Blemain FInance

michelefauk

Hi, we took out a loan with Blemain in Dec 2005 and took their PPI which was with a company called Premier Writers.

We have now received a letter from Blemain saying that the FSA has asked them to contact customers who purchased a policy from them.

They have enlosed a 4 page questionnaire which asks us about the PPI, such as what information were we given about the policy before we took it out, were we happy with the way the policy was explained to us etc etc.

I really dont know much about reclaiming PPI, but from reading other stories on this site, am wondering why Blemain are voluntarily contacting us to ask if we feel we had been misold this policy, from all the other cases it seems as though the onus is on the customer to make the first move to reclaiming it, I am a bit confused as to what Blemain are up to? Any ideas why they are making the first move?

di3004

Hi there
This was a reason as well for the previous Judicial Review, the FSA wants banks/businesses to do this as a procedure because of possible mis selling of PPI over the years.

So if you think you have a case then do go for it, good luck.;)

michelefauk

Updated
We received a letter yesterday to say that Blemain uphold our complaint and are obliged to offer redress to us!!! To say I was surprised was an understatement!

It says that they now need to contact the lender and insurer to calculate the amount due, which is "in tended to place you in the position you would have been in had you not chosen to purchase the policy via our firm" Due to backlogs, this may take up to 12 weeks to calculate, we will then be made an offer which we can either accept or not.

So fab news, the only thing we need to do now is work out how much we think we will get. On the opening statement of the loan, the total amount of PPI is shown as £3064, we had the PPI for 3 years then cancelled it. The loan is still running. Will be be entitled to the £3064 back or is there another calculation we need to do? Thanks

amersall

:j:j Well done :beer::beer:
You will get back the ppi you paid to the date you cancelled (you dont get ppi back that you have not paid),this includes the interest that is in with the the monthly ppi payment you made,you will get 8% also,think this just goes from the date you started the ppi to the date you cancelled it,they may give you the 8% to date,you will find this out when they give you the calcs.

As you cancelled the ppi,they may have given you a small rebate of the ppi,this will be taken off the redress,the whole ppi amount should be taken off the balance of the loan,make sure they do this.

michelefauk

Just another thought, will Blemain actually send us a cheque for whatver the amount is or will they insist we have it taken off the remaining outstanding
balance of our loan?

amersall

Hi,they can take this off the loan if you have arrears,if you dont,then i dont think they can take your redress,you need to ask them to make sure.

michelefauk

Hi, thanks again for the reply, no we have no arrears, so will make it clear to them when we hear again that we would like a cheque! Thank you

michelefauk

Thought I would update, received an offer today for £5000 from Blemain, which we will accept, so chuffed to bits!

amersall

:j:j Brilliant :beer:

michelefauk

Thanks! Cheque arrived today so that makes 20 weeks from start
to finish, am very pleased and about to book a holiday for the first time in 8 years!!!

Jmdavey

Just been reading your Posts michelefauk.. and I wonder if you can help us.
We also have a loan with Blemain Finance and was mis-sold PPI as my husband and I are self Employed.
This was taken out in 2007 and we still have 2 years on the Loan.
What I want to know is have you had any trouble with Blemain? Bit nervous when it comes to these people.