IDEM Servicing - advice on Final settlement?

[Kag1512]

Been reading loads of articles online regarding this but as of yet I haven't found one with a positive ending.

I have a debt with IDEM I called them today to get a final settlement figure - having never done this before I was expecting them to give me an offer lower than what I actually owe them to pay back - as I know a lot of other debt companies do this.

They explained that they don't do that and they would be expecting me to pay back 100% of the debt.

Is there a way around this? has anyone managed to get their debt reduced with these charlatans OR am I going to have to pay them the full amount?

Any advice/help is appreciated, I don't seem to be getting anywhere with this.

Karen

[Amethyst]

Re: IDEM Servicing - advice on Final settlement?

What is the original debt ? How long ago was it defaulted and when did it pass to IDEM ?

Have you done anything else regarding the debt? ( eg requested formally a copy of the original credit agreement under the CCA 1974? )

[Onestepatatime]

Re: IDEM Servicing - advice on Final settlement?

Who owns it? Idem servicing used to be Idem Capital Securities Ltd who don't have an Fca licence but then idem servicing became a trading name for Paragon. So depending on how old and who owns???

[Diana M]

Re: IDEM Servicing - advice on Final settlement?

I have a debt with IDEM I called them today to get a final settlement figure - having never done this before I was expecting them to give me an offer lower . . . .

They explained that they don't do that and they would be expecting me to pay back 100% of the debt.

IDEM servicing is a debt collection business which manages accounts on behalf of IDEM Capital which purchases debt portfolios (part of Paragon Finance) so they're on a mission based on commission to bring in as much money as possible for the client.

From what you say you asked them how much they would settle for so they told you 100%. No surprises there.

Perhaps you got the dynamics wrong and you should have told them how much you are prepared to pay. Not the other way round.

Never negotiate over the phone, always do everything in writing and always head the letter 'Without Prejudice' so it can't be disclosed in court.

Are you currently paying anything towards this debt? If so you'll be seen as a 'performing' debt not a 'delinquent' debt so they may feel that as long as the money is coming in they have no incentive to cut you a deal.

Why do you want to settle this debt? Have you had enough of them and want to close the file so you can move on with your life? Or are you struggling to keep up with any payments you're making and they keep pressurising you to increase them?

Negotiating is very much about psychology not maths.

I can't give you debt advice because my firm isn't authorised by the FCA do to that (it's a requirement) but we are dedicated to helping consumers being chased for debts which may be unenforceable in legal terms.

Was this a credit card, personal loan, catalogue debt, overdraft, HP etc? And who was the original creditor and when did it start life? These are the things which will influence IDEM's decision on whether to take the money and run if you make them an offer.

You need to negotiate from a positon of strength not weakness. Find their weak spots (if they exist) and then make them an offer they won't refuse You need to establish whether the debt is enforceable in court and if not what can they do to you?

And most importantly make sure that it's a Full & Final settlement so they can't sell on the 'leftovers' to the next debt purchaser who will chase you for it.

Di

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

Hi Everyone - thank you for your advice. The debt used to be owned by Picture Finance - they then sold it on to IDEM or IDEM took over Picture - I don't know. I pay this debt each month - have never missed a payment. I want to clear the debt because paying £277 a month on it is leaving me short and I'd like a bit more money in my pocket each month.

I think from memory the debt originated from 2 Barclays loans that I consolidated at the time into one debt to make payments per month less.

I have other debt a small amount with Wescot and I find these very good - when I have called them in the past they actually say to me on the phone 'if you were able to pay this off today we could let you pay it off for X amount' and this is always less than what I owe.

So I guess I just thought IDEM would be the same. Don't get me wrong, I owe them the money at the end of the day but was kind of hoping on a deal to pay off a smaller amount. Never mind..

- - - Updated - - -

I have never requested anything from them - sorry I wouldn't know what to ask for or what I am entitled too?

[Amethyst]

Re: IDEM Servicing - advice on Final settlement?

So you had two Barclays loans and took out a loan with Picture to consolidate those loans. So the original agreement would be with Picture. To check whether the debt is enforceable you could ask for the copy of the original agreement - CCA Request Letter - also do you happen to recall if you had PPI on the Picture loan ?

Have you had an up to date statement of the account - is that £277 actually making a dent in the debt ? ( what's still outstanding ? and how much was the original ? )

Sending the CCA request might make IDEM more inclined to accept a lower settlement offer, if you still wanted to go that route.

[Diana M]

Re: IDEM Servicing - advice on Final settlement?

The debt used to be owned by Picture Finance - they then sold it on to IDEM or IDEM took over Picture

Was this Picture Loan originally a secured loan?

When you opened the account and how much you borrowed will be the first thing to look at in case it was 'sold' to you as an unregulated loan when it should have been regulated.

Did you get the loan through a broker?

Are you still paying interest on the loan? There were some Picture Loans where the interest was cancelled and paid back for 'various reasons' . The FCS dealt with claims at the time https://www.fscs.org.uk/uploaded_fil...ease_final.pdf ).

PPI miss-selling was an issue too.

I would send a Subject Access Request to IDEM to get the full history of the account since Picture Loans went into liquidation (so you can't send the SAR to them).

Di

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

Hi Di,

Please see below:

Was this Picture Loan originally a secured loan? Yes it was and still is.

When you opened the account and how much you borrowed will be the first thing to look at in case it was 'sold' to you as an unregulated loan when it should have been regulated. - don't think I have any of the old picture paperwork anymore

Did you get the loan through a broker? - No

Are you still paying interest on the loan? There were some Picture Loans where the interest was cancelled and paid back for 'various reasons'. - Not sure.

PPI miss-selling was an issue too. - I have had a payment for PPI given back to me on this

I would send a Subject Access Request to IDEM to get the full history of the account since Picture Loans went into liquidation (so you can't send the SAR to them).

Just found some old paperwork; it was Picture and then it changed to Webb Resolutions and then to IDEM

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

It was such a long time ago it's hard to remember but yes I think it was for 2 Barclays loans and then I consolidated them.

Please see below notes at the side of your questions;

So you had two Barclays loans and took out a loan with Picture to consolidate those loans. So the original agreement would be with Picture. To check whether the debt is enforceable you could ask for the copy of the original agreement - CCA Request Letter - also do you happen to recall if you had PPI on the Picture loan ? I have already had a company claim this back for me.

Have you had an up to date statement of the account - is that £277 actually making a dent in the debt ? ( what's still outstanding ? and how much was the original ? on my Webb Resolutions paperwork it says start date 29/04/2006 and the amount is for £32,386 for 228 months (shocking I know. I was younger then and very stupid. When I called IDEM today they said I had £19.754 to pay.

Sending the CCA request might make IDEM more inclined to accept a lower settlement offer, if you still wanted to go that route.

- - - Updated - - -

Sorry missed this one with all of the lovely responses I have been getting.. My last statement is with IDEM - so I guess them?

[Diana M]

Re: IDEM Servicing - advice on Final settlement?

I thought it might be a secured loan because that was their core business.

If it's a secured then IDEM will be less enthusiastic to settle for less because they have your property as security so they know they'll get the full amount one day.

Mind you have you checked with Land Registry to see if IDEM have registered a charge on the property?

Is it a joint loan or a loan in your sole name secured on a jointly owned property?

I'm glad you've recovered the PPI but did you get enough refunded? If the PPI was front loaded on the loan (usually) you may have been paying interest on the premiums. Maybe you did the reclaim through the FOS?

I also think you need to explore whether this was a loan which should have been regulated but was sold to you as unregulated.

I (personally) have a secured loan in that situation (it should have been regulated but wasn't) so they'll be in for a shock when I claim back the £50k interest which they're not entitled to

Di

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

Hi Di - gosh you sound good!

I have noted below some replys to your email;


If it's a secured then IDEM will be less enthusiastic to settle for less because they have your property as security so they know they'll get the full amount one day. - boo didn't think of that

Is it a joint loan or a loan in your sole name secured on a jointly owned property? - all mine, in my name only

I'm glad you've recovered the PPI but did you get enough refunded? If the PPI was front loaded on the loan (usually) you may have been paying interest on the premiums. Maybe you did the reclaim through the FOS? no wasn't the FOS (who are they?) I have some paperwork somewhere from the company that claimed it for me, it was a private company I know that much) I can confirm on this if you really need to know.

I also think you need to explore whether this was a loan which should have been regulated but was sold to you as unregulated - wouldn't know where to start.. aren't there companies out there that operate on a no win no fee basis? I need help!

[warwick65]

Re: IDEM Servicing - advice on Final settlement?

Hi Di - gosh you sound good!

She does doesn't she

If you are wondering why the amount owing still seems so high, it maybe because all the interest is front loaded however if you can dig out the contract there maybe a clause in it that gives a rebate on interest if paid early
Maybe, maybe not , I couldn't tell but getting hold of a copy of the agreement would tell you

I will leave you in Di's very capable hands

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

Right, I have been digging and found my original Picture paperwork.. The Loan Agreement states at the top of it 'Secured by a Legal Charge (Non Regulated) here are the figures, not sure if you want or need these:

Amount of Loan - £27k / PPI £5386.50 = Total amount for credit = £32,386.50 I signed this on the 28/04/2006

I'm not sure what to do here/next? Thank you for all of the advice so far xx

[warwick65]

Re: IDEM Servicing - advice on Final settlement?

Hi
So I assume you got back the 5386 for PPI

Does the agreement have anything about early repayment and a discount

I think maybe someone could look at the agreement and say if it could be enforced in court, the last thing you need is to fight for your home

[Kag1512]

Re: IDEM Servicing - advice on Final settlement?

Hi
So I assume you got back the 5386 for PPI - no I didn't. Can't remember exact amount but I think it was about £2k.

Does the agreement have anything about early repayment and a discount - no, it talks about early repayment but then waffles on about paying the amount in full? Shame I can't take a pic of my form to show you

I think maybe someone could look at the agreement and say if it could be enforced in court, the last thing you need is to fight for your home

I don't want to go to court, I'm just trying to find out if anyone has had a settlement figure from IDEM for less than what they owe - that's all I want really to find out that but it sounds as though it's not going to be possible..