Blemain Finance ( Loan Sharks)

[ims21]

Hi

 

Can you please post up that statement of account that you said you had received.

 

Thanks

 

ims

[yvonnebelk]

Hi ims

 

Thanks for your time, I can post the statement, all it shows is all the payments my mum has made. I am out at the moment so will do this when I get home.

 

Thanks

[yvonnebelk]

Thanks phatram

[ims21]

Hi ims

 

Thanks for your time, I can post the statement, all it shows is all the payments my mum has made. I am out at the moment so will do this when I get home.

 

Thanks

 

OK no probs

 

I'd like to see it to help with my calcs for you

 

Regards

 

ims

[yvonnebelk]

Good Afternoon

 

I have attached copy of the statements, this is up to July this year there has been another 2 payments of £352.37 been made.

 

My mum had to change the date of when the payments came off, I gave them a call to change the dates it was like talking to a brick wall, I have spoke to them a few time regarding this but they have not changed anything thus my mum receives letters each month to advise that she is in arrears which she is not, so I know there will probably be charges to her account.

Statment Page 1.pdf

Statement Page 2.pdf

Statment Page 4.pdf

Statement Page 3.pdf

[ims21]

Thanks

 

Back soon

 

ims

[ims21]

Hi

 

As citizenB says, loans do cause some confusion as to why there is still quite a high balance remaining on the account when a significant amount has already been paid. The reason is that the interest is not broken down into equal monthly amounts. Proportionately more interest is pauid in the earlier months because the capital balance is higher in the earlier months. As the capital balance reduces over the life of the loan, so does the interest. You can see this for yourself with this spreadsheet. Just enter the total amount of the loan (£35,533), the term in months (240) and the monthly repayment (£352.37). The sheet will show you how the loan progresses over its life and you will see what I mean about interest charges.

 

LoanAnalysis.xls

 

It seems to me that the figure thay have quoted in their settlement letter may not be too far out, given that they may well have added charges to the account as you say.

 

With regard to the ppi claim, what form has this take? Have you submitted a schedule showing the amount you want back? Did you submit a fos questionnaire with the claim? When did you submit the claim?

 

What you should expect back are the payments you have made (including the bank's interest) plus 8% statutory interest on top of those, and the remainder of the ppi loan that has not become due yet.

 

The PPI part of the loan amounts to 5.44% of the total and so for each payment made, 5.44% of it went towards the ppi part of the loan. So on a typical payment of £352.37, an amount of £19.16 relates to ppi.

 

This spreadsheet will calculate the amounts due back on the payments you have made thus far. Amend your personal details in the blue section. Then move to the white list section underneath the coloured bits and list the payments you have made. You only need to enter the date of the payment, the description (i.e "ppi payment") and an amount. Remember you are entereing 5.44% of any payment made. The rest of the calculations are done for you.

 

StatIntSheet1.xls

 

Have you sent your SAR yet? if not I'd do that as soon as possible because you will want to claim back any charges they have put on the account as well but you won't be able to quantify the claim until you have the "proper statements" or the full transaction history.

 

I am no legal expert and can't comment on whether the entire loan was mis-sold and I will leave that for others to comment on. However I hope this information has helped you on the explanation of the loan progression and the ppi stuff. Am happy to help you progress that part of it to a conclusion.

 

Regards

 

ims

[yvonnebelk]

Thanks ims got my sar ready to send going to send recorded delivery, I'm trying to source a solicitor to advise if it has been mis sold.

[citizenB]

At the very least it was irresponsible lending, looking at the original paperwork, your mum was going to struggle with repayments.. and the life cover was for 3 years only from what I can see, yet she would be paying for it.. plus interest for the life of the loan!

 

She even advises them that her income is made up of benefits and that she is retired!

[yvonnebelk]

I agree Citizen that I think my mum has been mis sold the loan, she is not denying that she owes the money and has never missed a payment even although she has struggled, she was terrified she would lose her house. The thing I am concerend about is they should never gave her this loan in the first place, very irresponsible lending, I think something should be done about this company how they get away with the interest they charge, they prey on the vunerable. Wish my mum never got involved with this company. I have sent off the SAR, is it 40 days they have to respond?

 

Cheers

 

Yvonne

[BRIGADIER2JCS]

An independent financial advisor may

be a better bet to advise on the miss selling

unless you can find a solicitor very well versed

in loans and financial regulation.

 

Brig.

[citizenB]

Yes, the company has 40 calendar days to respond to your Subject Access request.

 

Mark it on your calendar Did you send it via a tracked method? That way you can see when it has been received. Do also keep the proof of posting receipt, just in case it is required.

[yvonnebelk]

Hi again everyone,

 

Just a wee update regarding the situation with the 'Loan Sharks', I sent a SAR to Blemain with £10 postal order covering fee, sent by recorded delivery, a week later I received a letter from them acknowledging receipt of letter but advising me that the SAR letter was not signed and the postal order was not enclosed, they are correct that I never signed the SAR letter but I did enclose the postal order, I have proof of this, I am now taking this up with the Post Office. I really want to get this company sorted out once and for all. I will keep you all posted.

 

Hope everyone is well.

 

Yvonnex

[citizenB]

Hmm, likely the postal order was separated when the letter was opened in their post room.

 

you can find out whether it has been cashed by telephoning..

 

01246 542091 - direct line

 

 

You will need the receipt you got from the post office when you purchased the PO

[yvonnebelk]

Hi citizen

 

Already been in touch with po sent off a claim form to po have all the receipts and copied them, will keep you updated:-)

[yvonnebelk]

Hi again,

 

Update re the Loan Sharks, got a letter back regarding the PPI Claim advising they will not be upholding the complaint, I have attached a copy of letter should I still pursue? My mother was retired at the time the loan was taken out did not know what PPI was any advice would be helpful thanks x

ppi claim letter oct 2011.pdf

[ims21]

Hi

 

Just looked at the thread again and you said that fos have turned this case down?

 

If so the court route is available to you to get the ppi back. To overcome the 6 year bit you will rely on S32(1)© Limitations Act 1980 (payments made under a mistake) and the case law of Kleinwort Benson -v- Lincoln City Council.

 

Any sign of that SAR info yet?

 

ims

[yvonnebelk]

Hi ims

 

Thanks for replying, it is the company (phone a loan, Blemain whatever they are called) that is not upholding the complaint, I am going to do a letter to FOS and see what they say, if they decline I will go down the court route I am not giving up on this:roll:.

 

Regarding the SAR, still waiting for the post office to get back to me as Blemain say they never received my £10 postal order which was enclosed with the SAR, going to phone post office tomorrow. Will keep you updated.

 

Yvonnex

[phatram]

I've complained to the FOS. Will keep you updated.

[yvonnebelk]

Hiya

 

I have sent also sent complaint to fos re ppi, I too will keep you updated.

[Figaro123]

Any development on this

[BRIGADIER2JCS]

Last post here was nearly 2 years ago!!

[yvonnebelk]

Any development on this

 

Hi there, this is in the hands of lawyers now will keep you updated

[Figaro123]

I am presently in litigation with Blemain concerning a PPI refund, keep in touch

[renewablejohn]

Any update on this. Just had my time in court with another part of the same group again with an agreement not signed. If your case is still ongoing my barrister may have some good news for you.

Unfortunately I have insufficient posts to send you a pm.

Edited January 7, 2017 by renewablejohn