Blemain Together - Hell!

onesixfive

Any advice welcome...
I am helping a young relative following the sudden death of her partner who always dealt with their financials (or not!).
In particular...
Regarding a company called Together, and a £10k loan taken out in 2006 by my cousin, & her late partner..... it appears with Blemain.
I spoke to Together on her behalf.
During that conversation, it transpired that £27k had already been repaid during the term of the £10k loan - so add to that the £25k they say is still outstanding - & by the time its paid they will have had £52k back (£10k of which is costs & charges)!
The loan is past its term.
Apparently it has fallen into arrears several times.
I suggested this was extortionate - and maybe they would consider writing some/all of the debt off in the circumstances of his death.
I explained there were other more important massive debts (Mortgage £5k, CTax £1k, Water Rates £2k, other loans/credit cards), and nothing left to pay Together after funeral & these had been paid & written off after being paid out by a minimal £10k death policy!
Together simply said that by paying £238 a month would prevent the balance increasing further.

Gaz83

What was the intial interest rate, term of loan, what were the initial payments? How many payments have been missed? Was the loan taken out in joint names or single names?

[Deleted User]

Unfortunately, high interest loans, especially when not paid, tend to become very expensive. It doesn't appear there's any extortion on the part of Blemain - they just have to price for the higher risk customers.

If they're unable to maintain payments, then they should consider their options, including debt management. The DFW boards would be a good place to start.

onesixfive

Gaz83 wrote: »

What was the intial interest rate, term of loan, what were the initial payments? How many payments have been missed? Was the loan taken out in joint names or single names?

I am looking at the original JOINT
agreement for the £10k it shows:
The initial interest was APR16.7% & 164.85 month
PPI @ £1543 was APR15.4% £24.33 month
all 120 months
£200 brokers fee, £255 lenders arrangement fee
Interest charge 10,704.84
Total charge for credit 11,158.84

apparently numerous missed/late payments which have accumulated £6875 chrges and £2561costs !to date.

antrobus

onesixfive wrote: »

...
I explained there were other more important massive debts (Mortgage £5k, CTax £1k, Water Rates £2k, other loans/credit cards), and nothing left to pay Together after funeral & these had been paid & written off after being paid out by a minimal £10k death policy!
Together simply said that by paying £238 a month would prevent the balance increasing further.

As far as I can see Together is a mortgage lender.
https://togethermoney.com/

I would suggest you ask more questions of your 'young relative'. My best guess would be that this loan is a second mortgage. If they are not paid their £238 a month they may well get annoyed and go for repo.

onesixfive

antrobus wrote: »

As far as I can see Together is a mortgage lender.
https://togethermoney.com/

I would suggest you ask more questions of your 'young relative'. My best guess would be that this loan is a second mortgage. If they are not paid their £238 a month they may well get annoyed and go for repo.

Thanks
I've spoken to them today - I asked if it was a mortgage - they said it was a loan & they are holding for a week until she & I have seen CAB, but they say it was secured on property. so thanks for that.

Gaz83

She needs to find out post-haste if it is an unsecured loan or a secured loan.

If it's unsecured, then she might consider a debt management plan (or even bankruptcy).

If it's secured, then they'll go after her house.

I appreciate it's a sensitive issue, but Blemain aren't interested in her other 'massive' debts. They just want their money back.

onesixfive

Gaz83 wrote: »

She needs to find out post-haste if it is an unsecured loan or a secured loan.

If it's unsecured, then she might consider a debt management plan (or even bankruptcy).

If it's secured, then they'll go after her house.

I appreciate it's a sensitive issue, but Blemain aren't interested in her other 'massive' debts. They just want their money back.

They tell me over phone today that it's secured!

Gaz83

onesixfive wrote: »

They tell me over phone today that it's secured!

If that's the case, then they'll come after her house.

TrickyDicky101

onesixfive wrote: »

I am looking at the original JOINT
agreement for the £10k it shows:
The initial interest was APR16.7% & 164.85 month
PPI @ £1543 was APR15.4% £24.33 month
all 120 months
£200 brokers fee, £255 lenders arrangement fee
Interest charge 10,704.84
Total charge for credit 11,158.84

apparently numerous missed/late payments which have accumulated £6875 chrges and £2561costs !to date.

One thing to do is put in a complaint for missold PPI - it looks like (from the information above) that the entire premium was added to the loan (please confirm) - this is one of the strongest reasons for a PPI missale complaint. It should reduce the overall balance owed.


EDIT: complaint is directed to whoever sold the PPI (which is probably the broker) - hopefully they still exist.

Pixie5740

TrickyDicky101 wrote: »

One thing to do is put in a complaint for missold PPI - it looks like (from the information above) that the entire premium was added to the loan (please confirm) - this is one of the strongest reasons for a PPI missale complaint. It should reduce the overall balance owed.


EDIT: complaint is directed to whoever sold the PPI (which is probably the broker) - hopefully they still exist.

Hold your horses. What if the PPI cover pays out in the event of the borrower dying? You wouldn't want to claim it was mis-sold until finding out if it will pay out first.