Picture Loans / Idem Servicing

[wrigley20]

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?

[newstarter]

Under the consummer credit act 1974 all lenders of unsecured or secured loans must by law provide a anual statement to their customers,if no statement is forthcoming all obligation to repay monles and intrest owed can be stopped untill the customer recieves the statement the lender is obligated to provide.

[nig87101]

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 ?

Morning, just finished work, (yaaaaaaaaawn), thanks for the addy.

 

Right, have had a dig around, I have it in writing re the reduced payments, the last letter re interest rates was a couple of years ago which informed me how pleased I should be to have my interest rate was dropping to 10.516% variable!! That was in Jan 2009.

I didn't have PPI,. became wise to that one some time ago.

Re broker, I'm 99% sure that it was a cold phone call from Norton Finance that put me on this rocky road with Picture.

I've never had a statement, only had a settlement figure in writing when I asked for one.

 

Right, I'm off to bed were I plan to stay until my name changes to 'Rip Van Nig'!! lol

[Common]

Sorry if I am late into this reply. I too have Picture /Idem secured loan and no annual statement. I am now planning to write to them to confirm a monthly repayment sum. Also to obtain an annual statement and possibly have the interest frozen. Like most people, this loan has fallen into arrears.

There was an added insurance/PPI on the original loan. I was wondering if that can now be taken off. Or is there anyway that I can pursue a PPI claim/compensation?

[wrigley20]

Sorry if I am late into this reply. I too have Picture /Idem secured loan and no annual statement. I am now planning to write to them to confirm a monthly repayment sum. Also to obtain an annual statement and possibly have the interest frozen. Like most people, this loan has fallen into arrears.

There was an added insurance/PPI on the original loan. I was wondering if that can now be taken off. Or is there anyway that I can pursue a PPI claim/compensation?

 

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.

[Br1234]

We have ceased current payments to Idem and have request a copy of the original Credit Agreement. Idem have had 14 days to respond to this and failed to do so. we have now sent a second letter allowing 30 days again requesting a copy of the credit agreement under the CCA 1974. see thread on money saving expert on header Unenforceability & Template Letters

 

this provides templates letters to send. Idem also have to provide regular yearly statements however we never eve got this from picture so don't hold your breath.

 

PLEASE PLEASE PLEASE DON'T LET THESE KIND OF COMPANIES BEAT US.....

[wrigley20]

We have ceased current payments to Idem and have request a copy of the original Credit Agreement. Idem have had 14 days to respond to this and failed to do so. we have now sent a second letter allowing 30 days again requesting a copy of the credit agreement under the CCA 1974. see thread on money saving expert on header Unenforceability & Template Letters

 

this provides templates letters to send. Idem also have to provide regular yearly statements however we never eve got this from picture so don't hold your breath.

 

PLEASE PLEASE PLEASE DON'T LET THESE KIND OF COMPANIES BEAT US.....

 

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.

[radmm0]

One of my unsecured debts is a Mint loan, which I pay a small monthly amount due to financial problems. They have also just notified me of the transfer of the account to this brilliant new entity created by some greedy vulture corporation - idem servicing! It amazes me that these sorts of people and companies can still exist & thrive in the UK, when most of 'backward' Europe wouldn't even look at such applications for financial / banking licences, only to go ahead and screw their own people - shame on you UK Financial Services / FSA / Government. No wonder the powers that be are always talking against us being in Europe - it obviously interferes with their greed and illegal activities. On another similar note, did you hear about the 'vulture' funds that have bought up 3rd world country debts from unscrupulous and corrupt third parties (e.g. a Bosnian govt official) for say $3m and demand $100m from the poor state!! The poor countries took legal action and stopped all demands in the UK, however the devious vultures turned to their greedy lawyers and used an existing loophole and are demanding the money from the 3rd world country's accounts in the Channel Islands, where they had thought their money was safe & secure! Isn't that amazing, exactly as they’re doing with bad/distressed personal debt in the UK?

 

There's lots of money in debt collection and distressed debt recovery, especially in the UK, as they know the authorities and judges are on their side.

 

Anyway, back to the real issue. Can these idiots seriously change the interest rate of a loan if it was stated in the original agreement that it is fixed for the duration (unlike secured loans, where it is more than likely 'variable')? Can they start adding charges as they wish, even though there were no interest or charges being added by the original creditor (Mint)? I think the best advice for anyone getting these letters is to quickly ask for confirmation from the creditor (e.g. Mint) about these two important issues - in writing of course, before the official 'handover' date to idem. Also, if currently paying a small monthly amount towards the original debt, you should get a confirmation of this 'agreement' from the original creditor in writing BEFORE the 'handover' date.

 

Does 'servicing' the account actually mean 'owning' the debt, i.e. does anyone know if idem tend to 'buy' the debt or just 'service' it for the original creditor. Even if they 'own' the debt, can they really tear up the original agreement and start adding all sorts of charges and interest? Does the transfer notification letter from the original creditor and the 'welcome' letter from idem have to categorically state that they will be 'owning' the debt, or is it enough to state that they'll be 'servicing' it, as legally they’re different things?

 

Rgds.

radmm0

[stevealbert]

Just found this thread and would like to add my recent communication from Idem Servicing.

I had an unsecured loan with Mint,ran into trouble and ended up with a CCJ and charging order and a loan amount of £20000.

I have been making regular payments of £150 per month since Jan 2009 to Mint,i received a letter from Mint on the 14th November advising me of change over to Idem.

Received a letter from Idem on the 15th November advising me of transfer of loan due to go ahead on 5th December,they have purchased a portfolio of loans from mint.

I now owe about £14000 on my now secured loan with charging order,and although it does state on the Idem letter the conditions of loan will not change, i have to admit to some reservations.

I never had anything from the court confirming the repayment terms of loan on the CCJ, so i think that will be my 1st point of call.

[radmm0]

Just found this thread and would like to add my recent communication from Idem Servicing.

I had an unsecured loan with Mint,ran into trouble and ended up with a CCJ and charging order and a loan amount of £20000.

I have been making regular payments of £150 per month since Jan 2009 to Mint,i received a letter from Mint on the 14th November advising me of change over to Idem.

Received a letter from Idem on the 15th November advising me of transfer of loan due to go ahead on 5th December,they have purchased a portfolio of loans from mint.

I now owe about £14000 on my now secured loan with charging order,and although it does state on the Idem letter the conditions of loan will not change, i have to admit to some reservations.

I never had anything from the court confirming the repayment terms of loan on the CCJ, so i think that will be my 1st point of call.

Stevealbert

Some may be asking themselves; 'why would Mint (RBS) sell a portfolio of bad debt that includes ones like yours, which is secured via a CCJ charging order? Surely these are the ones they should keep in order to pay the tax-payer back!?'.

Well not really, as it is obvious that the portfolio of debt would only be of interest to potential 'vultures' if it had some good stuff included (i.e. meat as well as dead skin), like your secured loan! So, I would imagine idem will look after 'customers' like you, as you're effectively the cash cow, but others like myself will be treated with the cosh until they give them more money or settle out of court as a result of the continuous harassment. Happy days ahead then!

 

Is anyone on the site team familiar with this sort of activity and whether or not the new 'servicing' company can actually start changing the interest rate and charges - legally?

 

Rgds.

radmm0

[wrigley20]

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.

[newstarter]

Let me explain,if you are a company moreover a loan origination company (Paragon) and you purchase a number of loans with money usually funded through an investment bank at a knock down price to shorten that companies liabilities and you also own a company that can service those loans ( Idem) and much of the loan book is secured on property then you would own the keys to the font doors every bit as much as the people living behind them.

[stevealbert]

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.

 

Hi Wrigley,

I was very confused and a little green behind the ears when i ended up in court over this particular debt.

I had over around £50000 of debt and wanted to do everything myself.

Managed to get agreements with most creditors but a couple i kind of lost control with.

Did considor an IVA but felt i could cope doing it my way.

Have to say discovering this site has been a revelation, so much good advice, it has really helped me.

Down to just below £40000 now,and now on a mission to recover some of those unfair charges from a few creditors...

[stevealbert]

Let me explain,if you are a company moreover a loan origination company (Paragon) and you purchase a number of loans with money usually funded through an investment bank at a knock down price to shorten that companies liabilities and you also own a company that can service those loans ( Idem) and much of the loan book is secured on property then you would own the keys to the font doors every bit as much as the people living behind them.

 

So every reason to be very wary!!

[newstarter]

Yes,very wary indeed,you see this sort of financial purchasing and selling of loans seems a million miles away from the average loans that you or i pay off on a monthly basis.For the likes of Joe public,these financial transactions (for us) exist in a world we know very little of,however,we can bring much of the goings on at Picture Financial,and it,s relevance to present day customers very easily.

 

Picture was formed in 2004/05 originally designed as a consolidation loan company,you know how all the adds went " turn your credit cards and loans into one easy fixed payment".Im not sure but i think they had 4 directors at that time,the main man being Neville Allport.Picture,s funds to lend came from 3 sources Apax equity,Merrill Lynch investment bank and thirdly Deutsche Bank,that is where all of Pictures money came from,and borrowed at a very low rate of intrest.Does anyone recall Labours work and pensions secretary,Peter Hain resigning over a 5k "political donation" which he failed to disclose? Well that money was paid by,(yes you guessed it)P icture Financial,Peter Hain at the time was endorsing Pictures products.By that time Pictures waters were becoming increasingly murky.

 

Untill the collapse they were doing very nicely thank you out of us mugs,i mean customers,paying vastly increased rates of intrest,and dont forget all those charges added to accounts,customers were being robbed.After the crunch of course Pictures funds dried up,the big three were unwilling to lend,so Picture looked for a buyer and instructed boutique advisory service (yes your reading this right) Kinmont to find a buyer.In order to effect a sale the big three wrote off millions,to the new owners it must have felt like they had been given Picture for a song,this where Target servicing first appear on the scene.A few people made a fortune out of this and Paragon still are !

[radmm0]

Thanks for the background 'newstarter', extremely useful. It just proves what I stated in my previous post that these guys have got the Govt. and other people in power (e.g. Judges) on their side, since they also have their snouts in the 'money trough' via back-handers, party donations and free holidays to exotic places.

 

So, does your post indicate that these types of 'vulture' outfits are part of the 'mainstream' financial world now thus coming under FSA and other rules or still on the edges following their own rules?!

 

I still can't believe that in this day and age we have such people/outfits roaming the 'financial' world and screwing the public with impunity just like the Victorian times!

 

Rgds.

radmm0

[wrigley20]

Let me explain,if you are a company moreover a loan origination company (Paragon) and you purchase a number of loans with money usually funded through an investment bank at a knock down price to shorten that companies liabilities and you also own a company that can service those loans ( Idem) and much of the loan book is secured on property then you would own the keys to the font doors every bit as much as the people living behind them.

 

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?

[newstarter]

They would loose out if everyone did it but for example 1 in 30 ? ,hardly making a dent in the profits is it?.

[newstarter]

If i had a loan from Picture i would begin with a S.A.R request,i would also be looking to request the original credit agreement and anual statements which are required under CCA 1974 2006 amended.I would also set about reclaiming any P.P.I and any arrears charges.Furthermore i would be taking a close look at the intrest they were charging.

[wrigley20]

If i had a loan from Picture i would begin with a S.A.R request,i would also be looking to request the original credit agreement and anual statements which are required under CCA 1974 2006 amended.I would also set about reclaiming any P.P.I and any arrears charges.Furthermore i would be taking a close look at the intrest they were charging.

 

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.

[newstarter]

Please do,any problems and we will be able to assist.

[newstarter]

Somethings been nagging at me relating to this thread and i now know what it is,has anyone had any dealings with a company called Webb Resoloutions with regard to their Picture loan ?

[wrigley20]

Somethings been nagging at me relating to this thread and i now know what it is,has anyone had any dealings with a company called Webb Resoloutions with regard to their Picture loan ?

 

No never heard of them before.

[newstarter]

Well back in January of this year a number of cag members posted their concerns after Picture sold a large part of its loan portfolio to a company called Crown Mortgages whose collection arm was Webb Resoloutions.Crown Mortgages specialise in buying up distressed loans and mortgages which are in default,now Crown are part of an even bigger outfit the name of which escapes me at the moment.I commented back then of trouble ahead,you can read the thread for yourselves,but the point im making is,not all customers of Picture will be dealing with the same company,ie Paragon/Idem there,s more than one company in the picture here and you can bet they are talking.

[newstarter]

ps just type webb resoloutions into the small browser at the top of this page,its an intresting read.