Unregulated loan complaint process

[Hay206]

Hi, I am new to this and seem to be struggling to get an answer from FOS or FCA. I took a loan out with picture who have now ceased and my loan has been passed around and now sits with Idem at present.
i am trying to move and it was suggested I obtain the documents for the loan as my advisor thought it look very "dodgy". It turns out picture ignored the valuation for my property and gave a loan for over 161% lov and not the 125 as stated. I have been fobbed off by idem as they did not sell the loan and won't respond although they agree it was wrong.
i have complained to FOS but they won't take any actio and I was wondering who else I could approach re unregulated loans.
i am not looking to get out of the loan I just don't see how firms can get away with these practices in the past with no responsibility.
thanks

[nemesis45]

Re: Unregulated loan complaint process

Hi, I am new to this and seem to be struggling to get an answer from FOS or FCA. I took a loan out with picture who have now ceased and my loan has been passed around and now sits with Idem at present.
i am trying to move and it was suggested I obtain the documents for the loan as my advisor thought it look very "dodgy". It turns out picture ignored the valuation for my property and gave a loan for over 161% lov and not the 125 as stated. I have been fobbed off by idem as they did not sell the loan and won't respond although they agree it was wrong.
i have complained to FOS but they won't take any actio and I was wondering who else I could approach re unregulated loans.
i am not looking to get out of the loan I just don't see how firms can get away with these practices in the past with no responsibility.
thanks

Good evening Hay welcome to LB.
I can tell you one thing you are not the only one in this situation!! Others are in " limbo" too.
Has the FCA given any advice?
Can you tell us when was the loan last serviced or acknowledged?
What other debt collectors/purchasers have been involved and what was the out come
of their efforts to collect?
nem.

[Hay206]

Re: Unregulated loan complaint process

Thanks Nemesis, I have continued to make payments and haven't missed any so far so no problems with collectors etc. I spoke to the FCA and they provided no help at all. Basically they said that they don't take any individual cases.

i can't understand why there is no FOS equivalent which would look at this. I struggle to see why I should keep paying as idem have the best of both worlds, get my payments and don't have to answer any queries raised. I will continue to pay only because it would adversely effect my credit rating.

[meellis]

Re: Unregulated loan complaint process

What sort of loan is it, obviously secured on the property, but is it a first mortgage, second mortgage and how much is it for?

[Hay206]

Re: Unregulated loan complaint process

It was a secured personal loan for £49k.

[FlamingParrot]

Re: Unregulated loan complaint process

Hi, I am new to this and seem to be struggling to get an answer from FOS or FCA. I took a loan out with picture who have now ceased and my loan has been passed around and now sits with Idem at present.
i am trying to move and it was suggested I obtain the documents for the loan as my advisor thought it look very "dodgy". It turns out picture ignored the valuation for my property and gave a loan for over 161% lov and not the 125 as stated. I have been fobbed off by idem as they did not sell the loan and won't respond although they agree it was wrong.
i have complained to FOS but they won't take any actio and I was wondering who else I could approach re unregulated loans.
i am not looking to get out of the loan I just don't see how firms can get away with these practices in the past with no responsibility.
thanks

Am I reading this correctly? The loan was for 161% of the valuation? Was there no other loan secured on the property (such as the first mortgage)?

It was a secured personal loan for £49k.

What is the value of the property?

[Hay206]

Re: Unregulated loan complaint process

There was a mortgage with Northern Rock of £96k and the valuation given by picture was £100k which I don't agree with as they were based on 2 properties sold at the time which were both 3 bed homes. I was not given a copy of the valuation and stupidly thought picture were treating me fairly which now I know they weren't.

with the inclusion of PPP the total loan was £61k, I have addressed the PPP issue with fSCS.

[meellis]

Re: Unregulated loan complaint process

There is very little backing out there at the moment and the only rules that may be of use would be under unfair terms or unfair relationships but it is a fight you will have to make yourself. Next year second charge secured loans come under revised mortgage rules which will be overseen by the FCA but it yet to be seen what will be covered under existing agreements. Apart from being upset about the way you have been treated what are your expectations? You are not in arrears or fighting repossession so are you after a decent redemption estimate or justice.

[Hay206]

Re: Unregulated loan complaint process

Thanks I had come across the Unfair Relationships info but as you say there's no president & trying to establish who can take this forward on our behalf is the biggest issue facing us.
Our expectations are that this is reviewed & redress given on the loan that was given out with their lending policy.

I appreciate we are not in arrears but we are 10 years into this loan and have been living a lower than basic lifestyle in order to keep our heads afloat.

i struggle to see why regulated loans receive full backing of FOS but unregulated have nothing.

[Sparkie1723]

Re: Unregulated loan complaint process

My penneth here is that the new owner having taken over the loan IS responsible for all the actions of the now deceased Picture Finance ?? .........that is who you say it was .....am I correct in that? Idem must have bought the loan ............and even in the finance industry when you buy something ......you buy " as seen"...no get out...............telling you that they aren't responsible because they did not sell is a " fob off" they can't have the benefits of the repayments without the liabilities of it.................That would without any doubt fall into section 140 of the CCA...idem saying that to you would be construed as an attempt to avoid their responsibilities, which would be I n your favour from the offset.

That is my personal view ..I am not legally trained and can only go on my own personal experiences ....I have an unregulated loan which I will fight to my death to prove that ALL second charge lenders will have to answer for their greed.

Then again a lot of peeps have the opinion I ramble quite a lot ..............which I admit I do................BUT one thing I do have is the experience of fighting all manner of fights.
Final bit of advice send idem an SDAR.......see what info they hold about you and your loan..........Final question did you receive notice of assignment?

Old Sparkie

[meellis]

Re: Unregulated loan complaint process

Unfortunately there are a lot of people with these products, some in a lot worse position than you, some in the same position as you and a lot who are probably unaware of the position they are in because you only find out when something happens. There seem to be more cases around that are testing the unfair relationship side of things but a lot of time the people caught up with these products can't afford decent legal help so who knows how it is all going to go hopefully in the right direction.

[Hay206]

Re: Unregulated loan complaint process

[QUOTE=Sparkie1723;560551]My penneth here is that the new owner having taken over the loan IS responsible for all the actions of the now deceased Picture Finance ?? .........that is who you say it was .....am I correct in that? Idem must have bought the loan ............and even in the finance industry when you buy something ......you buy " as seen"...no get out...............telling you that they aren't responsible because they did not sell is a " fob off" they can't have the benefits of the repayments without the liabilities of it.................That would without any doubt fall into section 140 of the CCA...idem saying that to you would be construed as an attempt to avoid their responsibilities, which would be I n your favour from the offset.


Thanks, I plan to speak to Idem tomorrow. I just find it amazing that there lending practices were allowed to continue when they said the max was 125% ltv not 160% and because they went out of business that is not ideas concern.

i borrowed from picture and signed an agreement with picture but if I refused to pay idem would they be ok with that, I think not but that is he fob off they are trying with me.

[Hay206]

Re: Unregulated loan complaint process

Unfortunately there are a lot of people with these products, some in a lot worse position than you, some in the same position as you and a lot who are probably unaware of the position they are in because you only find out when something happens. There seem to be more cases around that are testing the unfair relationship side of things but a lot of time the people caught up with these products can't afford decent legal help so who knows how it is all going to go hopefully in the right direction.

I am just disappointed I did not do more at the time, I hope the change to second charge does resolve the issue but I am highly doubtful it will.

also how would this work with the 6 month time bar on complaints, would I be able to challenge again if the outcome is favourable.

[Hay206]

Re: Unregulated loan complaint process

These companies must be accountable to someone, for example would it be ok for them to increase interest rates way above the norm, or increase charges on the loan and I have no comeback to challenge these out with through my own legal process.

it is about time the regulators got a grip and instead of wasting time punished these companies the same way they have been hammering the banks lately.

[meellis]

Re: Unregulated loan complaint process

You can challenge anything that goes against the terms of the agreement or anything that is unfair you just don't get the support you would like and you have trouble finding the right legal minds that are up to speed or the right price.