Picture Loans / Idem Servicing

[Gram1]

Hi

 

I've had a Picture secured loan for several years now. It has arrears but we have agreed a permanent reduced monthly payment and permanent frozen interest.

 

Yesterday i received a letter informing me that from 26th September the loan was being sold to Idem Servicing and all administration and collections from then on will be conducted by Idem Servicing, as Picture will no longer own the debt.

 

Has anyone else received something similar?

Has anyone ever heard of this Idem Servicing mob / what are they like?

Will this affect my arrangement of reduced payment/zero interest?

 

Thanks in advance

[brokebutnotbeatn]

No not heard but if they buy the loan they buy the agreement. Continue paying Picture until Idem give you their SO details. They may try and bully you into paying more/paying a holding payment etc. Just stand firm.

[wrigley20]

Hi,

 

I have had a letter stating our Picture loan is transfering from Target to Idem.

 

It will be interesting to see what changes are forthcoming in terms if interest rate etc.

 

It does state in the letter that their will be no changes apart from to DD mandate.

[Br1234]

Hi,

 

We received a letter stating that Idem Servicing had bought the loan from picture and that we have to start paying Idem. We have a reduced repayment plan with picture because of hardship however they have not stopped our interest. We received a call from a blocked number this weekend and they announced as Idem and wanted to go through security but as I explained to them who ever it was calling from a blocked number how do I know they are who they say they are. I have demanded that my telephone number to be removed and write to me if they say who they are. Any one dealing with this company deal in writing ask for your number to be removed we have that right for that request. Telephone call recordings can be deleted and no evidence. I think we will be having fun and games with this company the numpty I spoke with starts to raise there voice and kept over speaking. Anyone else please keep us all up to date with your issues with this company.

[nash123]

I have had the same letter and many conversations this week.

 

I had a picture loan and in 2009 filed for bankruptcy. Picture actively encouraged me to buy back the beneficial interest in my property. They said there will only be the captial to repay. All interest will be surpressed and there will be no interest on the loan ever again. So, I did.....Paid off around £12,000 off the captial since then as agreed. Never heard of any interest until Idem rang ring

 

Now, they say and I quote from a member of their called Ghafram. It seems Picture have been telling people all sorts of things over the phone regarding interest payments and all along they where intending to add it on at the end of the capital repayments. There are that many people who have complained they are having to have a review for all the Picture business next week. But and this is the but you might fall off the floor with. No interest has been applied to the loan since 2008/9 so we have added all the interest back on which is £33,000! and we are charging 10.5% APR and that is now adding £974 a month in interest payments!!! He suggested I right a letter of complaint and the complaints department will look in to it. My agreement with Picture will be honoured for a short period of time. So, I calculated the amount and it would still mean £600 be added each month. I pointed out that would increase the loan with never an hope of paying it off. The 10.5% is variable by the way.

 

I've written the letter they will get it tomorrow. But I really think this is a massive issue with all picture loans. I think a joint complaint to the FSA by as many of the people we can locate with loans or a massive joint litigation case against picture/Idem may force them to honour people's original offers. Idem is owned by paragon finance and their history is very coulourful. I have no other debts only this one and if forced to I have no problem handing the keys back and tell them to sort it. I've also refuse any further payments until its resolved becasue I do not accept their terms in anyway!!

 

Be careful if you pay them anything because if you do they will never start to the reposession process and you'll be stuck in a life time of increasing debt. if you don't pay and they try to get a court order at that hearing you can have your say and a defence with the judge. Only trouble with this we would all be treated as individuals. As a mass group they would be on a very sticky wicket. I quite happy to join up with as many people as possible and split the cost of solicitors and to file a joint complate with FSA.

 

I'm going to see a solicitor next week to find where I stand in a 30 minute free consultation. Anyone who wants to join forces please ring me 07718 287664

[chickpea]

Has anyone else had a letter from Idem asking for a form to be completed which will allow them to liase with our first charge lender on our property? I don't know whether this is standard procedure but it has got me worrying why.

 

We aren't in arrears so am concerned why they want this information unless they just want it for record purposes. Having rung up Idem I'm still not any clearer as to whether there is a problem.

 

Any thoughts would be appreciated.

 

Thanks.

[Br1234]

Hi,

 

We have recieved same form today, we understand that this form is to authoise name change of the lender with regard to the charge on your property.

 

We at this stage are not signing this form until we have sort advice.

 

Is anyone have issues accessing the idem website wwwdotidemservicingdotcodotuk? (replace dot with.) I have seached the internet and not finding it anywhere. This is the web address supplied on the letters by Idem.

[chickpea]

Thanks Br - I'm glad to hear someone else got this letter. Like you we aren't going to sign it until we know more so please keep us up to date with any advice you receive and I will do the same.

 

I got the impression when I rang Idem that it was so they could discuss arrears etc with your first charge lender but we don't have arrears and I immediately felt suspicious about what it was going to be used for.

 

I can get into their website ok. It doesn't say much, just who they are, how to pay, FAQ's etc. If you still can't get into their site but need some specific info then I can try and find it for you and post it here. Nothing was mentioned about these recent letters.

 

Thanks again for your reply. I hope others who have posted their difficulties with Picture on this thread are able to sort their issues out too.

[MK2012]

Thanks Br - I'm glad to hear someone else got this letter. Like you we aren't going to sign it until we know more so please keep us up to date with any advice you receive and I will do the same.

 

I got the impression when I rang Idem that it was so they could discuss arrears etc with your first charge lender but we don't have arrears and I immediately felt suspicious about what it was going to be used for.

 

I can get into their website ok. It doesn't say much, just who they are, how to pay, FAQ's etc. If you still can't get into their site but need some specific info then I can try and find it for you and post it here. Nothing was mentioned about these recent letters.

 

Thanks again for your reply. I hope others who have posted their difficulties with Picture on this thread are able to sort their issues out too.

 

We too have had this letter and are not sure so will also seek advice. We don't have arrears and can keep up repayments. Would be grateful to understand what advice you all get and I will post my findings. Good luck.

[wrigley20]

We too have received this letter asking for our authorisation to liaise with our 1st charge.

 

Having done some research I would urge you NOT to sign this letter. It does not and will not form any part of the original agreement.

They will have access to all your payment history; and guess what, if your doing fine with your mortgge payments, and your not in arrears with your Picture loan payemnts - you guessed it - lets ramp up your interest rate to squeeze that little bit more profit out of you.

 

DO NOT SIGN.......................

[Br1234]

We unfortunately fell into arrears with ours because of redundancy howeverwe had PPI but could not claim but that’s another story and been dealt with atthe moment.

 

Idem are now already starting to threaten us and telling us that our home isat risk. I’m afraid they do not scare us with their letters and words. We onlydeal with such companies in writing and not over the telephone this way we thenhave it all in black and white and not said over a telephone call where callrecordings can be deleted and all recorded.

 

We are not at this stage signing the latest document that we have receivedhowever will be requesting a copy of the original credit agreement which they haveto supply according to the Credit Consumer Agreement 1974.

any further updates appriciated.

[Br1234]

Be WARNED that Idem are constantly telephoning.......Deal with these numpties in writing only don't let them bully you just because we owe an amount this does not mean that they can use bully tactics.......

[newstarter]

This just shows you what is wrong with the financial sector in Britain today.Picture loans once part of the Co-op (now theres a laugh) bring in asset management company,Target to to service,collect loan payments.Do you people know that Target (and of course Paragon which Idem belong to) employ software which not only identifies accounts in arrears but also flags up potential defaulters.Target took on the servicing of pictures one billion pound mortgage book in 2008 they got paid by recieving a percentage of the unpaid balance on loans they service,now the servicing contract has been handed to Idem part of the Paragon group,thus its in the asset managements intrest for borrowers to default.No wonder they try every trick in the book to repo peoples homes.

[wrigley20]

It would only be in Idem's interest for borrowers to default if their was equity in the property.

 

If you default, and threaten to go BR, with them knowing that what equity if any would be claimed by the 1st charge, then they would be very foolish to welcome a default on the account.

 

They would of course get nothing back. On the other hand if your property was awash with equity, and you were struggling, I can clearly see why they would wish for you to default on payment.

[chickpea]

Thanks to everyone for their input on this thread. I've decided not to sign the form as I don't want Idem liasing with our mortgage lender.

 

We are in a position where we are lucky enough to have equity in our house but newstarters comments have worried me. We can afford our repayments but I feel really uneasy about what will happen in the future with Idem servicing the loans.

 

Our last payment to Target by DD was stopped by them before the changeover and they rang up asking for a debit card payment (in quite an aggressive manner considering it was their fault.) I'm wondering now whether this was a deliberate course of action by them. They have assured me it won't show up on our credit file as a late payment as it was their fault but I think I had better check now just in case.

 

Please keep us all informed with any updates - it's been really helpful.

[newstarter]

Yes wrigley this is what i was getting at,sorry my post did not include the equity scenario but you can see how engineering defaults can reap massive benefits for the asset management company,how else are they going to make a profit?

[newstarter]

You see Paragon purchased between 50 million and one billion of distressed loans (loans which are in arrears or may be defaulted on in the near future) then created a new company Idem to service them.Why would they do that other than to make a fast buck through charges and repo?

[wrigley20]

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!

[newstarter]

Yes you are reading this right wrigley,take chickpea,s example above,if i owed you lets ay fifty pounds,like anyone else or any other company you would want that money back at some point so if i transfer that fifty pounds from my account to yours what possible reason could you have to stop that transfer,other than knowing by doing exactly that there would be a good chance you could turn that fifty into 100 pounds.Now,the example is basic i know but it illustrates exactly how an asset management company can generate defaults by design,that covers your first question,look Acenden/Capstone are well known for doing just that,its more common than you may think

 

Idem claim 2.5% of the total loan from the lender.

 

The origional loan is insured by the lender,the only looser in that scenario is the borrower (as usual)

 

in short yes.

 

Fastrack you onto a payment plan? once that happens you will be caught up in a cycle of charge after charge,the borrower will be well and truly flagged up in their recovery dept,then it really does get tough which is what they are after.

 

Why do you think mortgage companies and secured loan lenders are so quick to try to repo peoples homes,its because the lender has taken out indemnity insurance against their liability,the lender gets back the full amount come what may.Now,if the lender gets paid out the full amount should the borrower default there doesnt have to be much equity in the property to make a quick,fast buck does there?The asst management company gets their cut,the lender gets their money back(and some on top) and the borrower gets shafted.

[wrigley20]

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?

[newstarter]

Experience wrigley and a lot of research and digging,the trick is to stay one step ahead and for that you need knowledge of who and what you are dealing with,i hope i have been some help with that.

[wrigley20]

Yes thanks Newstarter.

 

Im sure a lot of Picture / Idem customers will be interested in this thread.

 

Lets see where Idem now takes this!!

[sirbob10]

Hi. I'm starting to get a bit worried now. We have a loan with Picture although I haven't had a letter saying its been transferred. The loan is in arreas and we only pay £50 of the £303 we are supposed to pay. Our home has no/negative equity. Picture haven't called in 6 weeks now and they are normally always on the phone. Should I just assume that even though I have no equity in my home that they will still repo it.

[wrigley20]

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.

[newstarter]

Yes i can shed some light on this,they are letting run on with no contact for a good reason,dont worry they will be in touch at some point but the longer this runs on with no contact from their side the more they will charge the O.P when they do rear their heads,you can bet the account is now with the recovery dept and they are sitting on it,more charges,more intrest (compound),the debt owed will be rising every day,at least £80 per month thats why people get calls from these sharks out of the blue,could be three or four months after the fact and the original debt has rocketed,this ties you in to a never ending cycle of debt,its little more than racketeering.