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  • FIRST POST
    nacholibre
    blemain finance warning post - BEWARE
    • #1
    • 17th Oct 09, 9:53 AM
    blemain finance warning post - BEWARE 17th Oct 09 at 9:53 AM
    just a warning to all of you considering blemain finance as a loan company.

    i made the huge mistake of using this company , reccommended to me by ocean finance. the company insist i take out a joint loan with my wife. i thought nothing of this -until i missed a payment. what blemain do is their small print states that they can ring or mail you upto 4 warnings per month at 35 . what they mean is 4 times per person even though its the same loan. This is a max of 280 charges per month, which when disputed, they state is reasonable as they have capped it to 4 per month. i has 2 letters and 2 calls on the same day.

    i lost my job and asked them to defer the payments or part payments until i was back at work. they issued a summons to reposess my house in response.when i questioned it with them at monarch recoveries ( their in house debt collectors), they said they going to 'take my house'

    the small print states that if you dont provide them with a copy of your house insurance by a deadline, they will charge you an inflated insurance to cover the house and charge it to your loan. i sent it but they claim they never received it . my house insurance is 230 per year. they charged me 634 and refuse to send a copy of the cover they state they are providing me with.

    i asked them for a breakdown of charges so far on the account. they sent me a statement of repayments so far without the charges being listed. six requests so far and nothing forthcoming.

    i have since got back on track and intend speaking to the fsa about them but blemain will not send me a list of charges , as i suspect they know it will be damning.

    if you are with blemain already - send everything by recorded post as they will deny receiving it, and insist on a list of charges. good luck
    if you are not with blemain yet -you have been warned.THIS IS NOT THE ONLY GRIPE ABOUT THEM ON THE INTERNET.

    THIS POST IS FACTUAL AND IS IN NO WAY SLANDEROUS/LIBELOUS. I AM HAPPY TO PROVIDE EVIDENCE OF THE CONTENT.IT IS MEANT AS A WARNING TO OTHERS
Page 1
  • nacholibre
    • #2
    • 17th Oct 09, 9:54 AM
    • #2
    • 17th Oct 09, 9:54 AM
    also, please post replies if you are having similar problems with them so we can form an action group withn one voice for the FSA
  • hellnearth
    • #3
    • 17th Oct 09, 11:43 AM
    • #3
    • 17th Oct 09, 11:43 AM
    Yes, there's a lot about them and none of it good! I'm posting my story here along with yours as it seems to be the most recent.
    I took out a secured loan with Blemain in August 2006 through a broker called Loan of Choice Finance Ltd (...........stupid, I know :-( ). They advised Blemain because of my circumstances - I'm a UK citizen but was working abroad.
    I actually asked to take out PPI as my boss was a nutter and there is no such thing as job security where I was working.
    I then moved back to the UK in Aug 2007 and am self-employed, with a 10 hour a week paid part-time job.
    I originally came across these boards looking for advice on remortgaging in my situation to try and be shot of Blemain for their ridiculous interest rates and behaviour. Three years down the line - I borrowed 15,000 and it will still cost me over 17,000 to settle with them. Legalised robbery.
    Anyway, they do feature in several places in the forums and there are some very good people on here giving very good advice - thank you - and after lots of scouting around, I've gone back over the original paperwork I received from Blemain.

    What I realise now (......stupid, I know :-( ) is that they have never actually sent me a PPI or PPP insurance policy document. What they have sent me is a summary for a 3 year cover plan with Direct Group/Norwich Union, and in that summary it says that I would not be covered for unemployment if I was not in full-time employment in the UK 6 months prior to any claim. There is also another clause saying you don't qualify if you are self-employed unless you are ceasing trading because of lack of earnings. So it looks like I never have been eligible.

    Also, this summary clearly states that the cover and payments will last for only 36 months. However, on my agreement it states that I have a Payment Protection Loan of over 2,000 which is being paid off at 34.50 monthly over 120 months ( the duration of the loan. )

    i have been down the letters, phonecalls, charges road with them too. They even upped my monthly repayment at one point. I didn't question it (..........stupid, I know :-( ). I just assumed that it was to do with interest rates at the time. After much reading, it seems that they do what they want and it has very little to do with interest rates.

    I'm not trying to wriggle out of paying them what I owe them, but I certainly don't want to have been/be paying them for something which is totally redundant. So I have set the ball rolling ( from my side anyway ) and written asking for an explanation and the original policy documents.
    Being self-employed, on a low income etc. I am not very hopeful of being able to remortgage to get rid of this millstone round my neck, but even a reduction in payments would help.
    Last edited by hellnearth; 17-10-2009 at 11:47 AM.
  • mlucyminx
    • #4
    • 19th Oct 09, 11:43 AM
    • #4
    • 19th Oct 09, 11:43 AM
    just a warning to all of you considering blemain finance as a loan company.

    i made the huge mistake of using this company , reccommended to me by ocean finance. the company insist i take out a joint loan with my wife. i thought nothing of this -until i missed a payment. what blemain do is their small print states that they can ring or mail you upto 4 warnings per month at 35 . what they mean is 4 times per person even though its the same loan. This is a max of 280 charges per month, which when disputed, they state is reasonable as they have capped it to 4 per month. i has 2 letters and 2 calls on the same day.

    i lost my job and asked them to defer the payments or part payments until i was back at work. they issued a summons to reposess my house in response.when i questioned it with them at monarch recoveries ( their in house debt collectors), they said they going to 'take my house'

    the small print states that if you dont provide them with a copy of your house insurance by a deadline, they will charge you an inflated insurance to cover the house and charge it to your loan. i sent it but they claim they never received it . my house insurance is 230 per year. they charged me 634 and refuse to send a copy of the cover they state they are providing me with.

    i asked them for a breakdown of charges so far on the account. they sent me a statement of repayments so far without the charges being listed. six requests so far and nothing forthcoming.

    i have since got back on track and intend speaking to the fsa about them but blemain will not send me a list of charges , as i suspect they know it will be damning.

    if you are with blemain already - send everything by recorded post as they will deny receiving it, and insist on a list of charges. good luck
    if you are not with blemain yet -you have been warned.THIS IS NOT THE ONLY GRIPE ABOUT THEM ON THE INTERNET.

    THIS POST IS FACTUAL AND IS IN NO WAY SLANDEROUS/LIBELOUS. I AM HAPPY TO PROVIDE EVIDENCE OF THE CONTENT.IT IS MEANT AS A WARNING TO OTHERS
    Originally posted by nacholibre
    Hi there. I too have had problems with this company. I didn't realise I had taken PPI out with them on 2 loans. I even thought I had been approached by Ocean Finance originally re a top up loan. Turned out it was a company called Phone-a-loan who are really guess who? Yup Blemain.

    When I cancelled PPI with them - 1 year after I had paid my loan up they offered me a stupidly low amount saying that it was my fault because even though the loan was paid up in full I still needed to cancel the insurance for any refund. I didnt find this information out until I approached them about the mis selling of the ppi and in a standard letter they mentioned cancelling the policy.

    This system is all wrong with all companies. I too had lots of charges added to my account through late payments etc and when I paid the loans up early the outstanding amounts were crippling. More than i had orriginally borrowed by huge amounts.

    I will never, ever, take these kind of loans out again. I have learned a very harsh lesson.
  • hellnearth
    • #5
    • 22nd Oct 09, 6:26 PM
    • #5
    • 22nd Oct 09, 6:26 PM
    Well, got a phone call from a lady at Blemain today in reply to my letter. She was very polite and helpful.......at the moment ( or is that me being really cynical? )
    She's been assigned to investigate my case. She sounded a bit bemused too re: the 36 month policy summary and, I got the impression that I shouldn't have been offered a loan at all as I was an ex-pat at the time.
    So we will see what happens.
    New CC starting balances for 2014: BC: 2780.00 (2717.45) MBNA: 2185.72 (2160.72)
    Repayment a/c: 112.50
    Weekly grocery spend:
  • redmalc007
    • #6
    • 24th Nov 09, 9:08 AM
    Help help help help help
    • #6
    • 24th Nov 09, 9:08 AM
    I have been having problems with Blemain foir over 8 months, i found a forged signature on a document saying i had a second income, they didn't give me the APR promised, and didn't tell me the charges till after the loan was inplace!! I have complained to the on numourese ocations, and they wrote back saying the had a complain procedure, and if i wasn't happy to ccontact the FOS, after 6 months and no responce i contacted the FOS, only to find out i was unregulated and they couldn't help!!! so again miss lead by them!

    I don't know what to do next, they egnore my complaints, surley they cannot get away with this typr of behavour, and help would be apriciated

    Thanks
    • midge61
    • By midge61 24th Nov 09, 6:56 PM
    • 190 Posts
    • 520 Thanks
    midge61
    • #7
    • 24th Nov 09, 6:56 PM
    • #7
    • 24th Nov 09, 6:56 PM
    Hi
    When I had problems with them taking money out of my bank account and not applying it to the loan account I complained to : http://www.fisa.co.uk/ They were very helpful and wrote to Blemain on my behalf.

    Too me 6 months of arguing with blemain but got my money back in the end. Also beware that when the charges are added to your account if you don't pay them within 28days they then start adding interest at your contractual rate......in my case at 15.90%. !

    Unfortunately there doesn't seem anywhere to get any real help with this company but the FSA are supposed to be looking into the second charge market so maybe there is some flicker of light at the end of the tunnel............we can live in hope.
    • whipped
    • By whipped 25th Nov 09, 6:43 AM
    • 49 Posts
    • 9 Thanks
    whipped
    • #8
    • 25th Nov 09, 6:43 AM
    • #8
    • 25th Nov 09, 6:43 AM
    Credit Cartel Review have won a victory recently in the news as they took on Blemain Finance. I have also contacted them.

    http://news.bbc.co.uk/1/hi/business/8365018.stm

    There is hope, it's just finding the right people or person to do it. I believe Blemain Finance have a lot of flawed agreements, and it is time there were pulled up just like Swift as they do operate in a similar way. So don't despair people.

    Read this story and see for yourselves, and do your own research.

    http://www.credittoday.co.uk/news/news-item.cfm?news=1391#content
  • hellnearth
    • #9
    • 4th Dec 09, 9:15 AM
    • #9
    • 4th Dec 09, 9:15 AM
    Perhaps they are now trying to improve their image? They have agreed that I was missold PPI and have agreed to deduct the total, plus interest already charged from my O/S balance and reduce my monthly payment accordingly. The woman I dealt with was very polite and helpful.
    Having said that, they were supposed to sort that out this month but haven't, but they did phone to apologise!
    New CC starting balances for 2014: BC: 2780.00 (2717.45) MBNA: 2185.72 (2160.72)
    Repayment a/c: 112.50
    Weekly grocery spend:
  • ascint
    also, please post replies if you are having similar problems with them so we can form an action group withn one voice for the FSA
    Originally posted by nacholibre

    As someone who is still suffering at their hands has the action group idea taken off.

    Having cleared my arrears 6 months ago, I now find they have gone back on a promise to change my payment date to the month end and are charging me 35 per month for not paying on the 18th. Even when I do pay on the 18th on their web payment site they claim 35 because the money has not gone through their system.
  • Apples2
    As someone who is still suffering at their hands has the action group idea taken off.

    Having cleared my arrears 6 months ago, I now find they have gone back on a promise to change my payment date to the month end and are charging me 35 per month for not paying on the 18th. Even when I do pay on the 18th on their web payment site they claim 35 because the money has not gone through their system.
    Originally posted by ascint
    Pay on the 12th. The money is going out anyway so it isn't yours to spend.

    Leaving it until the day it is due is simply madness (as you are discovering each Month).
  • hellnearth
    Finally free :-)

    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?
    New CC starting balances for 2014: BC: 2780.00 (2717.45) MBNA: 2185.72 (2160.72)
    Repayment a/c: 112.50
    Weekly grocery spend:
    • recovering spendaholic
    • By recovering spendaholic 13th Jul 10, 4:28 PM
    • 3,049 Posts
    • 15,426 Thanks
    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?
    Jane

    ENDIS. Employed, no disposable income or savings!
  • 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.
    "Green pastures are before me,
    Which yet I have not seen;"
    I'd love to be a good example - instead, I am a horrible warning.
  • magiciansgirl
    Blemain
    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
    Magiciansgirl
  • 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.
    "Green pastures are before me,
    Which yet I have not seen;"
    I'd love to be a good example - instead, I am a horrible warning.
  • 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
    Magiciansgirl
  • willing2learn
    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
    Originally posted by magiciansgirl
    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
    Magiciansgirl
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