Idem and old Endeavour (HFC) Loan - saying they will issue a new default on unregulated secured loan.

[TonyLeeds]

Good Morning

 

A brief history ......

 

My wife took out an unregulated secured loan in both our names with a company called Endeavour Personal Finance in December 2003 for 45k

 

In 2009 due to sudden and unexpected bereavements I had to have an extended unpaid period of leave which sent our finances into freefall, by 2014 I had the endeavour balance down to about 7.5k  Idem servicing had taken over the debt by this stage and we were in dispute about how they were applying interest as Endeavour had agreed to freeze it while we either consolidated or re-mortgaged. Idem went quiet at this stage.

 

In December 2019 I ended up in court for repossession with my main interest only mortgage provider Redstone and with the help of immediate family and the guys at CAG I managed to pay my arrears and stay in my house, since then I've kept on top of all payments and improved our credit ratings to the stage where we should be able to re-mortgage by the end of this year.

 

Yesterday we received a default notice from Idem Capital Securities Ltd. dated on 1st June going into effect on 18th June 2022, if this goes on our credit files the negative impact will be devastating as due to our ages another 6 years in financial limbo would probably mean we'd never be able to get another mortgage.

 

I rang Idem and after at least 20 attempts finally got through to a lady who said that she thought the Default notice was a mistake as she had it on file that we were issued with a default back in 2014 and that we couldn't be issued with two defaults for the same debt, I explained that we were hoping to re-mortgage and that they would be paid due to the second charge but that if they marred our credit file it would become increasingly difficult to settle the debt.

 

It's been left that she's looking into it and will ring us back however I really don't trust Idem.

 

The Idem/Endeavour debt has never shown up on my credit file.

 

Any Comments or advice would be greatly appreciated.

 

Kind regards

 

Tony

 

 

[dx100uk]

HFC would have issued a default notice years ago and it can never comeback on your credit file.

you cant have 2 and a debt buyer cant issue a default notice!

you fell for the oldest trick in the book.

 

have you ever sent these fleecers a CCA request

as HFC agreements for that period were rarer than hens teeth.

 

shame they have also been scamming your upon interest too.

as HFC would have also terminated the agreement upon issuance of a default and the sale to idem.

 

stop ringing powerless DCA's too - they LIE!!
 

[AndyOrch]

29 minutes ago, dx100uk said:

HFC would have issued a default notice years ago and it can never comeback on your credit file.

you cant have 2 and a debt buyer cant issue a default notice!

you fell for the oldest trick in the book.

 

have you ever sent these fleecers a CCA request
 

 

If its unregulated DX there is no Default Notice and a CCA request is not applicable ?

[TonyLeeds]

Hi dx100uk

 

We have spoke in the past, you and Ell-en were massively helpful in the past when I went to court with Redstone which I'm eternally grateful for.

 

Would you mind if I pm'd you a copy of the "default" I've received because it looks official and I'd hate these bandits to pull a fast one.

 

kind regards

 

Tony

 

Edited June 10, 2022 by TonyLeeds

[dx100uk]

opps as andy has pointed out, if its an unregulated agreement because of its size (+£25k) then the gloves are off 

they dont have to abide by the consumer credit act.

 

however, lets see if their DN mentions section 87 etc. as idem never know their elbow from their knee anyway.

you might be able to trip them up.

 

can you scan it to PDF and upload it here

read our upload guide carefully.

we dont give advice by PM as it helps no-one bar you.

not what CAG is about

 

dx

 

[TonyLeeds]

See attached Doc.

Idem 10th June 22.pdf

[AndyOrch]

Are you sure its Unregulated Tony,,,got a copy of the agreement ?  

[TonyLeeds]

Hi Andy

 

Yes see attached doc.

 

Kind regards

 

Tony

Endeavour agreement 10th June 2022.pdf

[AndyOrch]

Apologies Tony I got sidetracked elsewhere.

 

So clearly unregulated IDEM are not aware and think it is regulated...hence sec 87(1) DN  ...but in reality its all irrelevant because its unregulated and not legislated under CCA1974 they have carte blanche to do as they please....as stated it does not require a DN it does not required a valid agreement...its irrelevant who issues a DN.

 

But statue of limitations still apply and also unfair terms and conditions can be challenged.

[TonyLeeds]

Thanks Andy

 

But will this DN go on our credit files which is what I'm worried about as we've really worked hard to get ourselves in to a position where we can remortgage and would hate it if this scuppered our clean run.

 

There's been nothing from Idem on our credit files previously.

 

Kind regards

 

Tony

[AndyOrch]

Its possible..a default whether regulated or unregulated must still be recorded pursuant to the ICO guidelines...although it should be placed within a reasonable period at the time of default by the original creditor.....not when some DCA buys the debt and decides to issue one years later. 

 

Did the Endeavor HFC ever record a default on your credit files ?

[dx100uk]

yes thats what i was wondering

idem said on the phone one was issued in 2014 by endeavour? so ICO rules should still apply even if its unregulated as the ICO guidelines doesn't distinguish between regulated or unregulated just a default notice?

 

i think we've travelled this road before with secured unregulated loans but i've not time to search at present.

 

dx

 

 

[TonyLeeds]

I can't ever recall anything from either Endeavour or Idem been on our files, do you think there's any mileage in trying to negotiate with them at this point ?

 

Kind regards

 

Tony

[AndyOrch]

Was it 2014 when the loan was defaulted ?

[TonyLeeds]

Hi Andy

 

Yes 2014 is what I was told by the lady over the phone at Idem.

 

Kind regards

 

Tony

[TonyLeeds]

Hi Andy

 

So the lady at Idem has got back in touch with me and said that the default notice was sent out in error as "its something they have to do prior to escalating their collection process" and that she'll mark the account on hold until further notice but asked that I keep in monthly contact with them.

 

I don't know what to think.

 

Kind regards

 

Tony

[AndyOrch]

On hold sounds positive but on hold from what ?