Picture / Idem colossal interest

[dmholden]

Hi all,

 

Havent posted in years but I just wanted to find out if anyone has had any good progress with Picture / IDEM

 

I tried to dispute and gave up with all the red tape but after realising that I have been paying on time for 90 months and the loan hasnt moved I have found the fire again...

 

 

below are my details

 

I stupidly took out a Picture Loan in Sept 2007. the loan amount was for 25000, Picture added 5000 PPI to the total loan so the loan amount was 30,000. I found this out after and in discussion with FCSC regarding this....

 

Some months I have paid £500 with the hope of paying less interest but the interest was still £210 a month.

 

Account is not in arrears so I am not sure if Idem will agree to freeze interest. Now that would be helpful. Ive read some forums that mentioned that IDEM agreed to freeze interest, does anyone have a template letter?

 

In terms of being mis-sold I have researched and some of the below might be valid. I would love to know if any other people who have had a Picture Loan have any valid input or feedback

 

1) I was not informed that the 5000 would be added to the loan and I would be paying 25 years of interest on it!

 

2) loan is variable but even though the bank rate is 0.5 this 2nd mortgage loan hasn't decreased (unlike my Halifax Mortgage)...

 

3) My lack of financial knowledge was used to take advantage of me. I should have been advised to discuss my debt issue with StepChange and setup a Debt Management Plan instead I was encourage to consolidate.

 

4) The total amount repayable was never made clear, with my mortgage I received a key facts document

 

5) with my unsecured debt I am in a DMP with StepChange and fortunately the companies involved have frozen interest and charges. Stepchange are unable to assist with this loan because its secure

 

6) I discussed the issue of the interest rate being variable and never going down with Idem, they said there are unable to assist because initial company has gone bankrupt but Idem do regularly review???

 

7) I spoke to FOS and they are unable to help. FSCS can only deal with the PPI not the entire loan

 

8) Citizens advice have informed me that I may be able to discuss mis representation act but it should have been done within 6 years.

 

I am at a lost but very angry and annoyed that I got myself in this situation

 

I am alot wiser and smarter now and would never make the same mistake.

 

Do you think I could send a F & F settlement for a say £5000 and hope they will accept?

 

Any help or advice is very much appreciated.

[dx100uk]

have you the agreements still?

 

 

dx

[dmholden]

I have asked Idem to send me them in the post. regards

[dx100uk]

SAR time to the oc?

[mercyblue]

8) Citizens advice have informed me that I may be able to discuss mis representation act but it should have been done within 6 year

 

Not really true it is 6 years from when you become aware of the misrepresentation.

[bob 3456]

Hi Regarding the interest rate ,i brought this up with a FOS adjudicator in regards to a different sub prime lender. Ours states 11% var. on our original agreement but it has never changed in 10 years . The FOS say it is 11% and will remain 11% , i don`t understand this at all and question if these adjudicators know what they are talking about? Our balance is the same as when we started the loan (capital repayment loan) and interest charged has barely changed over the years .

[The Phantom]

I have the same issue and my own thread going with regards to Picture/ Webb/Idem.

I am also very concerned about the fact that they have always put the interest rate up with every rate increase of the BOE but never down with any subsequent decreases.

I also complained to the FOS about a number of things but they sided with Idem on all of them. They said they can't look into interest rates as a subject, so that was excluded from the start.

 

I know of only one case where someone challenged this sub primer lender behaviour of only increasing interest rates and not decreasing them equally when rates do come down. I think that was a First Plus loan and the borrower took them to court and won. There is a thread or information about that on this forum, I am sure. I pointed this out to the FOS and was told that case did not apply to anybody else only to the person who took legal action.

[dmholden]

sometimes I think the FOS is just there to help the financial companies and not the consumer...

[The Phantom]

That is my experience as well, although I think a lot of it is due to initial assessors / adjudicators who are inexperienced and totally overloaded with work. Probably have to close cases within a certain period of time and this leads to many errors. I don't think many of them have the know-how or time to drill deeper into certain complaints and actually 'think' about them.

I had complaints returned to me with a word for word copy of the banks final response to me, and the adjudicator saying that was their reason for rejecting my complaint. They didn't even make the effort to phrase their own sentences.

It makes a mockery of it all really. Thank god it is free for consumers.