Blemain repayment Loan really not

[Blemainfinance]

Happy Christmas, I’m new to the Forum, Just wanted to share my experience with Blemain and hope someone can suggest some options, I will briefly explain my situation.

 

I took out a loan in 2010 for £29500, With the fees the opening balance was £33815.00. After paying 22 monthly payments totalling £8300.00, I enquired to them enquiring why I have not received any loan statements and was advised its not something they normally send out but has to be requested.

 

I then requested my redemption figure and to my surprise my loan has somehow gone up even though I am on a repayment loan.

 

Anyway the figures quoted by them

 

 

Balance outstanding £34,241.80

 

Redemption Admin fee £195.00

 

Early repayment £2705.20 8%

 

Total £37142.00

 

Now the early redemption figure I knew is quite high and at the time I needed the cash so did not query this.

 

But what gets me is I don’t understand why my loan has not reduced, They have sent me a statement of my payments and something called Acturial Interest which changes every month.

 

Any advise will be greatly appreciated.

[dx100uk]

hi BF

 

yep thats them all over

 

they charge int on the outstanding balance every month.

 

lots of horror stories here

 

is this a secured loan?

 

dx

[Blemainfinance]

hi BF

 

yep thats them all over

 

they charge int on the outstanding balance every month.

 

lots of horror stories here

 

is this a secured loan?

 

dx

 

Hi Dx

 

Thanks for the reply it is a secured by second charge.

 

I'm thinking of redeeming is it worth me fighting to see if they have charged me correctly as after two years I would have expected at least my balance to be reduced by a few hundred pounds not increased.

 

BF

[dx100uk]

i hope your mortgage company agreed to the 2nd charge,,,

 

they should by law send statements better than every 12mts

 

have you got all the statements now?

 

if not sar them

 

i'd suspect some hidden penalties here

 

dx

[Andyglover63]

Hi DX

 

If the mortgage company were unaware of this charge what does that make the situation ? Should have Blemain request to the first mortgage providor a notice if their action ?

 

I took out a second mortgage with them , missed 8 months full payments, I paid a min of half per month, but the debt does not seem to go down..... Any advice on this one?

 

What do we need to look for re hidden charges from the SAR ? should the SAR show information that they would have been in touch with he initial mortgage provider and the response from them ?

 

Cheers in advance

 

AG

[dx100uk]

might be wrong though i'd read it somewher

 

anyhow

 

i wouldn't trust BF as far as i can kick them

 

the usually heep all manner of 'compulsory' insurances'

like buildings a nd PPI / life on people.

 

if it were me i'd get that SAR off to them.

 

dx

[Andyglover63]

will do cheers