Secured Picture Loan who sold it to Webb who sold to Idem - Repossesion hearing

[ims21]

OK

 

Last couple of questions

 

So they poppoed and £8k ppi premium onto the loan at the start and via some complaint or other mechanism the FSCS refunded you some £8k?

 

As this loan changed hands from time to time I take it that no other premiums were added to the loan....it was just a case of new "owners" taking over the existing loan. Is that right?

 

It was never refinanced i.e. settled one loan and took out a new one?

 

ims

 

ims

[jj69]

OK

 

Last couple of questions

 

So they poppoed and £8k ppi premium onto the loan at the start and via some complaint or other mechanism the FSCS refunded you some £8k?

 

As this loan changed hands from time to time I take it that no other premiums were added to the loan....it was just a case of new "owners" taking over the existing loan. Is that right?

 

It was never refinanced i.e. settled one loan and took out a new one?

 

ims

 

ims

 

Thats correct it was Pictures back in 2006 since then Target now Webb tbh not checked balance in a long time but just one company taken over loan and monthly payments the same with all terms and conditions the same.My argument is if Webb have only recently taken over the loan and I have no arrears or defaults with them they should honour the PPI refund if I have not claimed for the last five years..

[ims21]

Ok

 

My take on this is that effectively you have had your PPI premium back and therefore there is no policy to claim anything back on.

 

If they charged an £8k premium and then later refunded you £8k (either by direct payment to you or by adjusting the account) you haven't actually paid for a PPI policy.

 

Unless I have missed something which is of course quite possible.

 

ims

[jj69]

Ok

 

My take on this is that effectively you have had your PPI premium back and therefore there is no policy to claim anything back on.

 

If they charged an £8k premium and then later refunded you £8k (either by direct payment to you or by adjusting the account) you haven't actually paid for a PPI policy.

 

Unless I have missed something which is of course quite possible.

 

ims

 

Ah..not actually claiming for PPI ...sorry not making myself clear ...if you did not claim on the PPI at any point during the active period ie 5yrs then you were entitled to either the amount or half back of premiums paid cant remember which one so basically I have had the PPI running but not claimed on it and therefore requested they refund premiums only to be told sorry but you had arrears more than the supposed two times that my policy states..I say crap as I know it is not 19 times that I have defaulted/late payments if so surely the previous companies would have started court action after all six payments late with Halifax for my mortgage and I was defending myself in court...I intend to write and get this moved forward to FOS in need be but wondering iif others have been in this situation..

[ims21]

But if you had £8k added to you loan to start with and then had it given back to you then there is no policy and because of that there is no policy to claim a rebate on.

 

How was this FSCS claim paid to you?

 

ims

[jj69]

But if you had £8k added to you loan to start with and then had it given back to you then there is no policy and because of that there is no policy to claim a rebate on.

 

How was this FSCS claim paid to you?

 

ims

 

I see where you are coming from, I got a cheque which I put into my account then paid Target but the PPI has not been taken off it is still being paid the account balance has been reduced by £8000.I think the issue is that the previous loan owner should have stopped the PPI and recalculated the loan but did not do this...so although I have paid a lump sum off the PPI was still on here..does that seem clear now..lol...confusing myself

[jj69]

But if you had £8k added to you loan to start with and then had it given back to you then there is no policy and because of that there is no policy to claim a rebate on.

 

How was this FSCS claim paid to you?

 

ims

 

So in basic terms £8k off current loan but PPI not removed or loan recalculated...

[ims21]

Did they make the 8k refund to the loan account or to you?

 

ims

[jj69]

Did they make the 8k refund to the loan account or to you?

 

ims

 

To me but I then paid to the creditor

[ims21]

Ok so that would have reduced your loan balance by £8k

 

Either the term would stay the same but payments would reduce OR payments stay the same and term would be reduced.

 

Provided of course the account ran its normal course with no missed or late payments.

 

I don't think there is any more to come back unfortunately.

 

ims

[jj69]

Ok so that would have reduced your loan balance by £8k

 

Either the term would stay the same but payments would reduce OR payments stay the same and term would be reduced.

 

Provided of course the account ran its normal course with no missed or late payments.

 

I don't think there is any more to come back unfortunately.

 

ims

 

Hmm thought that is one possibilty , going to take a chance and right a letter disputing the fact that the arrears were not with Webb and to prove when these many defaults occurred ...at the very least can punt it over to FOS if Webb refuse to budge...Thanks for your advice...

[sgianthebard]

Webb have been writing to me for a few months re arrears. Each letter they send has different amounts owed, different dates they have recorded as my last payment, different outstanding balances. I am beginning to think they have no paperwork and are just relying on scare tactics.I'll SAR them. If it turns out they have no proper records of my loan, where do I stand? I have received a letter from their solicitors stating that they intend to start a notice of eviction if I don't pay off arrears of 3,800 within 7 days. They mention in the letter that their client tells them I have an outstanding balance of £60,000. This is wrong. The initial loan was for £60,000.

[The Phantom]

Have you got a first charge (i.e. main mortgage) on the property ? If they really did repossess the first mortgage would have to be satisfied first out of any proceedings, nowadays there is usually little or no money left for any subsequent lenders therefore making it pointless for a secondary lender with a secured loan to start these proceedings as they would end up with no money anyway.

Have you been to your local CAB yet ?

[sgianthebard]

I haven't been to my local CAB as I am as capable of researching regulatory laws etc as the volunteers at the CAB. There is a first charge on my house with my building society and I am thinking of contacting them regarding the threat of reposession from the second charge (Webb).But it does seem like Webb have no good record of the correct amounts owed. If they do go to court for reposession and their figures are wrong, will the court dismiss their claim? Also, if I SAR them and they can't produce the original agreement I had with Picture, where do I stand then?

[Happyhippy1959]

I have the same problem... Have a secured loan from Barcalays First plus have struggled to pay over 1k a month on both mortgage and secured loan for three years since ex went. ( take home pay £1460 a month ) a little overtime here and there. A week ago I phoned my main mortgage provider and told them of the difficulties and the effect on my health, told them I was selling. they were very good, have dropped it to a £100 for two months and send details of letting agent. Valued yesterday at £110.00, now on my calculations we wont have enough to pay off the secure charge maybe a £1000-2000 shortfall especially if they start putting silly charges on. I have written to them to basically say I have thrown in the towel and do there worse.... I will offer them a token payment until house sells or is repossessed. What I need is to save for a deposit for private rental so saving £800 a month is a must for me. my first £800 has already been eaten into as I had to pay £120 for a EVP is it. ??? Now my question is, should I continue paying the main mortgage complete with £50 arrears as agreed with the main mortgage lender and offer a token of a £100 to First plus until sale. that will give me £400 a month on top of two months of £800 .. or should I just go for bust stop the lot and hope it takes three months to repossess. I know it's difficult but I don't want those ballams selling it for a song. By the way I intend to go BR after as I also have 40k of unsecured debt....

[jj69]

Hi all you caggers it has been sometime since I posted on here but thanks to Ellen I managed to keep my house but could do with here help again or somebody with similar knowledge.

 

I now have a similar issue with a secured loan from Idem who have gone for the repossesion route to be heard on the 7th March.

Quick overview :

 

Loan purchased by Idem Jan 2015 total owing £28k

Contractual payment £340

 

I have been in and out of work since Jan last year but managed to get on my feet now and start a LTD company.Only made ver small token payments to Idem say £50-100 but only about 3-4 payments.The have ramped up the fees and charges which is now £8k but then they have also said £10k as it seems to change with each phone call.

 

I have explained situation in terms of working and how I will be able to afford the contractual payments going forward but they have still insisted on going for the repossession route despite the following :

1st owner of mortgage is Halifax

 

Current balance is £128k

Current worth of house is around £135k

 

I have asked for interest to be stopped and charges to be removed but they point blank refused. I took the case to FOS but they could find no fault in the paperwork with the charges an interest from Idem ( the paperwork is the original from Picture who sold it to Webb who sold to Idem etc..)

Therefore Idem will not get back anywhere near the required sum.

 

Stupidly I have only been phoning them and not getting anything in writing but after the last lengthy phone call they agreed to hold interest for six months and that they did not want to repossess but required an amount to be confirmed from the courts in other words a CCJ I guess.

 

These guys are a royal pain in the ass and I find myself on the phone at least up to 30-35 mins going through income/expenditure etc each time.

As a contractor my contracts consist of 3-6 months which they know about but due to being paid laid by agencies and sometimes not at all this has led to late payemnts to the first mortgage plus utility companies as well.I finally managed to

 

get a LTD sorted out with a better rate of pay so going forward I can afford Idems payment but when I do pay they add more charges and interest on as well which negates the payment made to them.

 

To be honest I am quite willing to go to court to explain this but an unsypmathetic judge may find in favour of Idem due to numerous missed payments.

 

Oh one other factor is I have a 16 yrd old son in the property so he will be affected with this repossession.

I have written to Idem with a request for a breakdown of all charges but would like some assistance with the court papers that I currently hold.

 

Thanks. JJ

Edited February 3, 2016 by Conniff

[Conniff]

On top of the help and advice you get, keep in mind to make sure you attend the hearing, be sat in the office and talk to the judge face to face.

[jj69]

On top of the help and advice you get, keep in mind to make sure you attend the hearing, be sat in the office and talk to the judge face to face.

 

Hi ! Thanks for the advice and oh yes I intend to be ! As an irony I am 4 weeks into a new 3 month contract and have to take time off to attend this as it is at 12 noon lucky my manager is ok with this otherwise I could but asked to leave this contract and therefore putting me back to square one without a job and looking for another contract and as such meaning I am unable to make payment to Idem of all people !! I will be making the judge aware of this !

[jj69]

Just to add to this thread received a letter today from Idem stating to get in touch as they would like to resolve this before court although they have frozen interest for 6 months they will not remove the additional charges !

I want the interest frozen for as long as possible and the charges removed or reduced !

[AndyOrch]

Thread moved to Home Repossessions Forum.

 

Regards

 

Andy

[Ell-enn]

Hi there, how many actual monthly payments have you missed ? are they adding the charges on to the arrears ?

 

Have you sent a defence into court ? if not we can help you with that.

 

Stop talking to them on the phone and keep everything in writing.

[jj69]

Hi Ell-enn . In total about 10 months .

Made some token payments of about £100 since Nov 2015.Last payment of £150 was today .Not sure on the charges but think they are

No defence to court yet but have the papers.

I am confident in paying the contract amount but dispute the massive arrears ( nearly £10k)

[Ell-enn]

So 10 months of missed payments is £3,400 ? and the remainder of the £10,000 they are claiming is charges ? Do you have an up to date mortgage statement showing these charges ?

 

We can help you to submit a defence to the court

[dx100uk]

I have merged a few related threads for history.

 

 

dx

[jj69]

So 10 months of missed payments is £3,400 ? and the remainder of the £10,000 they are claiming is charges ? Do you have an up to date mortgage statement showing these charges ?

 

We can help you to submit a defence to the court

 

Charges and interest. I have requested a statement so should have one by next week