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sgianthebard

£60k secured loan - Picture>Picture Finance Ltd>Target>Webb, now IDEM.

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Hi

 

I would like to send a letter to my loan company offering them an increased payment monthly to clear off the arrears on my account.

 

 

I have completed a budget sheet and will include this with my letter.

 

Is there a template I can use, or can someone help me with the wording please.

 

 

I have received default notices and i think the lender is taking legal action and looking to repossess.

 

 

I want to stop this if possible please.

 

Thanks.

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I have a huge secured loan with Picture.

I cannot recall ever having received a statement from them.

 

 

I owe almost 3K in arrears and still have approx 40K left to pay on the loan

(I have been paying £800 per month for 5 years now)

 

Should I be receiving statements or at least something to show me how much I am paying to the debt,

and how much i am paying as interest, etc?

 

 

I know I can write to them, but the last time I did this,

all they sent me was a redemption figure which seemed to me to be excessive.

 

I recently wrote to them asking for all the information they hold SAR,

and they sent me a disc with scanned copies of the loan agreement a

nd letters and emails that had passed back and forth between us.

 

 

Also included were a few internal emails form one dept to another

asking if they would be likely to get the outstanding amount owed if they went for repossession.

 

I'm about at the end of my tether with this loan.

 

 

.I don't know if I can survive for another 5 years since my wages have just been frozen for 3 years,

 

 

but the cost of day to day living keeps rising.

 

 

I have aged 20 years in the past 5 and I probably won't even live long enough to see the end of this loan in 5 years :(

 

 

Sorry for the whinging...not feeling too good today.

Edited by sgianthebard
spelling errors

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Don't be too down-hearted about the no reply situation.

 

 

The forums are more active at the week-ends usually.

 

 

To answer your question, if you sent them a SAR, then they should have provided you with a statement

along with all the stuff they did give you, as it pertains to you.

 

 

If you didn't receive a statement, then the SAR is incomplete.

 

 

I read somewhere that companies that you have financial agreements with must provide statements at least once a year.

 

For example, Lowlife's put on their 'statements', that they have an obligation to send statements annually,

(they quote 2006 amendments to the Consumer Credit Act).

 

If this is for unsecured debt, then I would presume that the same would apply with a secured one.

 

I hope this helps answer your question.


I have had personal dealings in the areas I comment on, however, I am not a lawyer. Any advice I give is without prejudice and is merely my opinion based on the information I have gleaned from my experiences, understanding and interpretation of the law. You should always seek the advice of a qualified legal professional.

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Thanks Acerbic.

 

 

Seems like the SAR is incomplete then as it didn't include statements.

 

 

All I did receive, in fact, was a CD with a password to access the data on it.

 

 

Data consisted of scanned copies of the loan agreement,

letters I had written to Picture,

and a couple of internal memos asking each other if they were likely to have success if hey pursued repossession.

 

This all sounds dodgy as hell to me but I don't know what to do about it...

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Hi there

 

I have a similar problem

....selling our house due to serious debt,

got a settlement figure for our secured loan which is 12k more than we took out,

even though we have paid 24k off in the last 4 years!!

 

 

I posted my thread on the Barclays forum as that is who the loan is with

and I got a really good reply which allerted me to the fact that I have NEVER received a statement for this loan!!

 

 

It's a nightmare, we are selling the house to pay this loan off and to start again...now we won't have much money left!

 

 

I have just got off the phone from Barclays and they have said that as the loan was taken out in 2007 they don't have to send out statements...only loans from 2008!

 

 

I have also filed a complaint with them about being missold PPI....hopefully at least I will get that back.

 

 

I am not sure if my post has been helpful to you, but at least you know you are not alone....I will let you know how I get on.

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I've just checked my credit file using Noddle and I can see no record of a secured loan I have (it's in default and arrears) appearing there.

 

What does this mean?

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I've just checked my credit file using Noddle and I can see no record of a secured loan I have (it's in default and arrears) appearing there.

 

What does this mean?

 

Whoever the loan is with are not reporting it to Noodle, better checking with Experian or Equifax.

Not all lenders report to all 3 CRA's.


 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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Help keep it up and active, helping people like you.

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To cut a long story short:

 

10 years ago, I took out a joint loan for £60,000 with my (at the time) wife with Picture, secured on our home.

 

Since taking out the loan, financial problems (including a divorce) have caused me to accumulate arrears on the loan.

 

The loan has moved from Picture>Picture Finance Ltd>Target>Webb>IDEM.

 

IDEM have now issued a default notice saying I have £20,000 arrears and still owe £38,000 on the loan.

 

The loan term was due to end December this year.

 

I have requested, and received SAR from IDEM and now have a copy of the original agreement and all statements since the loan inception.

 

Interest plus charges have continue to accrue as I missed payments, and mathematically, it looks like I do owe the sums claimed.

 

Do I have a next step other than go to court and plead for mercy and a payment plan?

 

(there is no PPI and claiming back the charges is not my immediate concern)

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Keeping this as short as possible at the moment. I can go into further detail about tackling this in a different way on a different thread.

 

Before I look at possible other options, can I get opinions on the following please:

 

 

10 years ago, I took out a secured loan with Picture for £60k to be paid back over 120 months.

The apr was 6.9%.

I have calculated that the total to be paid back at that rate would be £79,221

 

I have missed payments and accrued charges and additional interest.

 

 

A letter I received from IDEM told me that although I have paid almost £80k on this loan, I still owe over £36k

 

I have now received a calling up notice.

 

I want to make a f&f and I think that as I have already paid more than the total due, an additional £36,000 is unreasonable.

 

 

I know that because of missed payments, extra interest will have accrued, but what would be a reasonable f&f that the courts might agree to?

 

Thanks

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can you not put in a claim for all the fixed sum arrears charges

and any other fixed 'penalty' charges

 

 

letter

missed/late payments

phone calls

debt management.

 

 

etc etc

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Yes dx, I could claim for all the fixed sum arrears charges and any other fixed penalty charges. But if I'm going to try to negotiate a reasonable settlement with them, it might be better to tackle this (initially) in a way that is not combative.

 

That's why I'm asking if anyone has an opinion on whether this method will be a better way to go than to dive straight in claiming back charges etc.

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and get short changed probably

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Why not dive in. They seem to have no issues doing it to you.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Because diving in claiming back charges will not look good in the eyes of the court if this company declines my offer of a f&f.

 

 

I have to make it clear to the court (in the event that it goes there) that I have tried my best to negotiate reasonably with them to settle this.

Then it is THEY who will get harsh words from the court for not being reasonable.

 

If I go at them for charges etc then in the court's eyes I will have approached them in a hostile manner and the company can them claim to be the reasonable victims.

 

I have been going to the courts and sitting in the public area watching how much of a difference it makes

when one side is seen as trying to be reasonable compared to being hostile.

 

 

I can tell you for a matter of fact that the demeanour of the claimant and defendant

and the manner in which they have conducted themselves in negotiations has far more weight in the court's decisions than any point of law.

 

 

Decisions are always at the discretion of the court, and even citing a precedent will not get you a better result. Sad, but true.

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who says reclaiming is unreasonable

 

 

I would view it as the correct thing to do.

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Claiming unreasonable charges back is never seen as unreasonable. Also getting that ball rolling may make them more willing to discuss a F&F that is more palatable to you.


It is easier to enter a rich man than for a camel to pass a needle

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I am fully aware that I can claim back charges. That is not the issue I was asking opinions on:

I can go into further detail about tackling this in a different way on a different thread.

 

Before I look at possible other options, can I get opinions on the following please:

 

I'm looking for opinions on this:

10 years ago, I took out a secured loan with Picture for £60k to be paid back over 120 months.

The apr was 6.9%.

I have calculated that the total to be paid back at that rate would be £79,221

 

I have missed payments and accrued charges and additional interest.

 

 

A letter I received from IDEM told me that although I have paid almost £80k on this loan, I still owe over £36k

 

I have now received a calling up notice.

 

I want to make a f&f and I think that as I have already paid more than the total due, an additional £36,000 is unreasonable.

 

 

I know that because of missed payments, extra interest will have accrued, but what would be a reasonable f&f that the courts might agree to?

 

If I want opinions/advice on claiming charges back, I will ask for that, but for the moment I wish to concentrate on the above please.

 

Thank You for your input which I do appreciate, and apologies if I sound brusque, but I did explain all of this in a previous post.

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I sent a letter explaining the reasons for the arrears and I made a F&F offer. It has been rejected. The company want me to fill out an income/expenditure form to see what affordable repayments can be made.

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UPDATE:

 

I am now in a position to offer all (or almost all) of the arrears on this account.

I can start to make the regular monthly payments once I have cleared the arrears

, and the loan term will expire in December this year.

 

However, due to the arrears,

IDEM have continued to charge interest and will say that I still owe them about £20,000.

Some of this (a VERY small portion) will be charges which are possibly able to be claimed back)

, but the main part is interest on the outstanding loan piling up due to the arrears.

 

Now, I recall reading somewhere that the courts will not issue a repossession order on interest or charges, only on arrears.

So if I clear my arrears, and don't accrue any more until the loan term is complete,

is my house safe from repossession?

 

 

Thanks

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IDEM are a dca who is their client?

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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They have no client. They bought the debt from webb resolutions who bought it from Target whou bought it from Picture Ltd who bought it from Picturetheloan

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to be honest something has to be wrong here somewhere

 

 

why would someone sell a £60k loan on?

 

 

is the charge still showing?

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Picture went bust initially and their portfolio was picked up by Webb...then debt was assigned to IDEM. I rceived a letter of assignationand it all appears to be above board.

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