Havent posted in years but I just wanted to find out if anyone has had any good progress with Picture / IDEM
I tried to dispute and gave up with all the red tape but after realising that I have been paying on time for 90 months and the loan hasnt moved I have found the fire again...
below are my details
I stupidly took out a Picture Loan in Sept 2007. the loan amount was for 25000, Picture added 5000 PPI to the total loan so the loan amount was 30,000. I found this out after and in discussion with FCSC regarding this....
Some months I have paid £500 with the hope of paying less interest but the interest was still £210 a month.
Account is not in arrears so I am not sure if Idem will agree to freeze interest. Now that would be helpful. Ive read some forums that mentioned that IDEM agreed to freeze interest, does anyone have a template letter?
In terms of being mis-sold I have researched and some of the below might be valid. I would love to know if any other people who have had a Picture Loan have any valid input or feedback
1) I was not informed that the 5000 would be added to the loan and I would be paying 25 years of interest on it!
2) loan is variable but even though the bank rate is 0.5 this 2nd mortgage loan hasn't decreased (unlike my Halifax Mortgage)...
3) My lack of financial knowledge was used to take advantage of me. I should have been advised to discuss my debt issue with StepChange and setup a Debt Management Plan instead I was encourage to consolidate.
4) The total amount repayable was never made clear, with my mortgage I received a key facts document
5) with my unsecured debt I am in a DMP with StepChange and fortunately the companies involved have frozen interest and charges. Stepchange are unable to assist with this loan because its secure
6) I discussed the issue of the interest rate being variable and never going down with Idem, they said there are unable to assist because initial company has gone bankrupt but Idem do regularly review???
7) I spoke to FOS and they are unable to help. FSCS can only deal with the PPI not the entire loan
8) Citizens advice have informed me that I may be able to discuss mis representation act but it should have been done within 6 years.
I am at a lost but very angry and annoyed that I got myself in this situation
I am alot wiser and smarter now and would never make the same mistake.
Do you think I could send a F & F settlement for a say £5000 and hope they will accept?
Any help or advice is very much appreciated.