Blemain finance

[midge61]

Hi sanddancer

 

Cant give you a link but try thr search box at the top of the forum or try google.

 

The TS link above tells you how the redemption should be worked out

[JonCris]

midge the maladministration is against the regulator not BL

 

If your having problems with the regulator I know that Tony Hetherington of the Mail on Sunday has provided evidence to a claimant

[midge61]

Thanks jon

 

It doew seem that TS do not want to do anything as when I asked them how to get BF to deal with my complaint they just advised me to contact the national debtline.

I have written a letter of complaint to TS so will wait to see what comes of that.

 

I see the OFT have got to answer questions to a commons select committee on Tues which will be interesting.

[groovycaz]

Hi all

Ive found in some old notes that there is a Mortgage complaints Board, a Council of mortgage Lenders, il find out more about them tomorrow..GC

[midge61]

Hi groovy

 

Heres a link to their complaints page, don't think it will halp me though.

 

Mortgage complaints

 

It says that they are no longer responsible for complaints but that the FSA or FOS now deal with it.

[sanddancer]

can you post assurance given to OFT...

Any more info on FSA ruling regarding the rule of 78...

This could be the key we have been looking for:):)

[sanddancer]

The rule of 78 was designed to compensate lenders for "Loss of earnings"

due to early settlement's.

1...At the start of a loan repayments are all interest.

2...They charge an early settlement fee.

3...They have often charged a setup fee.

4... Rule of 78 applied at ££££

 

So...What loss of earnings are they reffering to..It seems to me its all one sided...

OFT and FOS take to long . We need to find the key to this can of worms

[midge61]

Hi sanddancer

The thread below is about the rule 78 and should help you.

 

http://www.consumeractiongroup.co.uk/forum/ppi/59087-rule-78-unfair-could.html

[groovycaz]

Hi groovy

 

Heres a link to their complaints page, don't think it will halp me though.

 

Mortgage complaints

 

It says that they are no longer responsible for complaints but that the FSA or FOS now deal with it.

 

Hi Midge sorry didnt get to speak to my insurance guy today he was out of his office so will try him again tomorrow, well well, ive been scooting arount the internet tonight looking into how to complain against sub prime lenders who are not registered with the FSA and it looks like the brick walls getting higher but low and behold you can go further down the ladder to the broker, and ive done a company search and the broker is on the register, everything was done through the post and no proper advise was ever given, just some figures and the forms sent to me, looks like a complaint against the broker then, when ive thought about it why not it was the broker who sold me the product in the first place..watch this space..GC

ps il post tomorrow after ive spoken to my pal

[midge61]

Hi gc

 

Ive been giving some thought to jonchris's post (161) and wonder if we should all do a summary of our experience with BF and their malmangement of accounts and post copies and a letter to see if he can dig around and find anything on them. After all sub-prime lenders are news at the moment and FSA arn''t letting on which five they are punishing.

 

What do you think?

[dax]

im in..ill do it

[b8byd]

Hi all

 

I'm seeking some advice and trying to get a clear picture of Blemain Finance. I know some people on this thread have had terrible experiences with them regarding redemption and also what happens when you fall behind with payments.

 

My partner and I have almost signed on a loan with them - because it really is our only option.......

 

We have around 50k equity in our house, but we both have a terrible credit rating. There are 2 reasons we need a loan:

 

1. I'm training to become a solicitor and have just finished a law degree. The final part of my training is a course call the Legal Practice Course which is a compulsory part of the qualification process - and it costs 10k. Believe me when I say I have tried every other avenue of trying to raise this money.

 

2. My partner has just accepted a very good promotion at work, but this means he now has to commute from Bedfordshire (where we live) to Surrey. If our credit rating wasn't so bad we'd consider moving, but at the moment we don't want to lose our very favourable mortgage with Intelligent Finance. Only trouble is, his car is 10 years old and has about a million things that need fixing; it breaks down all the time (thank goodness for the AA) but we can't afford to get all the things repaired (including the speedo, the exhaust, it keeps overheating, none of the electrics work... the list goes on. Oh and its 10 years old so the bodywork is getting nackered). Also, with such a long commute the fuel would be extortionate because its an RS2000. So we need a new(er) car.

 

We decided that if we paid off an outstanding store card bill of 2k (our only significant debt now, with an APR of 29.9%) which currently costs me 200-ish quid per month, we could afford the repayments on a secured loan; and we calculated that we needed to borrow 17k all in (10k for my course, 5k for his car, and 2k to pay off the storecard).

 

Anyways, we've got our quote from Blemain which, to be honest, doesn't sound that bad compared to some others we've been quoted in the last couple of weeks. There's no s.78 redemption - the max they can charge us is one-month's interest. We've calculated (with a fine-tooth comb!) that if we decided to pay off the loan in around 2 years (which we think is about right, i'm currently in the process of sorting out our credit files with bank charge claims and default removal etc) then it will cost us, in total, around 25k. This is 8k over the top - but we have weighed up that this is the price we pay for having a bad credit rating, and for getting our hands on 17k right now, which we really need.

 

We are pretty sure we can meet the repayments, but have this awful awful feeling we are doing something stupid by signing this loan. But its catch 22, because if we don't get the money, I can't finish my training and my partner can't get to work!

 

Any frank and honest advise taking into account our situation would be very much appreciated........

 

And sorry if this post rambles on a bit!

[midge61]

Hi

 

Can you not approach your present mortgage company for the extra?

 

I know that the new admendments to the cca will apply to your loan but avoid Blemain at all costs if possible.

If for any reason you have a problem they will not deal with it and it is almost impossible to get any sense from them at all. They will do everything in their power to put you in a difficult position and not help at all.

As you will see even people who have only had their loans for a short time have had problems with them when it has come to early redemption.

 

I wouldn't go near them if you can possibly avoid it.

[dax]

Totally understand and I know the catch 22 scenario only to well. Blemain wait for people like us to be desperate eniugh to sign the dotted line...What I will say is if you are in any doubt as to your ability to repay this loan for the next so many years each month on exactly the same date without fail. Dont take it out because you could loose your home.

 

However, since my loan with these sharks, they have come up in the world to become FISA members from all the people they skudded to aquire fisa recognition by hitting ther figures of greed. Also, since then the banks have had a public awakening to be accountable, which they werent before. Blemain still think theyre above the law but are answerable to certain regulatory bodies we'd imagine. Our dilemma, is getting them to answer which were all in the process of trying to do.

 

Ive never heard of this 10k course you need as I assumed law students just joined law firms from Uni and worked their way up, but then you know better than me and having studied law will probably be in a better position to deal with these people if they try the legal jargon to scare you that they intimidate others with, so good luck.

 

Were all here if you ever need us for support and help

[davefirewalker]

Hi all

 

I'm seeking some advice and trying to get a clear picture of Blemain Finance. I know some people on this thread have had terrible experiences with them regarding redemption and also what happens when you fall behind with payments.

 

My partner and I have almost signed on a loan with them - because it really is our only option.......

 

We have around 50k equity in our house, but we both have a terrible credit rating. There are 2 reasons we need a loan:

 

1. I'm training to become a solicitor and have just finished a law degree. The final part of my training is a course call the Legal Practice Course which is a compulsory part of the qualification process - and it costs 10k. Believe me when I say I have tried every other avenue of trying to raise this money.

 

2. My partner has just accepted a very good promotion at work, but this means he now has to commute from Bedfordshire (where we live) to Surrey. If our credit rating wasn't so bad we'd consider moving, but at the moment we don't want to lose our very favourable mortgage with Intelligent Finance. Only trouble is, his car is 10 years old and has about a million things that need fixing; it breaks down all the time (thank goodness for the AA) but we can't afford to get all the things repaired (including the speedo, the exhaust, it keeps overheating, none of the electrics work... the list goes on. Oh and its 10 years old so the bodywork is getting nackered). Also, with such a long commute the fuel would be extortionate because its an RS2000. So we need a new(er) car.

 

We decided that if we paid off an outstanding store card bill of 2k (our only significant debt now, with an APR of 29.9%) which currently costs me 200-ish quid per month, we could afford the repayments on a secured loan; and we calculated that we needed to borrow 17k all in (10k for my course, 5k for his car, and 2k to pay off the storecard).

 

Anyways, we've got our quote from Blemain which, to be honest, doesn't sound that bad compared to some others we've been quoted in the last couple of weeks. There's no s.78 redemption - the max they can charge us is one-month's interest. We've calculated (with a fine-tooth comb!) that if we decided to pay off the loan in around 2 years (which we think is about right, i'm currently in the process of sorting out our credit files with bank charge claims and default removal etc) then it will cost us, in total, around 25k. This is 8k over the top - but we have weighed up that this is the price we pay for having a bad credit rating, and for getting our hands on 17k right now, which we really need.

 

We are pretty sure we can meet the repayments, but have this awful awful feeling we are doing something stupid by signing this loan. But its catch 22, because if we don't get the money, I can't finish my training and my partner can't get to work!

 

Any frank and honest advise taking into account our situation would be very much appreciated........

 

And sorry if this post rambles on a bit!

 

Why is your credit rating so bad ??

 

i'm not being personal, have you any defaults or agreements that are not satisfied or too many loans!!!!.....

 

try looking at any of the cca threads....you can get your defaults removed, and if any of your debts are "overdue" and dca's are chasing, you might be able to "lose" them or at least reduce them.

 

this would be a better option than BF

 

think !

 

rgds

 

Dave

[JonCris]

b8 Please Please do NOT enter into an agreement with these people as you WILL regret it.

 

1st do you have any CCJ's & if so you had better contact the Law Society as they can affect your plan to become a solicitor.

 

2nd If you don't now you will almost certainly fall foul with this lot & get a CCJ registered against you.

 

Other than knowing your intending to do an LPC I don't know how far your plans have progressed.

 

Have you considered doing it part time over 2 years which means you can still work to help pay for the course.

 

You can do the LPC in tranches on certain weekends & making bi annual payments. With an existing law degree you could try & get to full time work for a law firm who might, if they like you, help with the fees.

 

Also there is the Filex route takes a little longer but home study allows you to continue working full time.

 

Many firms now advertise for both solicitors &/or Filex trained staff for some quite senior positions. It's worth noting that soon with the rule changes about to happen Filex qualified lawyers will be able to become partners in law practices.

 

If you haven't already please consider the above before you borrow of this lot as to so so may mean the ruination of your career before it even gets started

[b8byd]

Thank you for your comments, you have all given us some food for thought... we need more time to think about this.

 

JonCris: No CCJs thankfully, only defaults. I'm now registered as a student member of the Law Society so I passed all their checks.

 

I've considered all the options for taking the LPC: I can't even afford the fees part-time (exactly half this year and half next year), and I know i'll be in the same situation next year. The firms in London are inundated with applications and the competition is tremendously tough. If I seriously want to become a solicitor in a City firm, then I need to take the LPC route. I'm an experienced legal secretary, i've always worked in the City, and i'm lucky to be in a well-paid position now - so I know we can afford the repayments with Blemain. We would pay them first every month, even before our principal mortgage lender!

 

I am going to look at the Filex route now and give it some consideration. We are currently in the 8-day consideration period where the loan broker can't contact us, so we do have more time to think about this. The appointment to sign the loan is on Monday week.

 

I could defer my place at the College of Law for one year, but I need to let them know before 31 July otherwise I will still be liable for the fees (and - get this - if you can't find the fees by 16 August they kick you off the course but you are still liable for the fees - another nice bunch). Do you think I could clean our credit files in one year, so that we will be in a better position next year? I'm pretty sure every single default was placed by a company who we will get unlawful charges back from... so we could argue that the defaults were a result of the unlawful charges.

 

Oh so many questions.

 

Just thinking about not taking the LPC fills me with this awful feeling of regret as I worked so hard to get my 2:1 and a place at the College of Law. I studied full-time whilst working full-time in the evenings as a night secretary. I'm 27 now, and if I defer my place on the LPC for one year i'll be 32 by the time I qualify. I know that's not old... but it pretty much wipes out any possibility of starting a family if I want to reap the rewards of my qualification!!

 

Thanks again for your advice and opinions. I'm going to have a look at the Filex route again, and i'll come back to this thread soon......

[midge61]

Hi all

 

Just re-read the whole thread.

Dax did you ever follow through with the non-compliance of your sar?

[dax]

no but im back on it midge

[midge61]

Hi guys

 

This was posted on another thread and I thought it would help

 

Rule of 78 Loan Calculator

[midge61]

There's this one as well for working out APR

 

index

[dax]

Very handy indeed Midge, well done my friend

[dax]

Did our trainee Solicitor friend take out the loan or find another way to deal with his dilemma? b8byd..whats the latest?

[midge61]

Morning all

Recieved a letter from BF today containing another copy of my agreement, a statement which is just a list of payments and a copy of their complaints procedure!

I am assuming that this is their reply to my SAR so a complaint to ICO will go in on Mon.

I also recieved a letter from TS saying that they no longer deal with individual complaints due to funding cuts and to contact Consumer Direct which I have already done and they said it was not in their remit!

I will issue my complaint again to BF with all documents enclosed and see what happens but unfortunately I killed my laptop with everything on it so will have to get that sorted first!

[b8byd]

Did our trainee Solicitor friend take out the loan or find another way to deal with his* dilemma? b8byd..whats the latest?

 

Hi all

 

Just to let you know, we didn't take the loan with Blemain. We came really close to signing, but thanks to some good advice we opted out just in time. We are also lucky that my fella's mother stepped in to help out with his car situation.

 

If anyone's interested in the training side of things, i'm now doing my LPC at BPP Law School which provides a part-time option, and a monthly payment plan! It wasn't my first choice of law school, but hey-ho: life is full of compromises. It means I have to pay 430.00 per month for 21 months which is going to be tough, but i've taken on some extra shifts at work and i'm determined to succeed.

 

Thanks again for some sound and reasoned advice.

 

I wish you all well in your battles against these sharks.

 

*her