chrisking1962 v Blemain finance PPI

[groovycaz]

HI

sounds to me like another massive rip off by blemain, I just found my documents from The Lancashire Mortgage Corp, (Blemain) yet when I redeemed my loan my solicitor told me it was paid to a company called

Prime Business Loans, never heard of them, cant find out anything about them, I believe they are a fictitious company, Im sure I read somewhere that even if your loan is sold on (which mine never was) you have to be informed by your loan company, join the queue chrisking both dax and I know just how unlawfully this company operate and yet still seem untouchable. the financial ombudsman say its not something they deal with, the FSA say the same yet they are members of FISA so who is investigating any complaints against this company,

I just found out that the £500 broker fee would not carry interest on the loan yet im sure from the redemption figure it did, been busy with work and claiming back business bank charges so put blemain on the back burner for a while but looks like its time to start again... GC

[midge61]

hi

I found this company on companies house register

Name & Registered Office:

PRIME BUSINESS LIMITED

2ND FLOOR

70 CONDUIT STREET

LONDON

W1S 2GF

Company No. 06096514

 

Their business is sic(03)

whaterver that is

Don't know if this helps

[groovycaz]

Thanks for that info

if they are connected to the dredded blemain I still dont know how the balance of my loan would be made payable to them when I had no dealings with them myself, all my DD were paid to The Lancashire Mortgage Corp... GC

[chrisking1962]

hi all,

just to let you know that Blemain calculated the rebate in accordance with Regulation 3 of the consumer credit (settlement information) Regulations 1983 (although I think this only relates to the date).

I know I have probably asked the question before:confused: , but what letter should I use when asking for the way and the formular they have used to calculate the amount?

regards

chris:)

[midge61]

hi

The following is on the FISA website about early redemption calculations

http://www.fisa.co.uk/downloads/FISA%20-%20Guide%20EDITION%2020.pdf

Apparrently this shows the 2004 calculations which replaced the 1983 ones so I don't know when you repaid but they may have used the wrong calculations anyway.

Worth a read though.

Midge

[dax]

I redeemed mine in 2004, though I dont think they used the correct formula to calculate mine. I had taken the loans out since 2001. Ive seen the formula your refering to, but unless you are a mathematician, it very hard to understand. Chris, I Would just ask which formula they used in plain english as you have done here and see what they say. I may do the same myself too.

[groovycaz]

hi

The following is on the FISA website about early redemption calculations

http://www.fisa.co.uk/downloads/FISA%20-%20Guide%20EDITION%2020.pdf

Apparrently this shows the 2004 calculations which replaced the 1983 ones so I don't know when you repaid but they may have used the wrong calculations anyway.

Worth a read though.

Midge

 

Hi all

I would stake everything I own that they used the rule of 78 to calculate the redemption figure, I dont believe for a minute that blemain would use the correct formula to their disadvantage, I knew and they admitted this in a letter to me that this is the method they used when I redeemed my loan which was taken out in 2000, although they gave the OFT an undertaking that they would stop using this method in an calculating early redemption charges on any loans taken out after 1998...GC

[dax]

Me too groovy, I know they did, without a doubt.

[dax]

me too Groovy, without a doubt, and dont we know it !

[dax]

lol...ahh this 30 second wait and send it again things not working..pmsl

[chrisking1962]

Hi all,

I took the loan out on 26th April 2006 and redeemed it on 5th April 2007, so the loan actually lasted less than 12 months by about 3 weeks so as I am understanding it through reading the threads they are still using the old calculations, so I had better get my mathematicians head on and look at the FISA download (if I can ever open it:mad: ) that GC highlited, let aloan oops! sorry! let ALONE understand it.

will await my measley cheque from them so atleast I have something back. It took them ages to release the overpayment I had to make before redeeming, yet if I was late paying there would be hell to pay amazing is'nt it.

spoke to Blemain today to see if they had details from Premier Writers and when cheque would be forwarded, guess what they had just raised the cheque (coincidentel;) ) and would be sending it tommorrow, funny that, tommorrow never comes! We'll see!

Keep you all posted.

regards

chris

[groovycaz]

Hi, have you recieved your cheque yet from the dredded BF as promissed..GC

[chrisking1962]

Hi GC,

yes I have received my measley cheque for £535.44 today and I have banked it already so will wait till funds are cleared just so they don't stop the cheque if I request the redemption breakdown and calculations as to how they heve come to their redemption figure and WHY I have only recieved less than a quater of the priginal £2200 ish I paid up front on the loan.

will wait a little bit longer for the request, patience, patience and patience as my friend says about emigration to australia.

If only. probably the best thing on offer at the m0oment and the funds would pay for the visas.

keep you informed on my next stage.

Oh before I go, I wonder if those nice people at BF are members of the CAG like we are and are taking notes, well if they are, get ready cos I'm coming to get my money back and SOON.

[groovycaz]

Hi Chris good on you for getting a little bit back for now, as for the horrible small people at blemain I believe that they are watching this site as are all the financial institutions, it would be very easy for them to register and post as it is with us and they will know who I am as ive given details if letters and dates but I dont care none of us should after all its our money they conned out of us....GC

[chrisking1962]

hi GC, you never know there may be somebody at BF and the other institions who feel terrible about the situation but are more afraid than us of WHISTLEBLOWING on the company they work for as I found that at certain points of contact the nice chap called Louis was very helpful and not at all brash with his tone, I found the collections department were the most obnocshoush:mad: (spellcheck please:D ) irrogant bunch of low lifes I have ever had the displeasure to have contact with in all my personal dealings with the loans I have ever taken out.

I now need to draft a nice letter to them thanking them for their grateful 1st part of the offer and will be looking forward to the remainder in the forthcoming weeks, just need to spruce it up a little.

I wonder if I should go to both BF and Promise finance, as these were the 1st point of contact and quoted me 1months max early redemption charge due to new financial regulations imposed to protect the customer from over zealous finance companies from taking back more than they should due to the fact that your are supposed to be decreasing your total balance on a monthly basis, hence the total payable over the full term is usually around 40% or more than you borrowed in the 1st place. So to reiterate, should I claim back from BF and report Promise finance to the relevant institute for mis-selling me a loan under the false pretence that if I redeemed the loan early (in my case less than 1 year of a 20yr term) I would only suffer 1 mths interest on top of the outstanding balance which if you calculate from a £14,500.00 + £2,200.00 ppi = £16,700.00 and then add 1mths interest (payment) £185.00 that = £16,885.00 and that does not include all the payments I had made on the account which I would have thought would have reduced the balance by atleast a couple of hundred quid:mad: . And (I'm getting really frustraited now) I would have thought I would have got almost a full refund on the PPI as this was cancelled within the 12 month period as was the loan, and I have since found out this figure was reccomended by Premier Writers but at the discretion of BF who have already recieved the total amount through my redemption. WHO DO THEY THINK THEY ARE!!!!!!!!!. They could have given me a total refund which would have got me my VISA!!!!!arghhh!!!

anyway this was supposed to be a quick reply, but you know how it is you get into the flow and hey the day's over.

sorry distracted by a work collegue who is also going for reclaiming his bank charges from A&L. good luck, although I don't think he is using this aite, he is using Martin Lewis's letters, but has found this site very interesting.

Anyway I will keep you informed,

good luck with all your battles.

regards

chris.

[groovycaz]

Hi chris

what if anything have you got in writing from promise finance? I would have thought that as they added PPI onto your loan, when you paid it off, the balance would have been paid to BF, you could probably go for the throat of both, you had the loan for less than 12 months so it would fall into the recent changes that came into force, the law is on your side this corrupt company have a code of conduct to follow after they joined FISA and where as the FSA and OFT say they dont deal with the likes of the complaints that dax and I have I believe yours is completly different and should be easier to resolve, the fact that they have repaid to you some of the money is in itself a victory as this company never give anything back, have you issued a county court claim yet?..GC

[chrisking1962]

Hi GC,

No I have'nt issued anything yet as I am just in the process of clearing the cheque, and then I will be asking advice as to who to go for and what tactics would be best, ie: do I tackle them both, BF and Promise or do I ask advice from the FOS, the FSA or some other financial body and what do I claim for as I know i want to gre back all the collection charges and default charges which each were charged at £119 ish a time and all the phone calls they say they nade (no proof) at £30 a time!!!!

I will be patient with this as I know it wont happen quickly.

Any advice welcome.

regards

chris

[groovycaz]

Hi Chris, been going through my letters from Howard Laddin and to be honest they guy is just such a liar and talks complete bull s**t, he wrote and told me that my loan was a secured loan and not a mortgage yet I have a mortgage document and a copy of my listing in the land registery from my solicitior which also shows my property was in mortgage to The Lancashire Mortgage Corporation, The guy Laddin is a complete snake....GC

[midge61]

Hi

Take a look at this and then go to the Bankcheck website

Mortgage rate blunders cost borrowers thousands-Business-Money-Mortgages-TimesOnline

It is very interesting but the Bankcheck site doesn't say how much they charge but they do cover loans.

I wrote again to BF about my £250 overcharge and got a letter yesterday from a L. Longdin at Monarch Recoveries asking for all the details, all of which were in the letter!!!!!!!! Have sent copies of everything again so will see what happens now.

Midge

[groovycaz]

Aaaaa!!!!

Dont they just make you sick, they ignore the letters with information included in them and persist in stupid time wasting tactics, makes you want to swear....GC

[chrisking1962]

hi all,

sorry for not replying, going through a few piddly bits before I get it wrong.

anyway, thought initial loan was arranged through promise, but checked it was with Imagine, NOT Promise, (sorry promise!).

The low lifes I have had to speak to at BF were Mr Beckford in the collections dept who was the most disgraceful illmannered low life you could ever have the disspleasure of speaking to should you ever have to!, a Mr Howard Laddin in the redemptions dept who was about as much help as a chocolate firegaurd and I was then advised if I wished to complain to write to a MR Lee Longdin the assistant manager in the collections dept, well I don't think that will be very positive on everything I have been through with them..

Will draft my letter after I finish my shifts this week so I can do it right.

let me know how the rest of you are doing.

regards

chris:)

[groovycaz]

Hi Chris

Dont hold your breath any time soon, these people know how to twist everything around in their favour, That guy Laddin was the bloke who wrote to me, he never answered any of my questions and skirted around the issues I had, you have a fight on your hands, I think it will take one of us to instigate court action against these sharks but it is not as simple as claiming your bank charges back as we dont know how much money they ripped off us and in my case until I do I diont want to risk loosing by not knowing what sums im claiming..GC

[groovycaz]

OOoo just noticed in now CLASSIC.. WOW... GC

[hellhasnofury]

Hello,

 

I truely know how you are feeling. They don't want to give you the information, because they know what you will do with it:eek: Just keep at them and question everything and they will dribble the info out, and when you have it all. Hit them bl+++y hard:D I have realised that you have to pace yourself and that I may take some time, but we will get our justice in the end:-D

 

Good luck to you both, keep up the good work and keep at it8)

[midge61]

Hi

Lee Longdin is the fella that I have just written to about the money they took last august.

I'm so p****d of about that and that the so called statement that he sent me shows nothing accept payments made that today I sent off a SAR to them.