Blemain Finance Redeemed loan

new_to_the_game

Good evening (or day),

I am currently requesting a refund from Blemain Finance for a loan I redeemed in 2007, which was for 15 years and ran for about 1 week less than 12 months.
I managed to reclaim most of the PPI back! Not from Blemain but from the insurance company after a bit of a battle and help from the FOS. However, since I have taken on the battle with the Black Horse etc, I have read the details from the FOS as to what the finance companies should do when repaying the PPI (where required), and that is that :
If the loan has been settled earlier than the full term, the laon should be recalculated from the start of the agreement Without the PPI added on and the redemption figure should be calculated on the same.
Therefore say if you had a £10000.00 loan including PPI attached at say £200 pm over 15 years, and the PPI was £60 pm, then they would have to recalculate the same loan at £140 pm, so any overpayment/payments made would be reimbursed, plus the actual final redemption figure would be less than that wqioth PPI, as in most cases you are lucky if the finance company calculate less than 25% of the original PPI costs to the redemption figure.:mad:

I have calculated that Blemain have charged me over £3000 in their original redemption figure as to the figure without PPI.:(

Heres to the next couple of days before I continue to persue the claim through the FOS, as I have already started the process, unfortunatly due to no Final response from them then I have to allow them some time to come to their investigation for my complaint, etc.:mad:

Will keep you all informed.

Regards Chopper

di3004

new_to_the_game wrote: »

Good evening (or day),

I am currently requesting a refund from Blemain Finance for a loan I redeemed in 2007, which was for 15 years and ran for about 1 week less than 12 months.
I managed to reclaim most of the PPI back! Not from Blemain but from the insurance company after a bit of a battle and help from the FOS. However, since I have taken on the battle with the Black Horse etc, I have read the details from the FOS as to what the finance companies should do when repaying the PPI (where required), and that is that :
If the loan has been settled earlier than the full term, the laon should be recalculated from the start of the agreement Without the PPI added on and the redemption figure should be calculated on the same.
Therefore say if you had a £10000.00 loan including PPI attached at say £200 pm over 15 years, and the PPI was £60 pm, then they would have to recalculate the same loan at £140 pm, so any overpayment/payments made would be reimbursed, plus the actual final redemption figure would be less than that wqioth PPI, as in most cases you are lucky if the finance company calculate less than 25% of the original PPI costs to the redemption figure.:mad:

I have calculated that Blemain have charged me over £3000 in their original redemption figure as to the figure without PPI.:(

Heres to the next couple of days before I continue to persue the claim through the FOS, as I have already started the process, unfortunatly due to no Final response from them then I have to allow them some time to come to their investigation for my complaint, etc.:mad:

Will keep you all informed.

Regards Chopper

Good evening or day then lol.

Yes good point here.

Wishing you luck and look forward to hearing the outcome on this, fingers crossed.;)

Di