Intrest and charges :( Blemain finance....can I do anything???

[ragstar]

Hi all

 

I took out a loan with blemain finance, I think it was 20007 for £5000. (gross loan: £5700)

 

The payback total was £10000.

 

I was in bad debt at the time and this company was found via ocean finance.

 

over the years, through losing my job, and just life in general I fell behind.

 

So obviously charges and interest was applied.

 

The thing is its now 5 years on and I still owe £10000.

No matter what I seem to pay it seems to all be taken in interest.

 

My normal monthly payments were £90, but when I got in debt I agreed to pay £200 per month,

believing that was my normal payment and the rest would pay my arrears.

(well at least thats what was arranged when a company rep visited...or so we thought)

 

After about 9 months this payment started getting a bit much, so I rang the company and was told my account was up to date and could resume my normal £90 monthly payment.

 

I have just received a statement and it shows my interest is 14.40% so when I was paying the £200 - £116 of that was just going on interest.

this is now at £105.95 per month so when I am paying my regular £90,

this is coming off my balance and then going back on a few days later and more as an interest charge.

 

My account is only mainly this bad because of all the charges and charges for calls and letters, and because its a joint loan we get charged twice.

 

The bottom of the statement says.....other information

Arrears of monthly payments.........-£0.76

Balance of unpaid fees*...............£1,953.00

Balance of simple interest on fees*.....£564.94

 

*Included in the closing balance.

 

I don't really understand any of this tbh, I just thought my arrears were paid like they said and thats why I was able to go back to my normal monthly payments of £90.

 

Like I said its been 5 years and I still owe £10000, so is there anything I can do???

(maybe reclaim the charges or make them reduce the interest)

because otherwise I know I will be paying this loan off till I die thanks.

[dx100uk]

you can reclaim ALL those PENALTY charges + the interest they have gathered.

 

bet they even charged for dent management!!

 

if you've got all the statements

 

then fill in the CIsheet [soc] from here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

dx

[ragstar]

Thanks for the reply dx100uk,

 

I have a few statements but not all, so I will more than likely have to SAR them.

Yes they did charge me for debt management, and no doubt anything else they could slap a charge on.

I've also been reading up about how they charged someone for buildings insurance for them not having a note put on their own insurance policy, listing blemain as an interested party.......yet the first they heard of this was a good few years into their loan, I had exactly the same thing.

 

I really hope I can re-claim the charges, because I know the debt would be reduced a lot, cant see blemain being very co-operative though.

Worst mistake we ever made getting involved with them.

Thanks again for your advice and I will keep you posted.

[dx100uk]

oh get theat building back too then if they forced you to have duplicate ins

including life/ci etc etc

 

it is not compulsory on a mortgage either!

 

ok its good to have it, but you should have been allowed to get other quotes

 

dx

[ragstar]

Thanks dx I will

[Guest]

ragstar

also, note that under the bankers Lending Code (on cag) where there are evidenced financial difficulties interest/charges should stop.

[ragstar]

Hi Ford,

 

well I was made redundant about 1.5 years ago,( thankfully not for too long) but I'm pretty sure the charges carried on. I've got a better paid job now, and slowly trying to catch up with everything, I even almost had my house repossessed, it was a very bad time, especially trying to catch up on 1 bill then missing another. I really wish I had known about that.

Come to think of it with my mortgage too I dont think even when a financial advisor visited twice about my mortgage arrears that was never mentioned (unless they dont do it on a mortgage).

[Guest]

hi

good to see things have improved.

for reference, the code is here at #4 http://www.consumeractiongroup.co.uk/forum/showthread.php?56391-Examples-of-codes-of-conduct

covers loans, credit card, current account, charge cards.

they are also supposed to be 'proactive' where financial difficulties are shown! but, they are often not! unsurprisingly!

in general, consumers need to be aware of the code. and to complain officially if they don't follow it. the more complaints there are, the more chance of government regulation (which they don't want!)

[Figaro123]

Have you asked Blemain for a SAR. I am in a similar position and have requested it, although they have not responded

[ragstar]

Hi Figaro, I am just waiting for papers back at the mo. I couldnt send them off as soon as I'd hoped, anyway I will keep you updated.

[libra007]

I am in exact same boat too, took a loan of 5000 through ocean finance. over the years felll into arrears, faced two repossesion tries by them. Arears are cleared, pay them monhtly but looks like it will never be paid the way they charge me interest everymonth is more than my monthly payment.

 

no arears and regular payment, it must be interest on charges and fees here and there charged by them. I can repay them off, but repayment figures they have is 4 time the loan 20000 and going up day by day. So wanted to sort the charges and other fee and interest then try to settle this bad loan somehow.

[bshowe4]

Man what were we smoking when we took our loans out with these sharks!

 

Like a couple of others in this thread I was introduced to Blemain through Ocean Finance.

 

I took out a secured loan in 2006 for 5000 repayable over 5 years.

 

Worst mistake I think I have ever made but I have now virtually paid it all back with just £200 left to pay from the £7200 scheduled.

 

I've had lots of trouble in the last 5 years and there have been times when I did let the payments slip

and so I've had lots of charges added to my account and they still want nearly £7000 from me!

 

I think their best one was the councillor visit, he called unannounced at 7.45 on a Sunday morning,

knocked like a mouse on the door and was back in his car and gone by the time I got down the stairs.

 

An easy way to add another £100 quid on I suppose.

 

time to start the process of getting them to drop the whole thing now

I've (virtually) paid all of the contractual obligations so will be watching this thread and seeing how you fellas are getting on

and posting about what I'm up to.

 

Best of luck to us all.

[dx100uk]

get reclaiming [there is no legal remit to add PENALTY charges to ANY loan]

 

and start YOUR OWN thread.

 

dx

[ragstar]

Well got a letter back from Blemain saying they dont accept cash payments direct, and that includes postal orders. Oh and they have sent me no paperwork back that I requested with my SAR........... but they have kept my £10 for good measure it would seem!!!

[Guest]

ragstar

almost everyone accepts a po re dsar! but, their 'terms' (are these still current?) do say payment by cheque re post re a dsar etc http://www.blemainfinance.co.uk/customerservice/Blemain%20Finance%20Tariff%20May%2710%20-%20BLF0403.pdf. but, recent ish thread saying that they are awaiting the po! http://www.consumeractiongroup.co.uk/forum/showthread.php?320410-Blemain-Finance-%28-Loan-Sharks%29/page2

anyway, could complain saying unreasonable to refuse po, it is a legitimate means of payment, or ensure return/destruction of po (try and check if it has been cashed?) and then send a cheque/pay by a card? did you put in their name as the payee on the po?

[juliejc59]

i am in the same boat got 3 loans ith these sharks one mis sold see other thread other2o repayment taken out 2007 fell into small arrears on both in 2007 2008 paid more to clear arrears all cleaard keep sending letters to me saying i am in arrears last one in may rang in nov t ocheck told the goverment tell blemain to send default letters but not tow. w orry was not in arrears. sporadic sending of statements last one show borrowed 14000 in 2007 now owe 16000 no arrears for 4 years other loan borrowed 3000 owe 5000 same time WHY rang blemain lodged a complaint letter back with list of charges every default letter charged 35 pounds for as well as phone calls which we never recieved we were not in arrears our direct debits taken out by them on 26th my payday as agrred with them the statement says one loan is due on 15th which i am being chrged late payments i think and more interest

THERE MUST BE A WAY OF DEALING WITH THESE CON MEN I AM GOING TO THE MANCHESTER OFFICES NEXT WEEK AND NOT MOVING UNTIL I GET SOME ANSWERS

[Figaro123]

whats the latest on this