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Blemain Finance Horror

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Hi guys

first of all im a complete noob on this site so please be patient with me!

 

My story is a long complicated one that basically starts back in 2008

when as a last resort i took out a secured loan against my family home( second charge) with the famous Blemain finance

to be used as a temporary loan for approx 12 months for a business myself and my ex business partner took over that has since gone bust and left me with a hell of a mess.

 

Now so far i have now been in the process of selling some outbuildings i own to keep up payments on the first mortgage

and the second blemain finance loan

but the second charge are the ones stalling with the part release paperwork and the matter has now gone to repossession again( i have already managed to stave off 2 evictions!).

 

The first charge agreed to the part release nearly 12 months ago but blemain have managed to drag out this matter for over a year now

and the eviction is scheduled for the 6th of march 2012?

 

Any ideas???

 

i have had nothing but trouble for the last 3 years with blemain finance and my health is really starting to suffer as a result.

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Some help filling in the n244 would be great.

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Just need to get the eviction set aside and then i want to try and get them with unfair relationships

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Hi there.

 

I'm sure some of the experts will be along at some point and can offer more specific advice about your situation but in the meantime how much are the arrears and are you in a position to pay them back over time?

 

If so have you put any proposals to the lender yet?

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Hi rocco the current arrears are £3500 and change. I have a statement from december and it states a debit of £835 a month is being added labeled an interest charge at 15.9%, but my monthly payments are only £720 so no matter what i do the loan is just getting bigger?

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If the part release went through then i would get a cash lump to be able to pay the arrears off and hopefully get to september when i will be in full time employment again.

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Okay, well I fully admit I have no idea how part release works at all but if this is definite future income that will clear the arrears then it could be a point to argue.

 

If not then what kind of offer can you give them to clear the arrears based on your current income?

 

You said you avoided evictions in the past. How did you do that and is there a suspended possession order in place?

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I have managed to borrow to stay in the house thus far. Basically i live on a farm and wanted to sell some sheds, now they are covered by the charges but the sale does not effect the equity in the house so the first charge agreed but blemain have done everything to draw it out long enough to reposess. Yes there was a suspende possesion order that has now been re implemented after arrears reached certain level( helped by blemain adding nearl £700 for insurance!

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Basically rocco because of the situation i found myself in i had no alternative but to go on benefits to keep my house( I had ppi on the second charge and used that for the first 12 months and have been winging it ever since, my income is less than£ 400 a month between 2 of us and the dog :(

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Have contacted my solicitor (who has also been dealing with the part release) and she is going to try and get the eviction set aside.

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An eviction can't be set aside, it can be stayed - which effectively means it is cancelled, but the underlying suspended possession order remains in place.

 

You have an arguable defence in any case - you are trying to sell some of the security in order to repay the loan (just the arrears or the entire loan?), in which case, it is likely that a judge will allow you a period of time to sell - but you need to be able to meet the current monthly instalment plus something towards the arrears in the interim, as per the original SPO. It is an arguable defence because the very people who are trying to repossess are the ones stalling on the sale - it's a ridiculous stance for them to take.

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Basicaly if the sale went through i would be in a possition to pay the arrears off and have some spare to keep them at bay untill september when i will start full time employment again. But looking at the statement i have for them even if i was keeping up with the payments there is a shortfall of £110 each month so my loan will always get bigger?? Its gone from an origional loan of £40000 to well over £65500???? 15.9%??

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STEAR CLEAR OF BLEMAIN LOANS. beware of blemains sly way of stitching you up if you sell a property they will not take the funds of the arrears unless you ask them to. as i found out, they take it of the loan then still persue you for being behind with payments making further threats. Do you have an update

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