Help with a Blemain Redemption Figure

[magiciansgirl]

Hello all - am getting rid of Blemain at last by selling my flat. However I think their redemption figure is wrong. Got it on Friday and my solicitor hasn't commented yet, but I'm losing sleep.

 

Their figures:

 

Balance outstanding under Agreement: £40,399.23

Early repayment charge: £1954.96 (no breakdown showing how this was calculated)

Total amount required to

settle agreement: £46,73.44 (includes charges which are mostly correct)

 

My figures:

 

Loan amount: £37,838 Loan taken out October 2006

stated on agreement

 

Total repayments

to date: £23,843

 

SO adding what I have paid already to what they want this loan will have cost me £70,578.44 ie nearly twice the lent amount.

N.B I did not take out PPI.

 

Shouldn't there be a rebate for early settlement? I have seen rebates on other Blemain threads on the site. And I found this on the OFT site:

The lender must provide a rebate on early settlement which is at least as favourable to the borrower as that calculated in accordance with the formula in regulation 4. This is intended to ensure that the borrower repays the outstanding capital, but not future interest or charges. The lender can omit certain items from the calculation, including brokerage fees and sums payable under certain linked transactions.e admin charge, legal costs and charges do look correct, it's the loan figure itself

 

Any advice gratefully received. I need to give my solicitor enough ammunition to work with. Kind regards, MG

[magiciansgirl]

Bump

[magiciansgirl]

kay, 58 views and no comments. Beginning to wonder if someone on another thread there is very obvious answer to my question which people think I should have found myself. In truth have done a vast amount of searching with no luck. There used to be a FISA calculator but it's gone since they closed up. Am genuinely in need of help as my solicitor is dealing with the sale of the property as a priority - we are trying to complete a week today - so I want to give him chapter and verse and then let him attack them.

 

I'm not wealthy, I've had a lot of bad luck, and the need for the loan was because I was the victim of a malicious neighbour whom I had to sue to get the right to sell my flat. Those legal fees nearly crippled me and the loan was to pay them. I was badly advised by the broker and didn't realise Blemain were sub-prime....

 

SO any help really really gratefully received. Kind regards, MG

[magiciansgirl]

Okay, 58 views and no comments. Beginning to wonder if someone on another thread there is very obvious answer to my question which people think I should have found myself. In truth have done a vast amount of searching with no luck. There used to be a FISA calculator but it's gone since they closed up. Am genuinely in need of help as my solicitor is dealing with the sale of the property as a priority - we are trying to complete a week today - so I want to give him chapter and verse and then let him attack them.

 

I'm not wealthy, I've had a lot of bad luck, and the need for the loan was because I was the victim of a malicious neighbour whom I had to sue to get the right to sell my flat. Those legal fees nearly crippled me and the loan was to pay them. I was badly advised by the broker and didn't realise Blemain were sub-prime....

 

SO any help really really gratefully received. Kind regards, MG

[magiciansgirl]

ooops was trying to edit not resend.....sorry people:roll:

[frettful38]

Hi MG,

 

In your first post you say

 

settle agreement: £46,73.44 (includes charges which are mostly correct) ?????????

 

what makes you say these charges are correct? and if you have only a week left you have not left yourself a lot of time, as these things can take a long time to gather together

 

some info for you

 

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article581941.ece

[magiciansgirl]

Thanks Frettful. Well, we applied for the figures a while ago now..... had to push to get them as per.

 

I know the charges are mostly what I was expecting (if unfair etc) since I winkled a complete breakdown of charges to 31/10/08 from Blemain a year ago, when disputing their insurance charges. I have not incurred charges since. I also think I can see where the errors are as I believe they have added legal fees in twice.

 

HOWEVER good news, I rang Consumer Direct yesterday, and Trading Standards in Glasgow will go through the figures with me, as soon as tomorrow. Not all TS offices offer this so I feel very lucky. And will obviously use any helpful information I find to help others. Thanks very much for the piece on the Rule of 78. I told my solicitor to write that they may not use this when making a calculation....

[magiciansgirl]

Update for anyone interested. B got back to my solicitor and they have waived the ERC entirely! Have not provided breakdown of admin charges as requested though. Trading Standards recommend paying to get the charge off, reporting them to the CCTA and FLA for not providing complete breakdown but saying without prejudice etc and not accepting the figures. Other advice a bit too confidential at the moment....

 

Kind regards, MG