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dax

Blemain finance

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Ripped off, thats why im suing them groovy and in the process of.......

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Im following you, will be watching out for your progress and will post mine, Im starting by writing them a letter tomorrow asking for a full breakdown of their charges in layman terms and not the usual jargon that you need an IQ of 350 to understand, been ripped off to many times in the past by these people who pretend to 'help' you so going all the way with this 1

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Ok Did a bit myself groovycaz.......found this already on the forum ......

 

If your secured loan is governed by CCA 1974 then s.95 (1) entitles you to a rebate of charges to credit.

http://www.passprotect.studio400 .me.uk/Consumer_Credit_Act_1974. PDF

The Consumer Credit (settlement Information) Regulations 1983 requires the creditor to give a statement of amount required to pay off the loan and how this was calculated. The Consumer Credit (Early Settlement) Regulations 2004 (see link below) regulates the calculations and these cannot be contracted out of to the detriment of the consumer (s.173(1) CCA). So an ERC would be classed contracting out of the Regulations to the detriment of the consumer. These Regulations only apply to loan agreements taken out since 31st May 2005:

The Consumer Credit (Early Settlement) Regulations 2004

 

If your loan was pre May 2005 the Consumer Credit (Rebate on Early Settlement) Regulations 1983 apply which contain the rule 78 which provides that creditors can charge upto six months interest on redemption. Anything over the 6 months interest would be regarded as a penalty and unenforceable..

 

However..Blemain Finance gave the Office Of Fair trading assurance in November 1997 that it would no longer use the rule of 78 when redeeming.

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My loan is 2001 ans still contains the clause.

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Thanks for the info dax, ive always thought in the back of my mind for years that this company ripped me off but didnt know what to do about it, spending the whole day today going over all my paperwork and regulations........my mission has began

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did loads of digging out old letters over the weekend and ive never recieved an annual statement showing debits or credits or interest payments or anything at all regarding this loan. Even when I redeemed it early all I got was a redemption figure, nothing else, should'nt I have recieved something in the way of figures to show how they came to this calculation. I have sent off my letter today giving 14 days notice for them to provide me with this information and as I dont expect any response my before action letter is ready... Im seeing this one all the way:-D

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Of course we should have had a breakdown of the redemption and of course we should have had statements. All mortgage lenders give statments dont they. I was living in another world then mentally and knew I was being taken for a ride. Any statement I got ( and only when I queried the payments id made as overpayments, never acknowledged) I got a silly printout that made no sense. I knew one day I would be out of my ruck and would go over stuff, which is what im doing. They did a loy more than just take my money and theyre not getting away with it. So ill be your bank buddy on this one groovy, because now I can.

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Been awake since 4.30am just thinking about this over and over again dax, dont know if my situation is the same as yours as ive read that anything over £25k is regarded as a mortgage and under that amount is classed as a secured loan, because the house I was buying at the time was pretty run down and had been trashed, although I only paid £15k for it before the property boom the most I could raise was £7500 by these thieves so I had to pay the other half [which was towards the repairs]

and nearly had a breakdown in the process.

I'l have to do some research into wether or not I have the same rights, although it does state on my agreement that it is in fact a mortgage, after all 6 years ago you could buy a house in the north east for under 25K, my 1st house cost 17K and that was classed as a mortgage, im just not sure about this 1, anyway ive started the ball rolling by sending out a pretty firm letter to a guy called Howard Laddin who was the guy who replied to my letter in oct 03 and stated he was the redemptions manager have you had any dealings with him?

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He is the group customer services manager, but also dealt with my letter I sent. I havent got the redemption letter at hand, so cant say he dealt with that, but he probably did.

 

Mine were secured loans too groovy but it does say mortgage on the contract. It says at the top: Credit agreement regulated by the consumer credit act 1974 including legal mortgage of the property. I had three seperate loans with them. One for £5,300, one for, 15k and another for £20k. I repaid them back £54.000 in one lump apart of course from the monthly amounts already taken. I just wanted out....they were hell...

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guess what dax mine says exactly the same as yours but christ [sorry] 54k thats a fortune compared to mine. I paid my £7500 loan off in 32 months and it cost me £13,565.30 and I thought that was bad. I hope you sue the thieving b******s and get back every penny they took from you, I cant respect any person who can take advantage of another in this way 'job or not'.

Ive been wondering what my solicitor was thinking when doing my conveyancing, I would have thought questions should have been asked when he was dealing with this company instead of accepting the redemption figure without question.

What the hell did I pay him for?

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Hope you dont mind my asking dax but how you getting on? have you started court proceedings yet? looking back at your threads they go back a fair few months, if its private of course I understand.

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I said to my solicitor, check the figures before you pay out Blemain. He said yes they are correct, what he was really saying was, ive added up the total redemption figures and thats what they come to. Solicitors, the next set of thieves in the equation. It should have been the accountants job, but you know, like you, I was paying a brief and figured, he can do it.

 

Im not at Court proceedings yet groovy, but ill keep you updated on this thread. Ive sent off a letter of non compliance for the silly print off I recieved instead of understandable and clear statements of accounts, so we' ll see what comes next.

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just been looking on the consumer credit act 1974 site, found out they brought in new regulations but a bit late for us, ive also called the durham trading standards departments so waiting for them to get back to me; they want me to fax over all my paperwork so you never know.

Im right into this now and have'nt been off this laptop since early hours and im self employed so god knows when im going to get any work done.

Its not just this one im onto ive just sent letters to 3 banks and 5 credit card companies claiming back over £8.000 in charges in the last 5 years,

Said I was on a mission, catch you later its my little boys nativity play at school now:o

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The value doesn't matter a mortgage is a mortgage & nothing else. A secured loan is a secured loan. The mortage is used either inpart or whole to buy the property. The secured loan is regsitered against the property so that if you sell they get paid along with the mortgage lender

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Just sent letter before action to seek a court order for data access request details after sending letter allowing a further 16 days for comprehendable info from Blemain. It never came so giving them 7 more to comply.

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Is there aTemplate for the Information commissioner to report them? Cant seem to find one.

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Is there aTemplate for the Information commissioner to report them? Cant seem to find one.

 

 

I also cant find one Dax I dont believe there is one. If yopu draft one we can have a look at it. LL


 

 

 

 

 

I am not a legal expert my advice is given without prejudice and is purely my opinion only. If you are in doubt please seek professional advice.

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ok...arriving soon

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Im back, been to the library and got some books in relation to the consumer credit act of 74, also heard back from trading standards who are sending me out any information they believe will help. Ive been advised to go to the Durham Universities law library where im told I can access books which are normally not for public viewing so I might find something there.

Hope you all had a lovely xmas and hope we all have a very happy new year with all our money back in our bank accounts from blemain finance;)

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lively, what have you done with my reply earlier, i posted it and its been nicked?

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Gosh Groovy, that sounds like a trek and Law books will drive you bananas. Surely this info is on line with the Consumer Credit Act, didnt we already find it in one of the threads above.I know were in for a long haul with Blemain. I wouldnt know what to look for but im sure you know what your doing. Fill me in if you find any new stuff.

 

Hope you a had a fab xmas too and thats the plan for 2007, to just get back whats rightfully due...

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Hi dax got some info from trading standards and by their information Blemain have committed several offences relating to my loan. By law they should have given to me in writing a 14 day cooling off period, never got that. A settlement statement within 12 working days following a customer request, never got that they gave me a figure over the phone.

The statement must contain a description of the agreement , sufficient to identify it, the name and postal address of the trader, the name and postal address of the customer, the total amount payable in order to settle the agreement early before deducting any rebate, a statement that any rebate calculated has been made with regard to the consumer credit [rebate on early settlement] regulations 1983 showing how the rebate was calculated using the appropriate appendix in the consumer credit act 1974, the net amount payable by the customer,the settlement date and a statement that it has been calculated in accordance with regulation 3 of the consumer credit [settlement Information] regulations of 1983.

Ive just noticed on my loan agreement that I signed the borrowers part, my solicitor signed the witness part but they left the lenders signature blank and they have't dated it, cant understand that bit

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Cant believe it just messing around looking for info on Blemain Finance Group and typed their name into google and everything you want to know about them is there, pages and pages... Oh and the fantastic service they offer... happy reading:o

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Hey Groovy, guess what, they didnt sign mine either ( the contract) and I also checked out the google link.Apparently theyre now members of the Finance Industry Association FISA and for the first time the Directors name appears, 'Marc Goldberg'. Check out their code of conduct. Im getting a highlighter pen, to mark everything they dont do, then writing to FISA to point it out.

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Hey dax, makes good reading eh, cant see how they can get out of this one now. I think its a bit dodgy why no one signed our agreements, there has to be a reason for that, cant just be an oversight, wonder if they ever sign any?

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 731 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

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