Picture Loans / Idem Servicing

[Gram1]

Hi

 

Sorry, first update since starting this thread.

 

Idem have been chasing me to complete their income and expenditure form .they are happy to maintain and accept my reduced monthly payment arrangement but insist the form must be completed for them to agree to this. I'm still considering whether to fill it in but i probably will just to get them to stop hassling me.

 

the more interesting issue with my case is that despite me having the interest permanantly frozen by Picture, i asked IDem what my current outstanding balance was and the figure they gave me seemed far too high. I checked this against a figure i received in a letter from Picture previously and queried with Idem why Idems figure was now much higher. they said it was because the frozen interest was added back into the balance when it transferred to them. they said this is normal practise when temp arrangements to freeze interest are in place.

 

i obviously took them to task on this issue as my interest was permanantly frozen not temporarily. Idem say that there is no evidence of this in any of the paperwork they have from Picture. Fortunately i have a letter from Picture confirming the frozen interest to be permanent. I sent this to Idem as evidence and demanded they reinstate the previous balance without the added back in interest. Idem have yet to do this as they will not conduct a full review on the account until the I&E form is received and a payment arrangement agreed. I am refusing to do this until they confirm my position regarding the balance/interest.

 

So things are in a bit of limbo just now. I havent paid them since December and they are chasing regularly.

 

Should i complete the I&E and get an monthly payment figure agreed and then persue the balance/interest issue? Or am i within my rights to withold any further payments until they sort this out? And if so, how do i make them do this?

 

Intersting stuff eh?

 

Any help / advice appreciated

 

Thanks

[SingleDadtoTwo]

Hi Gram My advice would be to go to CCCS and setup a Debt Management Plan (nb: CCCS is a non-profit organisation and do not charge any fees so all money you can afford, goes to pay off your debt). Then, tell Idem that you have done so, and have completed CCCS's Income and Expenditure form, and direct all future correspondence to CCCS. Not only is the peace of mind wonderful, you also get comfort from knowing that you are in charge of your debt situation. CCCS are also well accustomed to dealing with companies that try to lump interest back in and will be able to help and advise you on your best approach. Above all, don't let DCA's bully, harrass, cajole or push you into anything. They are experts at pushing all the right buttons to "encourage" people to pay, even if they can't afford it. I speak from experience. I was made redundant 18 months ago and had to reduce my payments. I was getting a lot of calls from creditors, one of whom was very, very pushy indeed. I signed up to a DMP with CCCS and, within a few weeks, the calls stopped. The only contact I get now is the standard OFT warning every six months. Hope that helps.

[SingleDadtoTwo]

Hello RightG If you haven't already done so, consider a Debt Management Plan. Advice on companies providing this service available on the CCCS site (I'd add a link but apparently I need to have written ten posts before I can do that). Summary, use a non-profit firm like CCCS

 

Most of us would agree that continuing to pay when the debt simply keeps increasing is futile. Have the original lender issues a default notice? Interest usually stops at that point (but not always).

 

Bizarrely, if you received a CCJ, interest would be stopped (except in some unusual cases) so it may be a good route for you to go. Before doing so, you might play chicken with the creditor and say that you won't make any more payments unless they freeze interest. They then threaten a CCJ and you welcome that as you'll end up with a reasonable repayment and no interest added, enabling you to pay off the debt.

 

Please note though, I am not an expert by any means. My comments above are intended solely as something for you to ponder. You should request help from someone that does have the right skills like CCCS or the CAB or a solicitor etc.

 

Hope that helps.

[AgainstIdem]

Hello RightG If you haven't already done so, consider a Debt Management Plan. Advice on companies providing this service available on the CCCS site (I'd add a link but apparently I need to have written ten posts before I can do that). Summary, use a non-profit firm like CCCS

 

Most of us would agree that continuing to pay when the debt simply keeps increasing is futile. Have the original lender issues a default notice? Interest usually stops at that point (but not always).

 

Bizarrely, if you received a CCJ, interest would be stopped (except in some unusual cases) so it may be a good route for you to go. Before doing so, you might play chicken with the creditor and say that you won't make any more payments unless they freeze interest. They then threaten a CCJ and you welcome that as you'll end up with a reasonable repayment and no interest added, enabling you to pay off the debt.

 

Please note though, I am not an expert by any means. My comments above are intended solely as something for you to ponder. You should request help from someone that does have the right skills like CCCS or the CAB or a solicitor etc.

 

Hope that helps.

 

 

Hi...

Well what a revelation I have found here.. I only googled Idem to find their contact details and I stumbled across this! Needless to say I've been sat here for 3 hours reading these recognisable threads!

 

So... Here goes, I took out a Picture Loan via Norton Finance in 2006 for £30k over 15 years at £315 per month. In 2008 my husband lost his job and we spiralled out of control. To cut a long story short our mortgage is up to date... We are in £25k negative equity. I signed the for for idem to contact the 1st charge (Halifax) so they could see that there was no interest for them in the property! Got them off my back slightly.. They still chase me weekly from a "Private number" I had a year at paying them £20p/m then £50p/m for another 12 months and recently I'd been paying £80p/m until I decided to grow a pair and telephoned asking what their intentions may be. They confirmed repo as a very last resort which I expected, however they told me that although I was paying £80 per month the interest ...INTEREST being added each MONTH was £383! Higher than the original payment. I requested a freeze in interest, to which they replied had to be in writing, to which I explained they were to get no more payments from me until this was the case!

 

Currently this is where I am at with Idem! I re registered with CCCS and explained the whole situation.. They confirmed Idem are well within their rights to fluctuate the interest and repayments as they see, as they are the services of the debt!! After completing all the relevant info with CCCS and going thro the interviews etc I was advised that whichever way we were destined Idem can file for bankruptcy even if there is no interest for them, and or if that was not the case as soon as equity mounted in the property it would be taken from us. So we are paying the mortgage for the equity to fall into Idem's hands in the long run!

 

CCCS advised I could file a complaint with the Financial Ombudsman however the final decision to freeze any interest with Idem is at their discretion! Nightmare after nightmare!

So I have just decided to rent a property and let slip of my Home that has become a victim of this country's corrupt financial situation!! Gutted, annoyed, emotional, stressed and angered are putting it lightly... Is ruined my life...

 

But one thing is for sure Idem will not get one more penny off us!

Voluntary repossession... Bankruptcy followed by a shortfall to idem = another bankruptcy to clear the shortfall! 2 can play that game!!

[bigboysmithy]

I am in the same situation, picture loan now with IdEM about £9000 in arrears and owe more than when I took the loan out 7 years ago. I am currently paying £60 a month which runs out next month instead of £585 and this loan will never ever be paid. I am currently in the process doing an offical offer and I am not going to fill out there icome and expenditure form as only a court can make you fill one out.

[sgianthebard]

IDEM just sent me a default notice. They want me to pay £20,000 of arrears by the end of this month, plus I still have £38,000 left on the original loan of £60,000 from Picture. I've been paying this loan for 10 years, with missed payments here and there and it has almost ruined my life for 10 years. To think that at the end of the loan term - which is the December - I will still owe almost the entire amount borrowed, even though I've already paid back 0ver £80,000 the last 10 years, I just want to burn the house to the ground and tell them to repossess the ashes.

[citizenB]

IDEM just sent me a default notice. They want me to pay £20,000 of arrears by the end of this month, plus I still have £38,000 left on the original loan of £60,000 from Picture. I've been paying this loan for 10 years, with missed payments here and there and it has almost ruined my life for 10 years. To think that at the end of the loan term - which is the December - I will still owe almost the entire amount borrowed, even though I've already paid back 0ver £80,000 the last 10 years, I just want to burn the house to the ground and tell them to repossess the ashes.

 

Is there any mis sold PPI on this loan - if they have been adding default penalty charges, then you might be able to reclaim these as well.

[sgianthebard]

There is no PPI. They have been adding default charges and I know I can attempt to get these back, but that's just a drop in the ocean compared to the amount I still owe - which is a combination of arrears, neverending interest, and loan outstanding. This is the 5th company that has bought this loan and I'm just enraged that it seems that these people can all buy this loan for 10p in the pound and claim the entire sum from me. I would like to purchase my loan for 10p in the pound..... I borrowed £60,000, I've paid back over £80,000 at £700/month the past 10 years. Because I missed payments and accrued arrears I still owe £60,000 and now a company I never borrowed a penny from want to repossess my house?? This is not going to end well for anyone....

[Jasper2013]

Hi to all idem Sufferers,

 

We have been dealing with IDEM CAPITAL SECURITIES t/a IDEM SERVICING now for several years.....we have gone through the scenario of asking for original agreements, statements , deed of assignments etc etc etc and still not got any where apart from photocopies of the unsecured agreement and a copy of the welcome letter and a copy of the Power of Attorney which we were unaware of at the time when signing the form.

 

As far as we know at this stage we are in the belief that the security originally gained via Picture Financial Services Plc has been securitised which means that your security has been sold for the full balance so Picture have been paid for your security three fold. once by you making payments to them , once by the investor part of the securitisation and once by the Indemnity Guarantee which these kind of companies take out to safeguard their money when a customer defaults on the their payments. and last but not least a payment from IDEM would have been paid so effectively 4 times your loan has been paid for but yet they are still requesting the money back from us.

 

for those that are finding it difficult to make your payments write to idem capital securities t/a idem servicing with an "official offer" the official offer is based on the amount of money that you can afford as long as it is reasonable not like £1, the payments would be based upon contract law "offer and acceptance" once payments have been sent via cheque or even going into the bank and making payments over the counter once accepted a contract is formed between both parties even once a cheque has been ripped off your official offer letter and cashed this is acceptance and based on the doctrine or substantial or substantive performance, it would be classed as that you are performing to the best of your ability to repay the obligation that you have. have a look at clips with regards to the "official offer" this will point you in the right direction on youtube.....

 

Once the official offer is in place start writing and asking questions , ask if the security has been securitised....send short letters they are more powerful don't go into Catherine Cooksons letters short and precise. also send letters with regards to the Power Of attorney that some of you will not have been aware of in the small print of your agreement, this allows picture and idem to do anything at all without your signature, REVOKE REVOKE REVOKE the power off attorney stop them signing documents on your behalf. send letters asking questions with regards to who the legal owner is of your security , they won't be able to tell you because they do not even know....also write to them also write with regards to the indemnity guarantee , request a copy of the indemnity guarantee and request that they tell you if a claim has been made against the indemnity....it is all a [problem] it is wrong what these companies can get away with.....we have just sent and awaiting response....

 

Were any of you also aware what happens with these financial institutions they have two balance sheets one on the left and one on the right, the one on the left is cleared of BAD / OK / GOOD debts and placed on to the balance sheet on the right so this means that the sheet on the left is clear which allows the financial institutions to loans more money because the main credit reference agencies have given them a fantastic credit score via Standard + Poor, Moodys and fitch so a AAAAA+++ rating is given or BBBB++ to allow more corrupt lending....not forgetting the balance sheet on the right have a watch of this....youtube called securitisation and financial crisis of 2007/2008

 

Did any of you notice that one of the top guys within Picture John Paul Nowacki has now miraculously become the Director of Business development with a company called SFM Europe who acted as an SPV special purpose vehicle in order for your security to become securitised also did any one notice loans with picture financial plc were transferred to picture home loans (n.o 1) and picture home loans (n.o 1) trading address changed to the same address of SFM Directors LIMITED

 

Name & Registered Office:

PICTURE HOME LOANS (NO.1) LIMITED

35 GREAT ST. HELEN'S

LONDON

EC3A 6AP

Company No. 06617583

 

Accounting Reference Date: 31/12

Last Accounts Made Up To: 31/12/2013 (TOTAL EXEMPTION FULL)

Next Accounts Due: 30/09/2015

Last Return Made Up To: 11/06/2014

Next Return Due: 09/07/2015

 

288a 06/10/2008 DIRECTOR APPOINTED MR JOHN PAUL NOWACKI

 

oh and look here

 

Name & Registered Office:

SFM DIRECTORS LIMITED

35 GREAT ST HELEN'S

LONDON

EC3A 6AP

Company No. 03920254

 

Accounting Reference Date: 31/12

Last Accounts Made Up To: 31/12/2013 (DORMANT)

Next Accounts Due: 30/09/2015

Last Return Made Up To: 21/01/2014

Next Return Due: 18/02/2015

 

288a 10/07/2008 DIRECTOR APPOINTED JOHN PAUL NOWACKI

 

now doesn't that seem a little strange to you, yes yes i know a person can be a director of many companies however it is suspect that this same man went from one to another must have known all was going pear shaped and started to panic and need to safe guard their investments by the securitisation so that the securities did not go down with the company Picture Financial services plc.....

 

Name & Registered Office:

PICTURE FINANCIAL SERVICES PLC

C/O DELOITTE & TOUCHE LLP

HILL HOUSE 1 LITTLE NEW STREET

LONDON

EC4A 3TR

Company No. 05102088

 

 

Status: Dissolved 02/01/2013

Date of Incorporation: 14/04/2004

 

Ok i am still learning however knowledge is key....

 

 

Don't let IDEM win battle against them , we need many and many means action.....KEEP UPDATING WITH PROGRESS REPORTS

 

Thanks and good luck

[bigboysmithy]

I have official offer in place for £40 a month, they don,t seem to respond to questions.

[Jasper2013]

Hi bbs,

 

Keep going we need to fight fight fight.....you know the drill already keep asking and if it goes to court present all of your documentation to the judge....all in writing do NOT speak with these parasites over the phone. Evidence evidence evidence can not do anything without it we need to be 100% sure everything is in place before presenting to an official authority.....

 

Thanks

[The Phantom]

I am currently at the FOS stage with Idem, my thread is in this forum as well but as it started with a Picture loan going to Webb and then being transferred to Idem their name doesn't appear in the title of my thread.

You can follow it here though

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?376861-1st-and-second-mortgage-negative-equity-on-property-what-happens-next

[dmholden]

*******************************************************************

 

Morning

 

We would like to know how you got on with these people in the end

 

Kind Regards

 

 

my thread is here

http://www.consumeractiongroup.co.uk/forum/showthread.php?462718-Picture-Idem-colossal-interest

Edited April 12, 2016 by dx100uk

[Windybottom]

I have now received from Idem that they are now taking me and my wife to court to obtain an eviction from our property, this even though they are No.5 on the list.

 

 

Our mortgage is fully up to date also all other loans are fully up to date.

 

 

This has been a long standing argument which first involved Picture Loans where we had arrived at a settlement which Idem refused to honour this was in 2008.

 

 

We have had all the usual harassment,

constant phone calls etc and

 

 

it's now in the hands of the Ombudsman but even that don't denture them

so now we are off to court with my A4 file of everything

 

 

Idem have attempted even if it was legal or not it don't seem to matter to them.

It's about time someone sorted this company out!

 

Anybody is welcome to attend to add to my statement to show just what a company trhis is.