I've come home today to be told by my husband that a company called Excel have been to our home.

I know it's regarding a Picture secured loan we have.

It was secured on our property that was repossessed just over 3 years ago.

We have made no payments for 3 1/2 years.

I did call advising the agent not to call again.

He said I've a secured loan to pay and he seemed surprised when I said the property was repossessed 3 years ago.

Can someone advise how best to proceed.

I'm a carer for my husband who is on high rate disability benefits and we private rent our house.

We have 3 daughters aged 18, 15 and 13 who all live at home.

We have very little money spare.

What's the worst they can do to us?

Thank you

The creditor could go to court to obtain a CCJ and try to enforce. You would defend or agree to regular payment based on affordability, taking into account your financial situation. So they might not get much.

In this situation, if you get a letter through, it might be worth stating in writing that you rent your current property, own no assets, that earnings are limited to disability benefits and there are three children being raised. Advise them that it is very unlikely that you would ever be in any adequate financial position and that they might wish to consider this.

If you don't ever respond, the creditor might not know your position and then possibly go for a CCJ. This can cause difficulty renting privately and you might want to avoid. If they knew the situation, they might make a decision not to chase the debt, as any low regular payments might never cover the cost they incur.

Nb. If you ever receive a court claim, don't ignore it. Come here for advice first

Many thanks for the advice.

Would it be best to try and speak to Picture direct? I really don't want an agent in my home simply due to my husbands poor physical and mental health. Also must I complete a income/expenditure form the agent wants?

Many thanks for the advice.

 

Would it be best to try and speak to Picture direct? I really don't want an agent in my home simply due to my husbands poor physical and mental health. Also must I complete a income/expenditure form the agent wants?

Yes you would contact Picture and you don't have to complete any financial info forms sent.

The obvious question, is why do you owe a debt following repossession ? Was there no equity in the property ? Or if there was equity was it eaten up in costs ?

Have you ever looked into the repossession financial details ?

Was it picture or another company that repossessed ?

Before you send any letters advising of the situation, perhaps it might help to understand how this debt was created and what info you have been provided about it.

My husband had lost his job due to illness and it took time for benefits to be sorted.

Our house was old and needed a lot of work doing so after considering our circumstances at the time we handed the keys back.

We had a £115,000 mortgage and £25,000 secured loan.

The house sold for £60,000 therefore leaving a large shortfall.

As of yet we haven't heard from the mortgage company and only heard from Picture last month after 3 years.

I'll admit I've made no attempt to pay.

I buried my head in the sand.

My husbands health is poor and he's recently been diagnosed with PTSD.

He sees a psychiatrist for mental health issues after suicide attempts.

I really don't want an agent in the home as it will cause him stress.

I've been trying to locate Pictures details online but i can't find a telephone number

well its no longer secured so theres rather stuff all picture can do

as for the field agent

tell 'em to do one or you'll call the police 101

for a start it'll cost you money

and most probably already has.

about £100 even if the 'visit' fails

just to reassure you

they like DCA's have stuff all legal powers

they ARE NOT BAILIFFS

you've no legal remit to talk to them at aLL.

I would bet the debt has either been sold on

or picture have littered your balance with all kinds of unlawful penalty/arrears/letter/phone/debt management fee

that will have atleast doubled you loan from your last 'balance.

I would suspect this no longer shows on your credit files?

if you can fend them off for a few more years [6 from last payment]

it will become statute barred.

go get that credit file

lets see if it clean.

Don't speak to companies on the phone.

If your Husband is still registered with local mental health services, they might be able to help, by writing a letter to Excel warning them of the situation and they must not visit again.

I would leave the mortgage company alone, as they might well understand that it is very unlikely that they will get paid the debt.

In regard to Picture, again local mental health might have some debt assistance service, where someone can write to them on your behalf. If not, just send a letter advising them of the situation. Picture would not be the first creditor in line for any debt repayment anyway, their loan was second to the mortage. I would just draw their attention to the health and financial situation.

I've been using Noddle and it dropped off last month but I was told they had 12 years to chase a secured debt.

The default was registered is Sept 2011 but I'm sure the last payment was sometime in 2014.

The debt isn't secured tho

I've been using Noddle and it dropped off last month but I was told they had 12 years to chase a secured debt. The default was registered is Sept 2011 but I'm sure the last payment was sometime in 2014.

As far as I know, any mortgage/secured debt has a limitations period of 12 years for the capitol amount and 6 years for interest.

The reality is that the mortgage shortfall debt and the second loan debt will never be paid.

Yes they could get a CCJ and gain minimal regular payments. Not sure why they would do this, other than think the debt has a higher market value, so could be sold on.

Not sure i would hold on for 6 years or 12 years to pass, not paying anything or replying to letters and hoping it just goes away. Given the health situation, i think you should try to see if they will back off and decide not to chase it. A simple letter ( without admitting to owing the debt) just stating the health and financial situation, should hopefully lead to them not harassing you for payment.

Thank you. I shall try and find an address for Picture and write to them with our situation

Here is a very good and up to date guide on the issues from National Debtline

https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx

Remember that you don't have to accept any harassment just because a debt is owed. After you have written to anyone advising of your situation, you should expect to be treated properly. If you experience any difficulties, then make a complaint and escalate if necessary. All financial services companies are accountable to FCA, FOS and other bodies they belong to.

forget the mortgage its outside 6yrs

as for picture

have they been writing to you

or was excel the first contact

forget the mortgage its outside 6yrs

 

as for picture

have they been writing to you

or was excel the first contact

The house was only repossessed in September 2014.

Picture wrote to us about 3 weeks ago just saying we've found you, ring us but I didn't. Then yesterday an agent from Excel turned up.

With the mortgage you might have taken out some form of mortgage indemnity cover. It would have been something the mortgage company arranged and you paid a one off amount as part of the mortgage application. Then later on when the repossession happened the mortgage company claimed against the indemnity cover and they therefore are not as bothered about chasing you.

If the mortgage company have not contacted you within 6 years of handing in the keys, then if they come under the FCA MCOB financial policy, then after 6 years of no contact, they should not chase the debt.

Going by what i have read, these secured loan companies like Picture, who have taken a second charge, are more likely to chase debts. If they have asked Excel to visit, then they are looking at trying to enforce the debt. Therefore wise to advise them of the health and financial situation. If after you have written to them, they write to you again, come back for more advice.

Just a quick update.

One of the creditors we wrote to (Picture) have thanked us for updating our address with them but as we didn’t sign the letter they won’t change it on their system and have included a document for both of us to sign to confirm our current address.

How do I proceed.

Thank you

what is the status of this picture loan please

full story

dx

It was taken out roughly 2004 and secured on our house.  

We moved in 2007 and the security transferred to that house.  

That house was repossessed in 2014.

 Last payment was roughly June 2014.  

They send yearly statements but that’s all we’ve ever heard.

nothing they can really do then.

next time don't allow a debt to be transferred over to a CO on the new house

you are under no legal obligation to do so.

so not too far from SB date then..

It was a secured loan.  When we moved there wasn’t enough equity to pay it off so they allowed it to be secured on the new house.  We couldn’t have moved otherwise.