Lloyds loan from 1990 now transferred to Idem Capital Securities

[lindajc]

This loan originally for £4079 (including Optional Loan Repayment Insurance), defaulted in 1993, and token payments have been made ever since.

 

The balance, stated as £3267, was transferred to Idem about a year ago and since then I have been paying them the £20 a month I was previously paying to Lloyds.

 

They are now requesting a review of my financial situation and asking for very detailed information.

 

I decided to request a final settlement figure from them, to which they replied asking me to propose an amount and still asking questions like 'what would be the source of funds' and 'what other debts do you have'.

 

I would be willing to pay £1500 but am not prepared to answer these questions which I think are irrelevant. Also, if they persist in asking for personal information, what would be the consequences of not complying and either stopping payments altogether or continuing with the previously agreed payments.

 

My questions are what course of action is it best to take, and what's the worst they can do to me if I don't cooperate?

 

After 24 years I just want an end to it all!

[theoldrouge]

CCA request to Idem under s77 doubt they will have the agreement, no point making offers until you check they have the paperwork.Do you have statements? If so you need to get reclaiming, as it would probably wipe the balance anyway

[Guest]

defaulted in 93, paying 20/mth since, and bal is still 3267? only 800 off! you need to get that interest stopped asap, it should've stopped after the default anyway.

also, do a sar, check things out, see where yr money has gone. check out that insurance policy.

[lindajc]

As far as I can tell from what I have read even if a CCA is not produced I can still be chased for what is owed.

 

Also, I don't understand the rest of your reply. Even if I had a full statement history for what has already been paid it wouldn't alter the fact that there is still an amount outstanding - I estimate £1500.

 

Sorry if I am being dense.

[lindajc]

Sorry I did not make the situation clear in my first post. I have not been paying £20 a month for 20 years. It started off at £1 a month for a number of years, then increased to £10, £12, and most recently £20 a month.

 

Interest was frozen at around the time of default, and is still frozen.

 

I estimate that the original loan with interest would have been about £6000. The small payments made over 20 years amount to £2000 (I have receipts). Before that I paid an estimated £3000 but have no evidence of this.

 

Therefore an offer of £1500 is more than reasonable I would have thought. The only problem is getting them to accept payment without awkward and irrelevant questions.

 

I do intend to investigate the insurance policy as well but suspect it may have been for ill health problems and did not cover redundancy, which was the reason I fell into arrears in the first place.

[Guest]

yes, could still be chased, but if can spare a quid is worth doing. see what they come back with. if they dont have any docs then that might add weight to your negotiations for a lower settlement?

 

you say 'transferred', presume you mean it has been sold on?

 

ok, not 20/mth since thought it was odd.

 

if the policy doesn't cover, then maybe it was missold. do double check that.

[renegadeimp]

Two words. Cash cow.

 

Also, if they cant produce the CCA, and it is very likely they cant, then they can request payment, but they cant do a damn thing about making you pay anything to it.