain specialises in secured lending to residential and commercial customers and completes more than 1,000 cases a month.

 

Publicity-shy Mr Moser founded the business more than 30 years ago and is one of the richest men in Britain, with a fortune estimated at around '150m before the sale.

 

The group employs more than 200 people but is often described as one of Manchester's best-kept secrets.

[JonCris]

getting out whilst he can

[Guest dvdriley]

Not really, he only sold a small percentage to Barclays. He is still a major shareholder. still worth millions

[magiciansgirl]

Some slight progress; Blemain have today been in touch with my solicitors over extending the length of my lease; it took two letters, two faxes and three phone calls over the course of a month. I think it was probably copying the solicitors in that did the trick.

 

Have established the name of their Group Legal Director if anyone needs it: Anis Waiz. Maybe try copying SAR requests to him? On my possible future redemption charges I've initially done an SAR to the arranging brokers, to find out what they agreed with Blemain as this obliges them to give me third party correspondence. We shall see..

[midge61]

Well done.

 

Following with great interest.

[magiciansgirl]

Not heard from the broker yet but have done some research into the possible future redemption charges from lovely Blemain. The amount of the loan is 432.50 more than I borrowed, the fee for redeeming the loan is 556.75 more than it states in the contract it should be (and also states on my direct debit mandate), they are charging £1100 for insurance that I don't need and they have included a telegraphic transfer (TT) fee of £35.25. As I will be sending them the money and almost certainly via BACS transfer, this is a sneaky little 'extra'. For all of you who paid up I really think it is worth pestering them for your SAR and going into the final payments because clearly from what I've found out they are proposing to try and swing bogus amounts and charges on me.

[jaybee24uk]

We have a secured loan with Blemain Finace.

 

It's in joint names, however the property is just in my partners name, according to our martgage broker, this should have never gone through?

 

Is this loan enforcable?

[JonCris]

jaybee the loan may be but I doubt the charge is Also have you checked with the Land Registry to see if it was registered in the 1st place

[midge61]

Hi all

 

How is everyone getting on with BF?

 

I unfortunately due to cut in wages failed to make Jans payment. Wrote to them and explained and offered to pay extra each month from the next payment on. Got a phone call and bloke was very nice and said thats ok.

 

Anyway last week got a call and snotty woman said I needed to make a payment of £11 to stop charges being added so I said sorry no can do and I have already made an agreement she said well if you don't charges will go on so tough. I then said I wanted a copy of all charges that have been applied to account as one never supplied.

 

I received that yesterday. £35 per, letter £35 per phone call and a £250 charge for instructing Monarch to deal with me last year! £1.300 in all.

 

Have written to my MP asking why powers that be are not putting pressure on these sub prime lenders to cut their interest charges and he has written to the chancellor for an answer.

[Guest dvdriley]

Well heres an interesting thing, Henry Moser, fesatured in sunday times rich list, owns Bleiman Finance. Monarch recoveries is based on the floor above him in the same building. And guess what...... HE OWNS MONARCH as well

[magiciansgirl]

Hi all

 

How is everyone getting on with BF?

 

I unfortunately due to cut in wages failed to make Jans payment. Wrote to them and explained and offered to pay extra each month from the next payment on. Got a phone call and bloke was very nice and said thats ok.

 

Anyway last week got a call and snotty woman said I needed to make a payment of £11 to stop charges being added so I said sorry no can do and I have already made an agreement she said well if you don't charges will go on so tough. I then said I wanted a copy of all charges that have been applied to account as one never supplied.

 

I received that yesterday. £35 per, letter £35 per phone call and a £250 charge for instructing Monarch to deal with me last year! £1.300 in all.

 

Have written to my MP asking why powers that be are not putting pressure on these sub prime lenders to cut their interest charges and he has written to the chancellor for an answer.

 

Hi Midge, I eventually got a statement from Blemain just before Christmas but it just showed amounts paid by me and nothing about the balance etc. Or at least at first - they were slow to reply so I chased; a couple of weeks later I got the same covering letter but this time with some internal info. about charges. I haven't missed any payments so was surprised to get a call from Monarch at the weekend. It turned out to be their mistake - what they wanted to tell me was that direct debits are now being taken on the last working day of the month and not as agreed on my DD.....mine will change next month. WARNING: you must all be aware of this; they said they had sent a letter but I haven't had one. I had better check that I am not being charged for the call either....

[midge61]

Hi

 

I pay by standing order due to them taking double payment a couple of years ago and it taking me 6 months to gett them to return it.

 

At least they can't muck me about now and I know the payment goes on time and have proof on my statements.

[magiciansgirl]

Midge, have you looked at Blemain's website recently? Suddendly a section for customers, including a guide to understanding their statements! Have not had one looking anything like that; has anyone else? MG

[bimfol]

Hi all

 

How is everyone getting on with BF?

 

I unfortunately due to cut in wages failed to make Jans payment. Wrote to them and explained and offered to pay extra each month from the next payment on. Got a phone call and bloke was very nice and said thats ok.

 

Anyway last week got a call and snotty woman said I needed to make a payment of £11 to stop charges being added so I said sorry no can do and I have already made an agreement she said well if you don't charges will go on so tough. I then said I wanted a copy of all charges that have been applied to account as one never supplied.

 

I received that yesterday. £35 per, letter £35 per phone call and a £250 charge for instructing Monarch to deal with me last year! £1.300 in all.

 

Have written to my MP asking why powers that be are not putting pressure on these sub prime lenders to cut their interest charges and he has written to the chancellor for an answer.

 

Midge do you have anything in your initial agreement stating that letters and telephone calls will be charged at the rate of £35.00 each?

[bimfol]

Blemain Finance charged me collection costs to the tune of £1305 and £2030 when redeeming loans of £27000 and £52000. I wrote them for a breakdown and it consists mainly of telephone bills and letters costing £30 each. They stated that this was stated in the credit agreement when the loan was completed.

 

I do not remember seeing any such tariff in the agreement and I have not got it in the agreement that I have. Has anyone hear heard of or seen any such tariff in their agreement with BF.

 

Secondly does it not seem rather exorbitant to pay such for a telephone call or a letter? Can these be claimed to be penalty charges?

[magiciansgirl]

You can get a list of Blemain's charges from their revised website. The charge clause in my contract reads as follows ' The Lender will charge the Borrower for the provision of certain administrative services'.

 

It then goes on to talk about further security over the property but then says 'provision of statements (other than the annual statement free of charge or settlement figures to third parties'. But there is no list of charges attached to the agreement as an appendix and I don't know whether they are enforceable. MG:-|

[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.

[magiciansgirl]

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.

 

Hi, can anyone explain what exactly is meant by 'hidden commission'? Also, what does joining a group litigation imply; is it on shared fee, or no win, no fee basis? MG

[midge61]

hi all

 

The statement thing is due to a change in the consumer credit act. All firms must now give borrowers a statement of account at least once a year. I notice on their website the example doesn,t show the interest rate.

 

I don't know what it says on my agreement about charges will dig it out and check.

 

Sprouty, that is very interesting. I was charged £950 broker fee even though I phoned BF directly and was not told about the fee until I saw it on the agreement. As I was desperate at the time I didn't query this.

[phatram]

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.

 

Count us in.

 

And mymaterob, who has just had his flat repossessed 'cos of Blemain! Lots of charges in the amount they said he owed.

Edited February 6, 2009 by phatram

[SPROUTY]

Hi, can anyone explain what exactly is meant by 'hidden commission'? Also, what does joining a group litigation imply; is it on shared fee, or no win, no fee basis? MG

 

Its on a no win no fee basis and you may find you qualify for legal aid anyway .....nothing beats a try.

[midge61]

Hi all

I have had a letter from BF today.

 

The letter is as follows

 

Notice of default Sum

 

It says it has to give notice under the CCA 1974 of certain fees and charges added to the account.

It lists two charges 1 phone call and 1 letter and the amount of each,

 

 

At the bottom is

Interest

 

we are not entitled to charge interest on default sums for the first 28 days after we have given you this default notice. However if the sums are not paid in full by that date interest will be charged at the rate of 14.90% per annum. Since the interest rate is variable, the rate we will apply to the default sum once the 28 days has passed may be differrent.

 

 

I have never received one of these before although I recently got a statement of charges amounting to over £1200 so god knows how much interest has been added to them!