idem servicing

[sashie46]

I've researched loads to see if anyone has had success on getting a settlement which is lower than the actual loan...

I've been paying them since 2011. original loan was with button financial broker to picture loans in july 2007. both gone into liquidation now. loan was passed to webb resolution.

loan original amount 22k over 300 months at a payment of 203 a month variable although it has not moved in interest since 2008..currently 10.2 apr

I think the fees and interest are questionable. so I complained in 2016. they disagreed. its been with financial ombudsman since as they regard it as a complex case which they have a lot of.

to date I still owe 18k

I asked for settlement and its still 18k

I want to move but paying this off leaves us with nothing for deposit
I asked idem if they would settle for 10k and inturn ill stop complaint. they did ask me at xmas what it would take to settle and I said take 10k off loan amount and convert 8k into unsecured loan

anyone had any success with them at all...

don't get me wrong I borrowed money I owe it.. but I would like to pay what's fair and thats what I feel ive offered. over the years weve paid 27k off a 22k loan

[MIKE770]

did you ever get a CCA1974 request off? to see if it is enforceable or unenforceable?? CCA Request we would then see if you are being led up the path (cash cowed)

[sashie46]

it says fixed sum agreement regulated by the consumer credit act 1974 secured on my property details

can I ask do you know what timeshare act of 1992 is as that's stated on agreement. I have original paper work.
the original agreement number is different to what idem have. they've changed it.

[MIKE770]

see what others say on here?

[Amethyst]

This was originally an secured loan with Picture and now with Webb Resolutions and was originally for £22k, over 300 months at £203 a month ( so £60900 payable in total ?) taken out in July 2007. Is it unregulated or regulated ? ( as it's under 25k and taken out before 2008 it should be regulated )

Quick calc at 10.2% over 25 yrs shows that is pretty near figures wise but there seems to be an odd £2k, presumably charges added at the beginning, or maybe PPI ?( https://www.fscs.org.uk/what-we-cove...cial-services/ )

You want to get it settled ( at less than their settlement figure of £18k ) so you can move house without taking the secured loan with you ( or having to pay it out of your equity as you need that for deposit) You've made an offer to have £8k transferred to an unsecured loan and write off the other £10k which has been refused.

Could you offer to pay the £8k rather than have it moved to an unsecured loan ? That might be more attractive to them. I don't know what your deposit or equity position is or whether that is possible.

If you can do a scan of the agreement that would be useful.

What's happening with the Ombudsman and what's the actual complaint they are looking at ?

[sashie46]

Yes I have agreement I can post here I don't mind

[Amethyst]

Ace - just make sure you cover any personal details xx

[Amethyst]

I've redacted the documents fully and also moderated them so they aren't visible ( I can see them still though )

Total £22000 loan plus the charge for credit of £39977 gives a total of £61977

300 payments of £206.59 is the same ( £61977 )

However to get the loan calculator with the interest rate to work out to the same figure you have to go up to something nearer 10.95% so there may be something amiss - I don't know it button/picture had a hidden commission issue. There doesn't seem to be any PPI involved according to that agreement.

There is reference in the terms to a 'Essential Guide' ( did you get that/do you have that?)

Have you received annual statements on the account ?

You can send a CCA request ( as it is a regulated loan ) to give you a stronger hand in negotiating if they don't have a copy. I'd suggest doing that next, as if they don't have it after the 12 + 2 days you can tell Webb Resolutions it's unenforceable and make that settlement offer again, ensuring it includes something to remove the charge over your property, potentially with a better prospect of sucess.

I don't know what the complaint through the ombudsman is regarding - charges? Have you missed payments / made late payments over the term?

[sashie46]

complaint with ombudsman is unfair charges and interest rates not been passed on the last 11 years. it did go down by 3 pounds a month. in 2008. we did miss a few payments over the years but last 3 years all upto date.. idem hold this account now

[sashie46]

only been having statements last 2 years

[sashie46]

nope didn't get any essential guide

[Amethyst]

Okay. Might be worth looking at s77a https://www.legislation.gov.uk/ukpga...39/section/77A ( which came into force in 2006 )

If a creditor does not give the debtor an annual statement when required to do so, then he is not entitled to enforce the agreement during the period of his non-compliance and the debtor is not liable to pay any interest during this period.

[sashie46]

aww ok I didn't know this.. so 9 years no statement of account

[sashie46]

how should I approach idem? write email and request cca? and remind them for 9 years no statements. should I tell ombudsman?

[sashie46]

I've firstly emailed idem with a copy of legislation of statements and the fact I never had any for 9 years. also forwarded a copy to financial ombudsman for their records as my complaint is in regards to interest. and asked once again for lower settlement.

not holding my breath but we will see..