Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

[Jasper2013]

Hello and Good Morning to all.

Looking for help with a signed POA (Power of Attorney) signed by SFM (Structured Finance Management) in relation to a second charge. not gone into detail as yet because unsure if anyone can help on LB.......

Thanks....

[Debt Camel]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

I think you probably need to explain more about the situation and what you are asking before it's clear if anyone can help.

[Jasper2013]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

Hi DC....

Ok a signed POA supplied by IDEM with SFM, the POA has been signed by two people acting as Directors however I have since found out that one of them was not and is not a Director. We have never heard of this company before until we issued a S.A.R to IDEM and they provided a copy of the POA along with other repetitive information. We believe that the security against the property has been securitised because of SFM's involvement as a SPV.....

We have for some time now tried to gain information from IDEM and SFM and to no avail they are not willing to disclose information. just keep sending the normal standard letters which was the welcome letter to IDEM , statement of accounts and a photocopy of a signed contract although we keep asking for a certified copy of the original contract in wet ink.......

Hope this helps a little more. Thanks

[Debt Camel]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

Is the following correct ?

- you originally took a secured loan from Picture Financial Services plc, who were placed into default by the FCA in 2009
- your loan was purchased by Idem Capital Securities (ICS) in 2011 and you received a letter about this (as per http://www.picturefinancial.com/about.htm)

You have now received some letter from SFM - I assume they are this group http://www.sfmeurope.com? What does this letter say?

Can you explain exactly what your concern is:

- Are you makiing the loan repayments to ICS?
- Are you in financial trouble so you cannot make these payments?
- Are you worried that your loan has been securitised? If it has, this would not normally affect you and you would normally carry on making repayments to IFS. Are you being asked to make payments to SFM?
- Is anyone (IFS / SFM?) threatening you with any court action?

[Jasper2013]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

Is the following correct ?

- you originally took a secured loan from Picture Financial Services plc, who were placed into default by the FCA in 2009 - Yes

- your loan was purchased by Idem Capital Securities (ICS) in 2011 and you received a letter about this (as per http://www.picturefinancial.com/about.htm) - Yes

You have now received some letter from SFM - I assume they are this group http://www.sfmeurope.com? What does this letter say? - No, We made contact with SFM (Structured Finance Management Directors) who act as a SPV (Special Purpose Vehicle) in order to pool loans and securitise them and we were and are still trying to establish who is the legal owner of our security

Can you explain exactly what your concern is:

- Are you makiing the loan repayments to ICS? - Yes in the form of an (Official Offer)

- Are you in financial trouble so you cannot make these payments? - No not at the moment

- Are you worried that your loan has been securitised? If it has, this would not normally affect you and you would normally carry on making repayments to IFS. Are you being asked to make payments to SFM? - We are fully aware that things do carry on as normal however we were not aware that the security against our property had been Securitised until we were made aware that this could be done because we signed an agreement in the small print said that we pass all rights under the POA (Power Of Attorney) which has now been revoked. We are not making payments to SFM no they are the ones that handled the securitisation. i read about Jean Keating http://www.msfraud.org/law/lawarticl...zation-101.pdf and from what i read it it is fraudulent weather this has taken place join the states or united kingdom.

- Is anyone (IFS / SFM?) threatening you with any court action?

- No not as yet thankfully.....please accept very very very late response.

I look forward to hearing from you.

Jasper2013

[Debt Camel]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

I don't see you have a problem. Just carry on making the payments that you have agreed. The securitisation of this loan should not affect you. Don't waste you time reading US sites like the one you have linked.

[Jasper2013]

Re: Picture Financial Services plc / Idem Capital Securities t/a Idem Servicing

I don't see you have a problem. Just carry on making the payments that you have agreed. The securitisation of this loan should not affect you. Don't waste you time reading US sites like the one you have linked.

Hi, Thanks for your response and do appreciate it however i have to say that i am not 100% happy, payments are been made at this stage however not the full payments.

leaving the above question aside for the moment I have another question and want to find out when a (LOAN) is applied for as a secured (LOAN) unregulated against a property on occasions an Indemnity Guarantee is taken out as security by the loan company, Should the lender/s default then the loan company can make a claim against the indemnity guarantee to recoup their losses and still continue chasing for money from the lender.

Can anyone shed any light on this please??????? has this happened to any one else??? if so how did you go about gaining the proof etc etc etc????

I look forward to your responses and much appreciated......

Regards