Friday, November 13, 2009
Landmark repo forbearance case
Blemain Finance, a sub-prime lender, has agreed to not repossess Peter Bentley, a carpenter from Bridgend, for at least six years, through a legally binding deal. Bentley had fallen into arrears as a result of caring for his sick father after his mother died. Blemain initially sought an order to repossess him and Bentley, represented by Cartel Client Review, tried to counter sue but once the lender became aware of his situation it sought an alternative deal. Blemain will not charge interest on the Â£40,000 mortgage and has cut monthly payments from Â£549 to Â£150 until the capital has been paid off.