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  1. Hi guys, I'm new on this site, so please be gentle... I took out a £85K loan with Firstplus in 2006 for a business, unfortunately, in 2010 our main client stop paying us, and that's when the problems started. FP were great to start with and let me pay reduced payments, but the arrears built up. Eventually, they transferred the loan to a company call Redcastle (still on reduced payments) and then at the start of this years to another company called Elderbridge. I contacted a website called [removed] and the advice one of their recommended advisors gave me some bad advice. He/she said to stop paying even the reduced rates, starting various things Elderbridge had done wrong. However, it looks like it was all totally wrong. Now I have even worse arrears and Elderbridge are quite rightly threatening repossession. Thankfully, I now do have funds available to start to pay off this loan but was wondering, what I should start paying and should I try to negotiate with them, to try and get a lower figure, as I'm sure they bought the debt for a fraction of the price. Any advice would be brilliant.
  2. I took a secured loan out in 2006 for £5,000 secured on my home I believe, in 2008 I lost my job and could no longer pay, I had them knocking my door and I was giving them cash I didn't really have, eventually I stopped paying as I could no longer afford it. I found out in 2010 I had PPI and this was never activated despite me losing my job, (I have never tried to reclaim the PPI) and them being aware of this. I am now looking to sell my house and have heard nothing from Welcome since 2012. Will I still have to pay this amount on sale? Any help would be much appreciated
  3. Hi Guys I took out a loan in june of this year paid over half of the price for the car with cash......I have sadly lost my job now...but I need the car for getting to and from interviews and ultimately to get to and from work once I gain employment again I have noticed within the terms and conditions that I am not allowed to go bankrupt or seek IVA without losing the car?...I was going to see if Santander would allow a payment holiday giving me time to find a new job and carry on repaying the payments I still have the option of handing the car back and walking away but this would mean losing £9k, and also I have the option of making Santander obtain a court order to get the goods back.........what can I do guys obviously I don't want to lose the car?? Is asking to lower the repayments an option? or not?....is there anything I can do...thanks for reading my concern and any help would be very much appreciated Kind Regards Nick
  4. Hello Everyone, I have looked at many old posts but I'm still unsure how to proceed. Brief History: 2007 - Secured loan for 7.5K 2009 Secured loan re-write due to charges and late payments 2010 Secured loan re-write due to charges and late payments. Current balance 13K Last payment made in 2010 On the last 2 loan re-writes I was never given any paperwork. Welcome finance cannot find them and admit the loan is unenforceable. They are also relying on the 2007 land registry charge and they claim that this covers all re writes. On the last re-write a welcome colleague came round my house and pressured me into signing and also took all my documents relating to previous loan. He also said that my new loan would be un-secured. They never sent any new docs out. The FOS sided with welcome in 2010 that they believe Welcome would not transfer a secured agreement into a unsecured one. I have just done a SAR and it contains all my statements and conversation transcripts but no credit agreements. My end goal is to remove the land registry charge and to pay back as little as possible. I have already paid more than the original loan back. Any help or guidance on the next step would be appreciated.
  5. Hi guys and gals, glad to see so many people getting tremendous help on here! Im hoping someone is able to shed light on my rights & responsibilities regarding the following issue; In July 2014 I booked a function room to host my wedding reception. I paid a 50% non-refundable deposit to secure this date. I then changed this date by telephone and was told that my deposit would be carried forward for the second date rather than the first. In the two years since that booking we have moved and had a change of circumstances. We unfortunately forgot that the remainder needed paying 'no later than one month in advance of the function date agreed'. I ring to pay this and was told that as they could not get hold of us they had no option but to let the date go owing to demand for that particular date. I found my self without a venue with two weeks to find an alternative. Whilst I appreciate we did not update our details, surely the fact we paid a deposit should have secured the date regardless and that deposit secures THEM against US cancelling. I am about to start a letter of complaint after my verbal request for a refund of this deposit was refused point blank. However, on pushing my point, they said that under the circumstances they would speak to their treasurer. I am obviously disappointed in myself for missing the payment, but feel that the deposit I paid was to secure the date. If someone could advise, I would be very grateful
  6. Hi, I need a bit of advice. I have obtained a secured loan against a property for the purpose of sorting out my credit score and also primarily for home improvements. They have requested balances of all my creditors and a lot of them defaulted in 2010 as the recession knocked me. I sent them these balances and then someone on here mentioned to CCA all the creditors. The loan completed and I ended up with 20k+ worth of cheques and the balance in my account. I phoned them and asked if they will amend the cheques which they agreed to. Then when I wanted to do it they resisted and I had to go through the complaint process form them to listen to the call. (took months) I then returned the cheques(voided) with letters from the creditors stating that they don’t have agreements. They then phoned and said they will re issue all these cheques for the original amounts, as there are no letters from the creditors stating balance as 0. I have now been paying interest on 20k worth of paper sitting in my cupboard for about 4 months. There is nothing on the agreement that say I would pay creditors. Even the letter I gave said I am looking to repay debts plus home improvements. They are now trying to force me under duress to pay unsecured and unenforceable debts secured against my property which I don’t want as that does not give me any room to negotiate. (They class them self as a responsible lender!) Where does this leave me as I think I have the following options: 1. Financial ombudsman 2. Keep the cheques again and negotiate final settlement with the creditors which should very low as they unenforceable (and I paid 6 years off already) Then pay the creditors out of my own funds and wait for the letter to be state that the account is settled. Then send the cheque made out to them and ask them to cash it and please refund me as the account is settled. Then I am going to sue Blemain for the time I wasted and interest I had to pay on money that has not left their account through the small claims court. Anyway these are just ideas and any advice will be appreciated. I will actually pay for a lawyer that wants to give them as much hell as possible! Thanks a lot
  7. Hi everyone, after ignoring the loan that I took out with firstplus since I took it out I now need to take action and get rid. As they have passed on the loan I was able to get a copy of all transactions to date needless to say I want to cry! I took out the secured loan in 2004 for £40K with £8K as PPI so total loan for £48k, having just had the transaction history I have paid £77k to these people and still have £40K owing on the loan! Having read loads of posts previously and knowing how stupid and naive I have been in taking this out, I now need to take action and would appreciate any help in what I need to do first.
  8. Hi I am the executor for my late mother's estate and we are in the process of selling her house. We have hit an obstacle in that there is a secured loan which was paid off in the early '90s but it is still listed as outstanding on the title deeds. The loan was with Cedar Holdings Limited, which is now a dormant company and comes under Black Horse Finance Management. I have called them today and been given a number for their secured legal department in Cardiff, but the number is constantly engaged. We are trying to get proof that the loan has actually been repaid, can anyone give me any advice on the best way to take this forward, apart from trying to call them constantly? Any help would be greatly appreciated!! Thank you!!
  9. Hi all I'm after some urgent help please. My ex partner and I took out a secured loan with Paragon a few years ago to cover some debts we had. Then we split up and I took over the loan so that I could keep the house. Everything was going fine, even when I lost my job in 2011 as I walked straight into another one so could keep up the monthly repayments. Then in Feb 2012 I lost my job and couldn't make the payments, so I was making token payments each month of £10 or £20 depending on savings against the monthly due of £156. I applied for help from DWP with my mortgage and my loan and at first they said no to to the loan but then agreed to make payments to the loan but only of about £11 a week. I have been suffering from depression for about 2 years and battled alcoholism on and off for nearly 10 years. I've also been receiving bereavement counselling following the death of my mum in Nov 2011. At first I used to talk to Paragon on the phone and I regularly completed their income/expenditure forms and they seemed ok but acknowledged that my debt was increasing. Unfortunatley recently I've buried my head in the sand over it and ignored their calls as I got more and more depressed about applying for lots of jobs and not getting an interview or getting to the interview stage feeling pretty confident but then getting turned down. Last week they sent me a letter saying that they may pass my account to a their field agent to call from Excel Counselling Services.. .I know that this is just a posh word for a bailiff! Today he knocked at my door whilst I was out getting electric put on my key card and he put a note through the door. The letter doesn't mentioned the amount that is outstanding but I think it's around £2k. His note is all friendly about we need to talk about it or he'll have to tell Paragon he's not talked to me and I could risk losing my home. Can I send him the following letter? Dear Sirs, Re: Account reference Paragon Personal Finance Ltd................ I refer to your visit dated 18th February 2013 informing me that your company has been instructed by Paragon Personal Finance Ltd to visit me, in respect of arrears on the above mentioned account. The purpose of this letter is to advise your company that I believe that my circumstances fall within the category as contained within the National Standards for Enforcement Agents of “vulnerable situations”. The reason for this is that not only am I a person who has suffered a bereavement in the family with the death of my mother in November 2011, for which I am receiving counselling for. I am also currently unemployed having lost my job and am in receipt of benefits. I am also receiving treatment from my GP for depression and alcohol dependency. Accordingly, I would like to request that you do not visit my property again as this would cause undue stress and anxiety. Instead, I would like to request that you return this case back to Paragon Personal Finance Ltd. I would be grateful if your office could confirm safe receipt of this letter, and confirmation that the case has been returned to Paragon Personal Finance Ltd. I am copying this letter to Paragon Personal Finance Ltd. Yours Faithfully I was also going to send the letter to Paragon, along with another income and expenditure form and a cheque for about £20 with an offer to keep paying £10 a month by dd. Is that ok? Should I be doing something else? He says in his letter he's going to come back so I was hoping to get the letter in the post to him today to stop him calling again as my Dad is coming to see me tomorrow and I really dont want him to get dragged into this and I've recently started seeing someone who I really like and I'd be really embarrassed if he turned up whilst he was here. Please help, I'm now sat in tears as I'm scared that I fought my ex really hard to get the house and stop him taking it over with the woman he left me for, and now i'm scared I'm going to end up homeless. I hope this all makes sense. thanks Mary
  10. hi, I Would really appreciate some help in a very difficult situation. A little bit of background first. we Have a NRAM mortgage with was originally on repayment which was took out on 2005, subsequently we borrowed and borrowed in the height of borrowing and our mortgage as of today is 167,000. one of the loans which we thought was to run to the term of the mortgage apparently has matured in December 2016 and they want £11000 now. In 2006 my partner suffered 2 heart attacks within 4 months of each other and subsequently went to half pay and we started to fall into arrears on other bills so I contacted nram and switched to interest only. finally as we thought we were getting somewhere the financial crisis hit us in 2008 and NRAM eventually were owned by the government and not regulated and so we plodded on by which time arrears on other debts were mounting upon me as I tried to take control as I didn't want my partner to suffer any more stress due to his heart but eventually I went into meltdown and suffered a breakdown . it took me a few years to get back on my feet and then I was made redundant in 2011 .Nram however were always paid. in 2013 my partner was diagnosed bowel cancer and again went to half pay. In 2015 I was diagnosed with PTSD And GAD (generalised anxiety disorder. so the top and bottom of all this is we have been contacted by NRAM as £11,000 is now due. because of problems in the past and me burying my head in the sand I have ended up with CCJs 2 have been settled one for £1000 and another for £8000 but I have another which I need to pay. my partner has a good job and I work part time, he is involved with a credit union through his work and he applied for a loan with them of £10,000 to clear the debt as he has £1700 in savings with them which they declined. Nram are saying that they want the full amount an no negotiation, sell or re-possession and they cant extend mortgage as not regulated credit union today have advised that just by making an offer they have to accept? they said that a law was implemented a few years ago that they have to accept this but I cannot find this anywhere. I need to find this information out ASAP any help please thanks
  11. Hello all, I successfully claimed my PPI back from FirstPlus and am now looking in to the possibility that the entire loan was missold. I recently wrote to them outlining my issues, which were: • The mortgage was not suitable for me. • The adviser did not properly establish my attitude to risk. • I was not advised that there were other options, such as a DMP, that I could have pursued. •Your adviser did not give me examples of the cost of a Capital and Repayment mortgage compared to the lower costs of an Interest Only mortgage. •When remortgaging to consolidate my debts I was not advised that it would be cheaper for me to put all of my loans, credit cards and finance onto my existing mortgage rather than remortgaging. •I was not advised that by remortgaging I was exchanging my short term debts for a long term debt by adding it to my mortgage. It was not explained to me that although I would be lowering my monthly outgoings initially, I may well be lengthening the term of my debt and vastly increasing the amount of interest that I would be paying. Loan was originally for £51K over 25 years. I then received a phonecall from FirstPLus asking to reiterate my concerns, only to be told that based on my concerns and as my loan had be through a broker I needed to contact them (Compass), if they were still trading?!, to resolve my issue. When I successfully reclaimed all my PPI, which was brokered at the same time as the loan, I went straight to Firstplus who dealt with it directly. This all sounds a bit smoke and mirrors to me, so would appreciate any advice/info you could give. Cheers
  12. Hello all, I have a secured loan with First Plus that I have already won PPI back from. My main complaint has always been the interest rate. The salesman specifically told us that the rate would be kept competitive, "otherwise you will move the loan elsewhere", when we could have moved to a fix of 4% or so the PPI penalty of £8000 and the rule of 70 interest penalty stopped it being practical. We won the PPI when I asked a lawyer to pursue this, who then held onto my paperwork. I put the complaint into the FSO last August after I had forced the lawyer to surrender the paperwork. The FSO tell me that the case is being considered with a number of others. Has anyone with a similar complaint be told the same thing?
  13. Hi Guys I live in private rented accommodation (since 2011) but I own 5 properties and would like to raise a small amount of finance against one of my properties (£5k - £10k) that has equity of around £100k. I am a self employed landlord and would appreciate any recommendations for a hassle-free way to raise a small loan. I'm fine with the lender taking out a first charge and I want to be able to repay early without any penalties. I don't want to have to submit accounts for such a small loan because I would be an idiot to risk losing a 2b flat in London that I've owned since 2008 hence why I'm looking for a "hassle-free" way to raise the loan as quickly as possible. My credit score is average and I'm happy to send the potential lender copies of these. Can anyone recommend a legitimate private lender or know of a good company I could contact?
  14. Hi Sorry in advance this is so long winded..... I have a secured loan with Idem. (originally with Picture Loans, but when they went bust it was bought by Idem several years ago) I have permanent 0% interest on the loan, as agreed originally with Picture when i got into financial hardship with them, and after some initial difficulties with Idem (when they tried to add interest back onto the balance when they took it on), this frozen 0% interest is now carried forward also by Idem. They acknowledge it and the balance now reflects it. My balance owed to Idem is approx £40k and everything i pay each month comes directly off that balance due to the zero interest. So i do have hope, and can see light at the end of the long tunnel in terms of eventually paying this off. I have been making reduced payments for several years due to financial circumstances. The original contractual monthly payment from the Picture days was over £650. When Idem took over the loan i was paying them as little as £120 pm. After 2 years now of regular monthly payments (all agreed with Idem every 3 or 6 months), i am now up to an agreed payment of £500 pm, having gradually been able to increase this over the years. Great progress i believe. Especially as all the payments are coming directly off the balance owed. My main issue surrounds the arrears balance. Because my payments are still under the original £650 contractual payment, my arrears balance has been growing and growing throughout the years of my reduced payments. The arrears balance is now approx £20k. However my query here, is that the interest is permanently frozen, and the contractual payment of £650 was based on the original interest rate of approx 14%. So the original contractual monthly amount now bares no correlation to the monthly amount required to settle the remaining balance on time. eg - I have 8 years term left on the loan, which is £40,000 / 84 months = £476 per month required, to settle the loan on time. So i am basically already at the the monthly level required to settle the loan on time. So surely the £650 pm contractual requirement, is no longer relevant, in terms of my requirements here. If i continue paying £500 pm i will settle this loan early. If i pay what they are asking as the CMP (contractual monhtly payment) then i will settle this loan over 1 yr early. And all the while that i continue to pay the £500, my arrears balance increases. It looks terrible on my credit file. I have asked them to wipe the arrears, due to the zero % interest, as they are no longer applicable to the amount owed vs the term remaining. However all they see is a piece of paper with a large amount of arrears on it, and a monthly payment which is less than the CMP on the account. So they will continue to put pressure on me to increase my payments up to £650, and then they will probably ask me to start contributing extra to the arrears. I'm not in a position to do this, or likely to be in the future, however i really don't understand why i should, even if i was. I have asked several times recently about capitalising the arrears, but they refuse point blank, saying they can't as it isnt within their policy, and would basically mean refinancing, which they wont do. So should i just accept that my arrears balance will continually increase, despite my good intentions and work in getting back to where i am now? Even though the loan is likely to be paid off early at the current level. It is very stressful knowing my payments are less than contractual and that i need to renegotiate payment plans every 3 months, each time i do this they mention the level of arrears. I'm worried they take further steps due to this high number. Even though the number really in my opinion, is no longer a relevant aspect of this. My ideal scenario is to be able to have the arrears balance cleared to zero, and agree with them a new monthly payment amount that clears the balance owed in the term remaining. ( i believe this is effectively what capitalisation is??) That would remove the stress of the huge arrears figure, greatly improve my credit file going forward, and give me huge stress relief from knowing the account was under permanent control with no more worry about negotiating new agreements every 3 months or worrying about potential further action on the arrears. Is there anything i can do to make them see sense over this? Or any other options i haven't thought of? Sorry i have rambled on here. Any help, thoughts, or advice is very welcome. Thanks
  15. In 2008 I took out a loan with welcome finance for £17,500 after I have already re-paid them over £43,000 in loan repayments. I now want to sell the flat the loan is secured over and was horrified to discover that they say I still owe them almost £16,000. I have no way of understanding how that redemption figure has been calculated and they did not provide a breakdown (they say a letter has been sent but it has never arrived). If I repay them at this figure it means I will have paid them a total of £58,593.56 on a loan of £17,500 (3.3 times the loan). Surely that cannot be fair or reasonable? I had offered them the sum of £7,500 to redeem this loan in full and final settlement but this is rejected. I am desperate to sell the house that this loan is secured over but cannot do so until this loan is redeemed. I see others have been getting discounts to clear their loans but despite repeated letters from me they refuse. I am supposed to complete on my new house and am worried this loan is going to make the whole sale fall through. I have a disabled daughter and desperately need this house sale to go through so that we can move to a home which is more disabled friendly for her. Please can anyone review this for me and help? I have attached a copy of the contract. Thanks so much!! MM
  16. Hi can anyone give me some info as to the loan agreement I have uploaded, it is in relation to the Brokers Fee being added on to my loan agreement. I have also uploaded a pdf file doc which states that my loan agreement is unlawful, would appreciate it if anyone can help me. Sorry forgot to add I think section 3.2.2 and 5.1 may apply to me.
  17. Hello I am new here and desperate for some advice. It's complicated but will try and keep it brief but below is a summary. In August 2006 myself and my now ex husband needed to refinance an existing loan with GE Money a broker referred us to Blackhorse and we were offered a secured loan of £40k. We were categorically told that we could only take the loan if we had the PPI as well even though we said the repayments were way to high to afford. We were convinced by the Blackhorse rep that this was our only option like idiots we signed. The loan agreement states Regulated by the Consumer Credit Act 1974. Total amount of loan with PPI was £52,075.05 (we did query this as we were told absolute max allowed to borrow was £39,000 the balance is cost of PPI). 10 year repayment period. Interest rate of 11.9%. A year on and we realised that the PPI should not of been sold to us as we had our own insurance through our employers (we had told the Blackhorse rep this before signing)! After a bit of a fight £10,373.35 was credited (so it shows on my statement). Another year down the line and a divorce. I got into payment difficulties and missed a few payments (I always made Blackhorse aware of when and why). PPI came to light again as when Blackhorse credited the original amount they had failed to refund the payments we had made and the interest. In 2009 Blackhorse finally credit the account again with a refund of £3,561.31 only after I had refused to pay anything until they did! I carried on paying reduced payments to Blackhorse as I was struggling on my own with the loan and main mortgage but had accrued arrears made up of missed payments and charges of £23,435.47 Blackhorse went for a SPO in November 2012. Blackhorse wrote to me the same month to say they were charging me 11.292%. I have carried on paying the court agreed sum however on occasions I have not been able to pay the whole amount on the due dates and payments have either been split, late or not the full amount. I always called Blackhorse and made them aware if paying extra when I could and for once they were helpful! In October 2014 I received my annual statement and was shocked to see that even after paying over £7K the balance of my loan had only gone down by £145! I queried this and put in a complaint to the FOS. Within in 4 days Blackhorse rang me and said "good news - no more interest, when I queried why all of a sudden they said "good will gesture"! Roll on to May 2015 when I receive letters from Blackhorse and Skye to say loan was sold on. I rang Blackhorse and asked why they said no longer "allowed" to operate those loans" however everything with my loan would remain the same. I then called Skye when my first payment was due 1st July 2015). Made the first payment via debit card however the rep entered the wrong post code so had to do again. Again was reassured smooth running of account by Skye. Checked bank account later that day to find I missing two lots of large payments! Rang Skye oops sorry a mistake we don't have the money it's in limbo, called my bank who confirmed the wrong payment was in limbo and would have to wait until it wasn't collected to recredit my account. My bank then blocked my cards as believed it was fraudulent due to high amount twice! This took almost two weeks which meant I incurred bounced direct debits bank charges and £253 liability order for non payment of council tax! Skye just said oh we didn't have the money physically so tough, On making my next payment the lady I was speaking to said about setting up the payment plan by direct debit. I explained I was unable to do that as sometimes I have to make split payments as money was very tight. She said send in your pay slips, statements and expenditure and income and we can see if we can get you a more comfortable payment. She asked was was comfortable now I said the amount but what about SPO. She said well it's a fresh start with us and took the reduced payment. She confirmed to make the reduced payment until they had reviewed my finances. I made the reduced payment (split) this month on 29th. Thence stepdad I received a call from a rep who told me she had reviewed my finances and the history of the account from Blackhorse and as there are still £9,315 owing on the arrears and as my finances clearly show I ve no extra finances to clear these - they suggest I sell my house to clear the whole balance on my loan otherwise they will possess. I was shocked! She said they are no ,onger able to help me and I have until Monday to respond. Sorry this is so long but thought the whole history would be helpful. Sorry I forgot to mention I have paid £45,102.41 to date and the balance on this loan is ......... £42,676.88, the lady who called from Skye in Friday also said the the original term of the loan was up last month and that I had breached the SPO as when it sent to court a new agreement was put in place (news to me as I never signed any new agreement) that the loan would be extended by 4 years to allow for all arrears and payments to clear however I would need to be paying over £900 a month to do this - I currently pay £700 which is £80 more than agreed by court.
  18. Hi all, I've been reading many threads online about Welcome finance, and as I have a securered laon with them (we live and learn), I wanted to get a thread up on my secured loan. Took it out around 2008 for £15k, paying around £330 back per month. Approx 2 years ago I started to claim back PPI which in the end came to about £6k which they took off my balance. 3 months ago I received another letter from them saying they have not maintained thier requirements by not sending me statements frequently enough, and they have kindly taken £3k off my balance and reduced the APR to 0%. It sounds all good as now there is light at the end of tbe tunnel and I have about 18 more payments remaining, balance is approx £7500. Has anyone else received the same deductions as I have and APR dropped to 0%? Based on all what I've been reading online about Welcome for some reason I'm feeling paranoid about the balance left and remaining payments, thinking should I have to pay them ( to confirm I will be maintaining the payments), and how honest is the actual loan?
  19. Hi I would like to send a letter to my loan company offering them an increased payment monthly to clear off the arrears on my account. I have completed a budget sheet and will include this with my letter. Is there a template I can use, or can someone help me with the wording please. I have received default notices and i think the lender is taking legal action and looking to repossess. I want to stop this if possible please. Thanks.
  20. Hello, in 2004 we took out a loan with Welcome Finance. This has now been repaid in full. Now things are paid off I'm looking into re-claiming fees and charges etc. On the day we took out the loan, the salesman was in a hurry as it was nearing the end of the month and insisted the loan was signed off that day due to it being the end of the month. I realise this was probably for his end of month targets maybe. My husband was unable to leave his place of work that day so we tried to make the signing appointment for the next day however the salesman needed it all signing that day. In desperation the salesman asked if I could take the paperwork to my husband to sign, as if we didn't do it that day, we may not have the loan approved. I took the paperwork to my husband to sign. I then took the paperwork back to the office and the loan was granted. As we were consolidating an existing unsecured loan with Welcome I assumed the loan was unsecured, but we found out a month later it was a secured loan. During the course of the loan we successfully reclaimed the PPI as we were unaware that this had also been added. This reduced the balance significantly which enabled us to finally repay the loan and get rid of the debt. I am just wondering whether I would be able to question the validity of the overall loan, have researched this on the internet but getting lots of conflicting information. Does anyone out there know if this would be a possibility and if so where do I start? Thanks for reading!
  21. Are secured loans all bad? I am currently on a DMP with Payplan end date 2020 (dependent on charges & int) and am looking into ways of clearing this quicker. I have posted on the DMP forum and am currently looking into sending out CCA requests but have also been looking into secured loans. If I can borrow a lump sump I can try and offer full and final settlements to my creditors this will reduce the debts and I will have a definate end date. My main issue with secured loans (apart from the obvious being secured on my home) is the interest rate, are there any good companies out there that offer fixed rates and can be trusted! Many Thanks (be nice lol)
  22. hi i was wondering if anyone can help/advice me i have secured loan that is now with idem of which i was in a payment arrangement of £150 a month as my partner lost his job they accepted this then went ahead served with court repossession papers i had only just spoken to them they forgot to mention that court action had already started, i have told them that i can go back onto full repayment soon as my partner gets work i have been in payment arrangements with them for approx 2 years the shortfall in payment to them now is my partners car insurance payments as there is just no jobs locally im at my wits end with them any advice would be appreciated
  23. a loan was taken out in 2007 with Picture Finance originally. It was to consolidate a credit card debt, the existing Picture finance loan and to provide some additional funds for our business which was experiencing a down turn due to the economy down turn. The loan was done over the phone and no information was provided via post. The earnings were used from the original loan paperwork. We were advised to put the loan down and home improvements and a holiday as it was easier to get through than raising business finance. (We did what was advised and it is my understanding that if it had been a business loan we would have had more protection and a longer time limited to complain) We had ppi on the policy which was a joint policy. and in January 2009 when I was made redundant from our company due to financial difficulties we discovered that the PPI only covered the first named person on the policy. We fell into arrears on our payments. In May of that year our business finally closed and we tried to claim on loss of business on our PPI insurance and we were told that as we were in arrears that they would not pay out on the policy. Even tho the insurance company had been paid up front and in full for the cover. We have had our ppi claim paid out but is there something we can do re the interest that has been charged. The original Loan was 54,000 and we are no looking at 64,000 in addition which is interest. The loan was sold to idem and now I believe to Paragon. I have been speaking to them every month since 2009 making the little payments we could. I have sent in financial statement after financial statement requesting them to stop the interest which they have never done. We have only ever received one statement in the time that idem have been dealing with the loan. Can anyone help ?
  24. Are early redemption fees are claimable ? Just we had a secured loan for 18,000 then needed to borrow more so got a 36,000 secured loan and was charged exit fees and it was the same company (ge) this was about 8 years ago . Both loans were through a broker and I have the paperwork .
  25. I am new here but I have been reading about Idem. They have written to my husband only regarding our joint loan being transferred to them. They have given us a new account number and some basic info regarding paying. They have not confirmed what we should pay, or given any in depth info about the balance. What should we do? Is our loan still secured even though we have not agreed for Idem to have this? Is this even legal as I thought the homeowner has to agree security or the company has to get a court order? I am really confused and need some help as from what I have been reading about Idem they are really nasty and add alsorts of defaults to the account.
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