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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I have been paying a secured loan since 2006. There have been

Resolved Question:

I have been paying a secured loan since 2006. There have been a number of issues, the main one I have complained to the company about is the interest rate at 14.9%. The loan was taken out with Blemain Finance and over the years they have made many additional charges to the original amount of £33,000 (interest only). This means that I now owe according to Blemain, £40,000, despite paying nearly that sum to-date. I understand there may be factors to indicate that I may have been mis-sold this loan (which was secured via a broker). The lender claims that it is an unregulated loan therefore not covered by the Financial Conduct Authority. If this is the case, where do I stand in resolving this loan. I'm not in any arrears with my payments which are all up-to-date.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Have you complained to the Ombudsman please?

Customer:

I have spoken to them on the phone and been advised that the loan is probably not covered by their service. I was advised to seek help from a solicitor regarding the contract. I actually want to find a way to pay off this company without giving them a further £40k.

Alex Watts :

I agree given the fact it was £33k that it is not covered by the Consumer Credit Act.

Alex Watts :

If you took it out in 2006 then it certainly wont be covered - but all agreements now are, regardless of amount

Alex Watts :

Sadly therefore the Ombudsman can't do anything.

Alex Watts :

All you can do is take them to Court if you feel appropriate and seek that they are in breach of contract for mis-selling and indeed if they have breached other terms.

Alex Watts :

Clearly there would be a cost if you took it to Court.

Alex Watts :

But if you won then you could claim costs

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Thanks. Do you think that a contract which goes beyond retirement age is a mis-selling issue?

Alex Watts : That could be a view yes.
Customer:

Thanks for your help.

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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