Blemain Together - Hell!

TrickyDicky101

Pixie5740 wrote: »

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.

Yep you're right - claim first (if possible) then complain. That way you cover all angles.

onesixfive

Looking at the latest breakdown, total debits on the £10k loan account is over £68k and the total payments made on the account is over £41k !!

what's the APR on that ??!!

onesixfive

Pixie5740 wrote: »

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.

Looks like the PPI ended in 2009 (for whatever reason???), & the broker who sold it is no more - we have been directed to the FSCS for claims

Pixie5740

onesixfive wrote: »

Looking at the latest breakdown, total debits on the £10k loan account is over £68k and the total payments made on the account is over £41k !!

what's the APR on that ??!!

It's not really possible to calculate based on the information given. You said earlier that the initial APR is 16.7%, is that variable? If yes, how/when does is vary? What are the fees and charges associated with making late payments and missing payments?

Pixie5740

onesixfive wrote: »

Looks like the PPI ended in 2009 (for whatever reason???), & the broker who sold it is no more - we have been directed to the FSCS for claims

It's possible the PPI was cancelled because the borrower didn't keep up with the payments. Hopefully the estate is successful in claiming the PPI was mis-sold.

Have you approached one of the debt charities for advice on dealing with your relative's late-partner's debts?

onesixfive

Pixie5740 wrote: »

It's not really possible to calculate based on the information given. You said earlier that the initial APR is 16.7%, is that variable? If yes, how/when does is vary? What are the fees and charges associated with making late payments and missing payments?

Sorry - that was just me - expressing my shock! ignore it.

I am very grateful for everyone's advice. In particular re the PPI.
We certainly wouldn't want to claim PPI was mis-sold until finding out if it will pay out first.

The £10k Blemain loan was sold by a broker, Ocean Finance & Mortgages Ltd, & PPI enquiries should have been directed to them - however they ceased to trade in 2016 - it just gets better doesn't it! so we have to deal with the FSCS.
I have written to FSCS to get the ball rolling, but for whatever reason most paperwork looks like the PPI lapsed in 2009 - would that be possible/feasible?

onesixfive

Pixie5740 wrote: »

It's possible the PPI was cancelled because the borrower didn't keep up with the payments. Hopefully the estate is successful in claiming the PPI was mis-sold.

Have you approached one of the debt charities for advice on dealing with your relative's late-partner's debts?

Yes - it's likely the PPI was cancelled due to non/late payment.
We are off to CAB later this week for advice. thank you.

TrickyDicky101

onesixfive wrote: »

Yes - it's likely the PPI was cancelled due to non/late payment.
We are off to CAB later this week for advice. thank you.

If the PPI was single premium and added to the loan up front then non-payment isn't possible (as it would have wholly been paid at the start).

The possibility that the PPI was not single premium would reduce chances of a successful missale complaint (not eliminate, just reduce).

onesixfive

TrickyDicky101 wrote: »

If the PPI was single premium and added to the loan up front then non-payment isn't possible (as it would have wholly been paid at the start).

The possibility that the PPI was not single premium would reduce chances of a successful mis-sale complaint (not eliminate, just reduce).

The premium on the original agreement shows £1543, and the premium on statements shows £1543 but with an expiry of 2009 - so maybe it was paid up front ????
If it WAS paid in full, then why would it expire before the loan ended?

Exodi

TrickyDicky101 wrote: »

If the PPI was single premium and added to the loan up front then non-payment isn't possible (as it would have wholly been paid at the start).

The possibility that the PPI was not single premium would reduce chances of a successful missale complaint (not eliminate, just reduce).

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

Cancellation of PPI due to non-payment seems the most likely situation. I don't have any advice for the cousin (?) but must express my sincere sympathies, you wish we'd live in a world where a lender would say "you know what, you've paid us six times what you've lent us, enough is enough".