Picture Loans / Idem Servicing

[newstarter]

What the O.P should do in their situation is write,write,and write again,do not phone,you get a different person on the phone each time you ring,they are programmed with both a nasty and unhelpful attitude and all they will do is ask for money you dont have and of course if you dont make a card payment over the phone they start threatening repo,happens every time,leave a paper trail that you can use later,something that you can put in front of a judge if worse comes to the worst,what he needs is to build a file of hard black and white evidence,paperwork that no one can refute or dispute.

[newstarter]

The O.P must build a file with every scrap of info concerning the loan they have because if things do go bad and they have to go to court,its not easy to get a win against these people for sure.In fact you could be mistaken for thinking that the legal and financial sectors walk hand in hand,its almost as if they work as a team,heres an example.The home loans corporation(now known as Paragon took Nash to court in 2001 with a view to repossession,the nash,s were behind with their payments to the tune of 2.5k,the bank base was something like 6% paragon were charging 14%,the Nash,s argued that this was exorbitant and unfair,which most people would argue was correct,however judge dyson found for Paragon arguing that it was right and proper,and that Paragon were not being unfair in charging their customer a full 8 points above the base rate of intrest,that result to me was a licence to print money for Paragon so when i read some of the threads where people are considering court action i would ask that every t is crossed and i dotted,that is why people need facts figures and paperwork,phone calls can always be denied.

[newstarter]

Paragon v Pender 2003 appeal gave Paragon the right to repo even though they had sold on the loan to another company,however because they still retained the legal intrest in the loan pulled the roof from over their heads,thus re-packaging loans and selling them to other investors does not mean they give up the right to take away peoples homes,somehow the financial sector has been allowed to seperate the legal from the equitable and get away with it,and who helped them,the legal profession,you just couldnt make it up.

[wrigley20]

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

[newstarter]

Correct Wrigley however the point im making here is that there was no evidence to suggest that Paragon had held intrest rates unreasonably high in order that borrowers would redeem,now,bringing things back into the real world there is no evidence that Idem would fleece a borrower by continually bringing them into default of their obligation,ie the loan but thats what they are doing,this reinforces my point about always,always deal by letter or email as long as you save the corespondence to a personal file

[wrigley20]

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

[newstarter]

correct.

[sirbob10]

Hi

 

My loan was for £34,000 payable over 25 years. I have 20 years and 3 months to go but have been paying £50 per month since Dec 2010. I have nothing in writing from them about the reduced payment just phone calls.

[wrigley20]

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?

[newstarter]

In the first instance i suggest a formal letter asking for a copy of the original agreement under section 77 of the consumer credit act,then follow that up with a S.A.R .

[newstarter]

Looks like Idem have been splashing out.They have just purchased 43.2 million of unsecured loans from the Bank of Scotland,a bank will only sell off that part of its portfolio which it believes is not profitable,so how can Idem make money out of this? whats the betting they turn some of this unsecured into secured debt through the use of charging orders.

[wrigley20]

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

[newstarter]

no,not if the accounts are up to date,something tells me many of these accounts are in default or high risk.

[nig87101]

Hi, searched online and saw this thread so I thought I'd register and let you know of some problems that have cropped up with Idem Servicing/Picture in the last few days!!

 

I was paying a Picture unsecured loan that was the negative equity from a previous house. I am renting at the mo and have no equity. I agreed a reduced payment in 2007 and have been paying that by direct debit ever since, I don't think the interest is frozen. I found the staff at Picture unhelpful and rude but they have left me alone for some time now.

 

I had the same letter as everyone else has had re the changeover from Picture to Idem Servicing. The letter stated that no contact was needed, nothing would change and the current direct debit I paid would continue as is.

 

The October DD went out, as planned. However, on checking my internet banking two days ago, I found out that Idem had taken out over DOUBLE my November direct debit amount!! Although this had gone through, it had consequently bounced all my other direct debits. LTSB were very helpful and have already returned the full payment that Idem had taken out, refunded in advance the bank charges (five DD's @ £10 each) and credited me £10 for the hassle.

 

When I called Idem to see what the 'f' wording hell they were playing at, the operator put me on hold for over 7mins and came back with "I don't know what's happened, must be human error, it's our fault, sorry". When I asked for an assurance that this wouldn't happen again, he couldn't give me that. He instead advised me to cancel the direct debit and set up a standing order instead. This is the first time I've ever heard a company NOT prefer a direct debit!! The guy I spoke to yesterday at Idem was helpful and apologetic, but, I've had to ring therm again today and although I eventually got through to the same guy again (still apologising), the first guy I spoke to today was, well, you could just tell, highly trained to be antagonistic and bullying if at all possible!!

 

I hope there isn't some dark secret to all this, good luck to all!!

[wrigley20]

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.

[newstarter]

Wrigley is correct,you must get to grips with this,sooner rather than later,not only will the intrest be mounting up big time but there may also be monthly arrears charges being added that you know nothing of.Believe me its not unheard of for lenders to come back to the borrower demanding thousands not hundreds so first thing you need to do is write asking for a statement of account,and sharpish.Dont worry lenders of this nature are quite happy to sit back and let intrest and charges mount up,if it were me i would have aletter in the post no later than Monday morning.

[newstarter]

p.s once you get the statement,any problems come back to this forum where we will try to assist.

[nig87101]

Many thanks for the replies, will get a letter done over the weekend, will let you know if there is any shockers.

[newstarter]

Address,st catherines court

herbert r.d

solihull

west midlands

b91 3qe

 

by the way,do you have the loan agreement ?

 

did you use a broker ?

 

and did you add in ppi ?

[wrigley20]

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

[newstarter]

Yes an annual statement must be provided showing the outstanding balance along with payments made that is what worries me with the above,no statement,why no statement?

[wrigley20]

Anybody else with a Picture / Idem loan ever had a statement?

 

I bet we all know the answer

[newstarter]

ok

Edited November 4, 2011 by newstarter
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[newstarter]

sorry Wrigley my laptop is currently under half a cup of coffee so im having some technical difficulty at the moment lol.

[sirbob10]

come to think of it I've never had a yearly statement from Picture in almost 6/7 years.