Mars Capital

[Futterwacca]

I took out a secured loan with Picture Loans in 2005. This was then taken over by Idem, then taken over by Mars Capital. The original loan amount is in dispute, and I believe they are still charging me interest against a PPI element of the loan balance that was added without my request. The PPI claim was paid out to me near the start of the loan, and I paid it to the loan to bring down the capital balance by £6k.
I’m sure the actual original loan amount paid into my account was £20k but they are saying £30k plus the £7k PPI - being £37k repayable over 300 months. After paying off the £6k PPI payout straight back to the loan and making payments for 18 years (have some arrears, due to a period of financial difficulties) I have been given a balance of £32k still o/s. I have requested 3 figures from them, on several occasions…
- Confirmation of the exact amount paid into my account in 2005
- The total figure I have paid to date
- The total figure of charges added, not being the standard interest
They seem to be reluctant to provide me with these 3 simple figures. I have therefore raised a complaint recently with the financial ombudsman regarding their failure to provide me with these 3 figures.
Something seems very wrong here. Or am I being a bit dim? Can. Still owe £32k after 18 years?! Can anyone give advice or comment on having a similar issue?
Thanks

[echat11]

Hi Futterwacca

Welcome to LB

Have you sent them a Subject Access Request? They have 30 days to provide all the data they hold on the account, at least 6 years.(if they are claiming this and that, they need to back that up with statements etc.

https://legalbeagles.info/library/gu...ccess-request/

If they fail to provide the data, then lodge a Complaint with the ICO.

Do everything in writing, make sure you get Proof of Postage.

[Futterwacca]

Hi, Thank you for your advice. Yes, I have done this. They eventually sent me a MASSIVE package and one disk of calls (stated two sent) - which I cannot access as nobody uses disks in computers nowadays, I only have a USB data stick access available to me. More importantly, they provided me with about 4 years of expanded statements, a lot were duplicated several times, padding the package out. Everything was disorganised and not printed in date order etc. There were more recent and relevant documents hidden between extremely old documents from the previous company correspondence. It was a mess and seems they want to make it as difficult as possible for me to investigate the situation. I’m aware documents are missing but cannot prove it. I’m a pretty organised person and luckily have a fair understanding of b2b credit management (my job), just not too up on consumer credit law. I just feel this is something that needs investigating (independently audited), I believe Picture Loans, then Idem, were the real shambles companies. Mars Capital is probably highly adept in taking over debt books and profiting from them at the individuals misfortune. Mostly because the customer debts they purchase are customers that are struggling and not able to, or have the knowledgeable capacity, to investigate and continue to pursue, or afford to pay for someone to purse. Easy money making! I have a high equity in my property and they know this, they therefore don’t want to let go and will make it as difficult for me as possible. They are fully aware I’m a single mum, working full time and paying both a mortgage and the secured loan by myself, after my children’s dad disappeared. They are soulless and lack moral. Sadly, moral does not stand up in contractual law and these organisations are loosely monitored by the overworked ombudsman!
The fight will continue. I hate injustice and am tenacious enough to see this through.

[echat11]

I would write to the FCA, explain what's happened and the difficulties you are facing, they may provide advice, but won't investigate.

https://www.marscapital.co.uk/about-...tomers-fairly/

https://www.fca.org.uk/contact