HELP! £26k interest lumped on to Picture Loan \ Idem Servicing secured loan

[SillyStupidWoman]

Hi there,

I wondered if anyone can help please?

I stupily took out, in total a £58k loan from Picture and then got into difficulty. Picture then froze the interest when I got into arrears.

 

I was single, living alone and panicking about my finincial situation and this option was put to me via a broker (who's now bust)

 

I have £6,500 of arrears from 2006 but kept paying the same original agreement amount of £660pm.

Other things suffered as a result but I just had to keep a roof over my head!

 

I didn't keep a track of it but just paid every month.

I've now taken my head out of the sand and am trying to find figure out how to get my self back up straight.

 

I got a statement from Idem after I requested it and have just found out

 

a) I had a £9000 PPI policy added to the loan when I first took it out and

b) when Idem took over, they lumped £26k of interest from the previously frozen interest!! Twenty Six Thousand Pound! How much??!!

 

Help!!

 

I'd got the balance on my loan down to £37,000 before Idem took over (based on their statement) and added the £26k.

In total I know owe them £63,000 after 6 years of paying £660 per month (excluding the peirod of the arrears).

 

My first thought is to contact a mortgage solicitor to see if the whole thing has been missold,

do something somehow to get the £26k interest taken off and then (or all at the same time) contact a company for a PPI reclaim.

 

Has anyone had any experience in proving a mortgage was mis-sold, getting the interest back, reclaiming the PPI or any other advice in how to deal with these people?

 

I just don't know where to turn!

[dx100uk]

that's not right

 

idem are debt buyers

so when did pictures sell it on

 

you need to send picture loans an SAR.

 

idem are well known for diddling people.

 

dx

[SillyStupidWoman]

Have I posted in the right bit of the forum? (sorry if I haven't......)

Edited August 20, 2013 by SillyStupidWoman

[SillyStupidWoman]

Sorry dx100uk... just saw your reply.... What am I looking for when I ask for the SAR and how will this help me?

Idem took over in September 2011.

(Picture are no longer so I guess you mean I get a SAR from Idem?)

[dx100uk]

have to be idem

 

have they been sending you regular statements?

 

if you type in picture loan

is our gey toolbar search up top

 

you are not alone with being fleeced.

 

dx

[SillyStupidWoman]

have to be idem

 

have they been sending you regular statements?

 

if you type in picture loan

is our gey toolbar search up top

 

you are not alone with being fleeced.

 

dx

 

No, the first starement I got from them was the one I asked them for having read many forums about them.

 

I couldn't find any threads where people have said they have succesfully reclaimed interest, PPI or had the loan declared as missold.... Can you point me in the right direction please?

 

Many thanks

[dx100uk]

you cant reclaim interest

 

however, if they have acted unlawfully

 

which I think they have by adding the frozen interest again

 

I think you have a VERY good case.

 

and certainly a good ppi reclaim

send that to the FSCS

 

IDEM are a debt buyer

they've had you blind here

 

you certainly need to sar them

 

you MUST be getting statements every 6mts by law.

 

they have obv been hoping you wont finddout your rights etc etc

 

It might be an idea to give the FOS a ring tomorrow

 

and get them involved now

 

pers and from the other threads here regarding how old picture loans people have been treated

by various debt buyers, you are not alone.

 

dx

[SillyStupidWoman]

Thanks for your help, dx100.

 

I phoned the FOS today following your post above who said they will look at the two issues seperately i.e. the interest of £26k and the PPI seperately.

On the £26k interest the chap I spoke to said he would write to Idem Servicing on my behalf and they will have 8 weeks to reply. He said it may end up being their parent company or the ultimate PLC company.

 

I then spoke to a lady in their PPI department who said that she can't claim for me as the loan is under the Consumer Credit Act (CCA) not the FSA... however the footer of the paperwork from Idem Servicing says regulated by the FSA (dated 6 August 2013).... She advised me to write to them directly for the PPI reclaim (in process of doing from forms on Money Saving Expert)

 

In both instances, they in put the name of the original company i.e. Picture into a computer system presumably to find them on a list...

 

I think that she (PPI lady) may have found the wrong Picture as my loan is secured and was with Picture homes loans....

 

Surely a secured loan is a FSA loan - not a CCA loan?

 

Anybody any ideas?

[dx100uk]

loans over £25k are not under the consumer credit act

or certainly should not be!

 

have you still got the org loan agreement?

 

dx

[SillyStupidWoman]

Yes - here goes...

"Picture Financial Services plc is regulated by the OFT to conduct consumer credit business and is authorised and regulated by the Financial Services Auth. to conduct general insurance mediation."

It also goes on to say it's a member of FLA - finance & leasing assoc

 

That says to me the PPI would be inder the FSA but the loan itself would be under the CCA...... What do you think?

[dx100uk]

unless the loan paperwork states at the top

regulated by the consumer credit act, then no its not CCA regulated

 

the rest is good news on the PPI front at least

 

the FSA is now the FCA

 

dx

[Jeremy Belknap]

Hello

 

Remember that the Consumer Credit Act 2006 removed the £25,000 limit on 6 April 2008. So the date your application was completed is very important in determining if it was CCA regulated or not. Also please remember that as this sounds like a second charge loan, it will not be FCA (previously FSA) regulated.

 

Jerry

[Helsby]

Hi,

 

 

Just to let you know that I know exactly how you feel, I am in the same position as you still are or was. Can you please let me know if you managed to resolve the matter, or are you still fighting it. After reading your thread, i got even more annoyed with picture/idem as i am still arguing my case. I only over about 12,000.00 on my loan and then hit problems and my interest was also frozen, yet idem still backdated the interest and i now owe around 40,000. Please let me know how you got on.

 

 

Helsby