Hi Camshaft, I think most people feel duped, and silly having undertaken additional borrowing with Picture Loans; I for one certainly do. Why not complete a new I/E, copy the original info, and send to Idem. Can you not pay the £150 pm via online banking? Saves you having to speak to these monkeys over the phone. Regarding your missed payment for December, it would be interesting to know what their reaction is.

Well I have received our (Non Regulated) agreement from Idem, along with a statement showing all payments and interest added to date. The original borrowing amount has changed by very little. I suppose Idem will be waiting for a change in the BoE rate, and bang the letters re an increased monthly payment won't be out the door quick enough.

You mean they just asked for full repayment of the amount outstanding? Were these buy to lets in default?

Can I ask that seeing has my loan with Idem, or whatever their bloody called these days is not covered by the CCA, what if anything does cover these secured loans? Are they able to do whatever the hell they wish to?

Ok thanks. Looks like our loan is not covered; 65k 2006.

I note the following:The loan was entered into before April 7, 2007, either it is not regulated by the CCA (Consumer Credit Act1974) or no part of it was used to pay PPI (payment protection insurance) premiums; Our loan was prior to 2007. Is it not covered by the CCA?

Interesting to read some Webb forum posts about how the 1st charge would not allow ebb to initiate repo proceedings. Can a 1st charge put a block on this type of action brought about by these sharks?

No never heard of them before.

I did last week request the credit agreement, and await their reply. I also asked about statements, which by the way I have never yet had one from either Picture, Target or Idem!! I believe they have 14 days to send me a copy of the CA, so will let you know the outcome.

How would Paragon / Idem fair if the property was in negative equity, and you did a voluntary repo? Surely they would lose out in the long run?

I understand they can change the interest charged, as this is in your agreement. Request a copy of yuor credit agreement; there is a number of templates available on this site. You pay the statutory charge of £1, and then Idem have 14 days in which to furnish you with a true copy of the agreement. If you read the start of this thread, Newstarter sheds some light on these vultures, and you can be sure they have adopted these toxic loans, because their is plenty and I mean plenty of mileage [profut] still left in them. Before you got to the stage of a charging order, did you not consider an IVA? They would not have been able to proceed with the order had an IVA been granted.

Bri, Let us know what the outcome is please. Good luck, and your right these companies cannot be allowed to ride roughshod over joe public.

Hi, Let us know how you get on with offering up a payment plan; bare in mind the interest will still be added, unless your lucky enough to have the interest frozen. Regarding the PPI claim, I'm sure you can pursue a case. Take some free advice.

Same here never seen a statement. I will be penning a letter this coming week asking for the reason why no statement!! Surely they are duty bound to give this information to its customers every year?

Anybody else with a Picture / Idem loan ever had a statement? I bet we all know the answer

Out of interest, are Picture / Idem suppose to provide you with an annual statement, similar to that from your mortgage provider?

I would guess that Idem will no doubt leave you be. Only problem, and it is a big one, that interest will be mounting to high levels. Ask them for the figure, and maybe even negotiate a reduction or freeze. Newstarter should be able to assist.

Would they be able to do that if the account is up to date?

Sirbob, Can I suggest you put everything in writing going forward. What extra charges are they levying against this informal arrangement? Have they frozen the interest?

I suppose sending it by recorded delivery would be another belt & braces approach.

If I remember rightly Pender continued with reduced payments for a number of years, so the repo was never executed.

Hi Sirbob, I would be very surprised if they started legal proceedings, given the no equity situation you are in. Have you got in writing the reduced payment agreement from Picture? How long have you got left on the secured loan? Maybe Newstarter can shed some light on the MO in situations of this nature.

Yes thanks Newstarter. Im sure a lot of Picture / Idem customers will be interested in this thread. Lets see where Idem now takes this!!

Interesting insight Newstarter. Sounds to me like its a fait acompli, and we should be thinking about saving that old newspaper to wrap that expensive china in!! Are you from within the industry, or have you had experience of these type of sharks?

Hi Newstarter, Am I reading this right. Those who are up to date with payments, and have equity, they will try by whatever means to engineer defaults on the account; maybe by raising interest rates etc. Any defaults which are incurred, Idem can then claim a % back from Picture? What if you default and have no equity in your property? Will they put you on a payment plan, and the shortfall will be claimed back by Idem in the form of a % payment from Picture? I must say I have never known a company to make an income/expenses form available for downloand. In effect saying fill this in if your struglling, and we can fastrack you onto a payment plan!