blemain finance warning post - BEWARE

hellnearth

:j:j:j:j:j
Was checking out getting a credit report on the Credit Expert website and came across an ad for Infinite Mortgages. They specialise in bad credit, low income mortgages etc. Cos I have a fair bit of equity in the house, they said they could probably get me a remortgage.
And they have done just that!! Yes, they charge a fee but it is well worth it to be rid of the Blemain bullies and their crippling 14% interest rate. It took just over a month to finalise, they are polite and efficient and keep you informed every step of the way.
Give them a try - what will you lose by enquiring?

recovering_spendaholic

I rang up Ocean Finance and got offered a loan from Blamain and I don't want it. I decided against taking out a secured loan but they keep ringing me up and sending me out documents. Am I right in assuming that unless I have signed something they cannot proceed?

jcraig2128

I took out a loan with Blemain. The amount was £20k with a second charge over my house.

In the last three years I have piad OVER £12,000.00 at £300 per month. I was slightly late / missed 2 or three payments and got charged for the privilage and also had the pleasure is receiving MANY MANY PHONE CALLS, TEXTS and E-MAILS on the SAME DAY the payment was due.

In order to avoid the charges they apply, I either called them same day or next - because I was either unavailable to speak at the time they called or my phone was off - but if you do NOT call them soon enough, sure enough you receive a letter in the post the next day with charges applied:
£35 for missed D/debit
£35 for letter to advise you of this.

I also had a problem with the house insurance and was charged their MANADATORY EMERGENCY FEE. The fault was not mine and it took a phone call from Lloyds direct to Blemain (a three way conference call) for the insurance lady from Lloyds to explain to Blemain that it was Lloyds at fault and a letter had been sent to Blemain by accident.

FINALY:
I borrowed 20k, have paid them over 12k in three years and this months settlement figure to pay off the balnce is.........
£24,000.00.... Add that to the few charges AND the £12k I've already piad and thats a staggering £36,000.00 over just three years.

I am sure they have miscalculated and hope that someone can offer some help as to what I can do to reduce this settlement figure.

It is robbery and it is wrong, very wrong.......

Wordsmith

Just to keep this to the fore ...

My situation is similar to jcraig2128. Similar to other posters, my loan was arranged through Ocean Finance. Blemain is to be avoided if you possibly can - they have cost, and are costing, me a huge amount of money. Yes, it's probably my fault because I didn't check them out in advance, and yes I was late with some payments. Their penalties are crippling though, and they do not send regular statements, so if you are about to sign with them, look at these stories and think again.

magiciansgirl

Just to give everyone a ray of hope.... I was lucky enough to sell my property and get rid of Blemain recently. They gave my solicitor a figure which I knew was wrong, so I went to Trading Standards about it. Just an initial letter from them seems to have done something wonderful - Blemain still would not admit faults on the charges, but they waived the early repayment charge of nearly £2000 which was more than the charges were.

I also then got a breakdown of charges which is going to be helpful when I pursue them for those. What Blemain rely on is people who are in real need being late with payments and not knowing their rights. If they think you are informed and if you are persistent, they play it more straightly.

Kind regards, MG

Wordsmith

Thanks for this, MG. What had they done wrong? Although their charges are excessive, if they say in the small print this is what they are going to charge, can you still argue? Are you going to pursue them yourself, or through your solicitor? Good luck with it.

magiciansgirl

Well I think their stated charges are questionable - and they have reduced them lately I see from their website - but in my case they have made a mistake. They have put them twice; once stated as legal charges, once as admin charges. I will do an initial letter threatening legal action and then and bring in a solicitor if they cavil..... have legal cover on my insurance policy. Kind regards, MG

willing2learn_3

magiciansgirl wrote: »

Just to give everyone a ray of hope.... I was lucky enough to sell my property and get rid of Blemain recently. They gave my solicitor a figure which I knew was wrong, so I went to Trading Standards about it. Just an initial letter from them seems to have done something wonderful - Blemain still would not admit faults on the charges, but they waived the early repayment charge of nearly £2000 which was more than the charges were.

I also then got a breakdown of charges which is going to be helpful when I pursue them for those. What Blemain rely on is people who are in real need being late with payments and not knowing their rights. If they think you are informed and if you are persistent, they play it more straightly.

Kind regards, MG

Hi MagiciansGirl

Am i not right in thinking that once you've sold your house and paid them back that you cannot pursue any further arguments? Just curious, your case is interesting.

magiciansgirl

No (unless someone thinks otherwise) I think it's permissable to pursue them for six years from the date of the charges. Same rules as for PPI claims, linked to loans. People have claimed on repaid loans there.
Kind regards, MG

Jaydee26

Borrowed £37,000 (total loan facility) £39,830.00 from Blemain Finance in July 2007 as a second mortgage secured on house.
and to cut a long story of financial difficulties very short I soon. I sold my house to get rid of the nightmare that was Blemain finance in July 2011.

The balance outstanding was £39,524.12 so in four years my monthly payments of £355.00 reduced my total loan by £305.88.
but wait it gets worse:
redemption admin fee £195.00
early repayment fee £1,626.40
costs and charges £1,190.00
Building insurance £593.00
total paid £43,128.52

I had my own building insurance but blemains complaints procedure is a joke and it took 5 attempts to get these figures in writing to repay the loan. Cannot seem to get anywhere as an individual to recover even the fake insurance they charged we for let alone any of the other charges or info on why my monthly payments amounted to nothing. BIGGEST MOST COSTLY MISTAKE OF MY LIFE