Blemain Finance/compass finance - need help please

[dx100uk]

yea sure

 

 

dx

[dx100uk]

1st thing that crosses my is irresponsible lending.

 

 

dx

[dx100uk]

fixed loan agreement has name of insured on it

need redacting again and re uploading.

 

 

dx

[Clueless76]

whoopsie, which doc no is it and how do I delete?

[dx100uk]

same way as you uploaded

just untic the doc you want to remove

then upload the redacted version

 

 

dx

[Clueless76]

It's now removed.

 

 

I agree with you on the mis selling,

 

 

there's a few differences between the proposal and what I actually got,

 

 

main ones being length of the loan, monthly repayments, and the fact the first one seems to be fixed

and the actual one being variable as there's no total amount repayable.

 

 

The mis selling claim will be tough one though as the broker is no more

 

I'm keen to scrutinise the actual agreement and hope I can get them on unfair charges and unfair relationship,

 

 

I owe more than I borrowed 9 years into the 12 year agreement!

[dx100uk]

SAR will be critical I expect.

 

don't fire any arrows till theoldrouge says to do so.

 

we don't want to waste arrows.

 

I'd go read up about irresponsible leaning

yes agree about mis-selling

but that's not as water tight as IL

statements are going to be the key

[Clueless76]

ill be requesting the SAR this week,

 

 

had a read through the template on here,

will probably add some extra bits in to make sure they don't misinterpret what I'm going to be asking for,

especially when it comes to contact with the broker!

 

 

I've read all 25 pages of welshpersons dealings with them, wonder what happened in the end?

 

 

If there's one thing I picked up from that is its that BF like to fight dirty!

[dx100uk]

I would not monkey with the sar too much.

 

 

if they don't supply what you want

you can always follow up with a failed request.

 

 

dx

[Clueless76]

Good point! I have read about them not supplying everything and then being reported to ico and them not doing anything...it worries me :/

[theoldrouge]

will have a good look today and tomorrow Clueless and let you know whats what tomorrow:-)

[Clueless76]

will have a good look today and tomorrow Clueless and let you know whats what tomorrow:-)

 

That would be amazing, thank you so much

[theoldrouge]

There are numerous substantial differences between the brokers information and the actual agreement

 

Could you please list the actual amounts and description of the charges

 

eg an example of each different charge

[theoldrouge]

have unapproved your Blemain Agreement, as your address is showing under key information

 

could you please remove and repost

 

please repost doc no 5 as well(proposed loan agreement)

[Clueless76]

Ahh crap, its down now...sorry, I won't make it as a proof reader will I. Going to amend the 2 docs and re attach...

[Clueless76]

Ok, here is doc 5 and 7 which have now been amended to remove my schoolgirl errors

Im a bit dim when it comes to this, what do you mean by "Could you please list the actual amounts and description of the charges eg an example of each different charge"?

Are we talking a financial charge or the charge over the property?

[theoldrouge]

example of each type of penalty fee they charged you

[theoldrouge]

could you please also explain how the funding corporation doc comes into this

 

it bears no resemblence to your eventual agreement with blemain

[Clueless76]

Ok thanks for that,

I will have to dig through my pile of letters they send me,

will be able to give more information when I get the SAR back which I will be posting on Thursday following my appointment with CAB.

 

As for the funding corporation,

I had a car on finance with them back in 2004,

due to job changes, gaps in employment etc I fell into arrears,

I did pay them (long gone now) but

 

 

during that time, I received a call from someone saying they were from the FC and cound give me a loan,

this leads me to believe that they sold my details to the broker to prey on my situation as this is what led to this dreaded loan,

 

 

as I said in my first post I did not go out and actively look for a loan,

I was contacted and groomed by a broker (who I believed to be FC at the time) to take this out to help my financial situation at the time,

 

 

they made it look like I would be better off taking this loan and my outgoings being lower.

Looking back now, it seems that they clearly changed this to Blemain in the 11th hour,

hence the 10yr fixed loan with FC (who after looking them up, only seem to do car finance)

is now a 12 yr rip my eyes out variable loan with BF..

.hence why I feel this was mis sold,

 

 

I also feel that the relationship with BF is unfair and the charges they have added are unfair.

 

 

I fell into financial difficulty again in 2008 after losing my job (sign of the times as this was the recession)

which has now been loaded onto this loan onto of the buildings insurance charges and the fact they send 2 of each letter as it is in joint names.

 

 

Honestly I could cry, its a wonder this firm hasn't got blood on their hands because there I times I could hoy myself infront of a bus to escape this nightmare!!

 

Hope that all made sense by the way!

[theoldrouge]

Do you possibly remember whether you were given a copy of the agreement you signed to consider

 

at least 7 days prior to signing?

[Clueless76]

Hi,

 

 

looking at the docs I have

 

 

there's only the one copy of the actual agreement

 

 

yet I have multiple copies on the FC one.

 

 

I kept everything together in the file from the broker.

 

 

The FC one had a post it note on it saying "your copies" but there's only the one blemain one so I'm guessing the answer is no as I'd have kept it. Hope this helps

[theoldrouge]

Ok, the first thing to say is imo you need to obtain much more information from the SAR before lodging a comprehensive formal complaint.

 

There are many things to be considered

 

What interest rates you were charged, whether you have been charged a "penalty interest rate"

 

whether their charges were in line with those stated on your agreement, whether they notified you of any variations

 

both of interest rates and charges, whether you have been treated in accordance with the FCA guidance in PRIN,

 

especially in regard to principle 6, in treating customers fairly etc etc, all of this can only be determined from your SAR

 

However one thing you may wish to discuss with CAB on the documentation that you have so far

 

Is the forms that you were left to consider prior to signing the agreement ( the pre contract information )

 

Which seems to be totally misleading.

 

The broker proposal was for a variable rate loan at a margin of 9.5pc over their base rate Money Lending Partners

 

The funding corp doc for a FIXED rate loan over 10 years which was what you were expecting

 

No doc whatsoever from Blemain to consider

 

You were totally confused on signing your agreement

 

All these proposals were for a loan of £11000 with a £500 broker fee, so that gives you some continuity in your argument

 

Anyway, just my thoughts for now, will be able to comment more thoroughly when we see your SAR narrative and statements

 

but of course if your CAB adviser is an expert with Blemain , please then be guided by them

[Clueless76]

Hi theolderouge, thank you for taking the time to go through this, I really appreciate it.

 

 

I will write down your points and take them with me this week!

 

 

I have read through a lot of threads re Blemain with interest yet when it gets to a crucial point and an outcome,

they disappear of the radar so it's very difficult to see what the outcome was to offer others some hope!

 

I for sure will be checking in regularly with updates and outcomes.

It seems that if I am eligible to claim for mis selling where the broker is concerned,

it's going to be a struggle as they no longer trade,

my hope is I can go down the route of unfair relationship

but I will definitely need my hand holding with this as I don't understand the law

and don't want to fire blanks at the beast and screw this up!

 

My ultimate goal is to get the loan balance reduced of charges, interest on charges, buildings insurance plus interest charged

and get it cleared and the charge removed by the end date,

all while allowing others in a similar position to me can check in and feel that they can do this too.

 

 

I've spent too long sucking this up because I never thought I would stand a chance of taking them on

but I'm so angry that I've been treated this way and will be flogging myself just to line the fat cats pockets.

 

 

I may get nowhere but I sure as hell am going to give it my best shot and thanks to reading other posts, as grim as it is, I'm not alone!

[Clueless76]

Hi all,

 

I've been to CAB and it wasn't was good as I'd hoped, they weren't even aware of SAR's.

 

 

I'm going to be submitting that this week and have the template (below) if anyone could advise if it's ok

and needs amending before I send I would be grateful for input.

 

I have spoken with the fscs today regarding mis selling by compass

but they're unable to help as they are only taking complaints re compass for ppi and 1st charge.

 

 

Compass went into default so if anyone knows if there is anywhere to turn in claiming against the mis selling I would be grateful for some info.

 

I have a lot to read from CAB who have kindly given me some info on what should be contained in CCA agreements

and what should be included so I will be cross referencing this with my agreement as a starting point,

 

 

if anyone would like me to scan and post this up just let me know and I will do that this week.

 

 

So in terms of making a complaint to Blemain,

I can't really draft it up until I have the SAR so that is my priority for now.

 

Hope to hear back soon from anyone with some valuable input.

Thank you for reading..

Clueless

 

 

[template removed

please don't post them in the open forum - tx dx]

[theoldrouge]

Post up agreement

 

Await SAR before doing anything

 

CAB as expected