Hi all,
I am new to this forum, so please bare with me as I get hang of how it all works.
My story dates back to 2006, when I took out a secured loan with Blemain/Together finance for £25k.
This was to pay additional bills and to do some repairs on my property. I brought the property in 2003.
This was the first time I took out a loan,
I had no real knowledge of the best type of loan to choose,
which is why I did the loan through a broker,
who pass my application to a third party Loan Options,
who recommended Blemain finance.
They were both paid a commission at the start of the loan and that was deducted from the loan amount.
Blemain also added £2000 in charges for handling my application, so at the start of the loan I was already £4000 in debt.
My understanding from the start was this was a loan, but over the years it is now referred to as a mortgage, with added legal clauses such as remunerations.
None of this information was made clear to me at any stage of my application.
There is no way I would taken this loan if I knew the interest rate would be so high.
I am now paying more to this loan then my actual mortgage.
In the last 11 years Blemain has added charges to this loan for
building insurance,
Telephone calls,
Letters,
Arrears and court fees.
Yes they have taken me to court on 2 occasion to reprocess my property.
Each time adding extra charges to the loan amount.
I have recently had a audit done on the amount I have already paid Blemain and it totals to over £39k,
I still have 4 years left to pay off this loan.
I have been in financial hardship since taking out this loan, with very little to live on.
I have been to solicitors, law centers, etc, none them has been successful.
I can’t afford the monthly charges of this loan any more,
I am compelled to sell the home I lived in for over 33 years.
I recently asked Blemain for a redemption figure and they have quoted £46k to pay off this loan early.
I am horrified that they can charge such extortionate interest for a loan I took out 11 years ago.
If I pay the £46k redemption figure It would total £85k for a £25k loan.
How is this possible:???:
I would appreciate any advise or guidance from the forum.
Thank you!
Bdoubleu