just a warning to all of you considering Blemain finance as a loan company.
i made the huge mistake of using this company , recommended 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 up to 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 reposes 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 don’t 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. – blemain finance warning post – BEWARE — MoneySavingExpert Forum