Idem servicing enforceable debt?

[AFC]

Hi, I took out a self certification secured loan back in 2006 with picture financial. In 2007 I split from my ex who was also named on the loan and subsequently put the house on the market. With the crash looming the offers I was receiving for the property weren't clearing the mortgage and the secured loan amount. I called Picture and explained the situation. They agreed to let me sell the property provided I agreed a payment plan with them for the remainder or let them put a charge on the next house I bought. In my mind that loan was no longer secured as the house was gone and no replacement had been bought as I was now privately renting. So I made them offer to pay monthly which they accepted.

I had been paying back a nominal sum per month without any fuss until 2009 when I received a letter from Idem Servicing telling me they had bought the debt and that I should now make my payments to them. I had already entered in to a DMP for the other debts I had been left with, and rather than take the advice of my DMP provider and go bankrupt I decided to plod on making the payments hoping I would one day be able to clear it all.

Fast forward 8 years and I am still making these payments to Idem, with just contact every 12 months to update my income/expenditure. Since stumbling across this forum it has dawned on me that I was probably if not definitely sold PPI by Picture Financial - my question is how do I make a claim for PPI against a company who to my knowledge are no longer trading, as a win would mean I could take a large sum off of this debt with idem, secondly is it likely that in fact the debt with idem is unenforceable?

Any advice is greatly appreciated.

AFC

[AFC]

Re: Idem servicing enforceable debt?

Is anyone able to help please?

Thanks

[MIKE770]

Re: Idem servicing enforceable debt?

[MENTION=61310]diana[/MENTION]M

[AFC]

Re: Idem servicing enforceable debt?

Hi, still need some advice with this if anyone can help please?

Thanks

[Diana M]

Re: Idem servicing enforceable debt?

If Idem servicing has been writing to you, can you confirm who is currently the owner of this debt? Idem manage accounts for creditors/debt purchasers and are part of the Paragon Group so do they (Paragon) own it now?

I'll probably be suggesting you send a 77-79 CCA Request to the current owner but need a bit more information first.

This was a secured loan where it appears you may have entered into a 'new' agreement after the property was sold leaving a shortfall so the secured loan was not cleared. Do you have a copy of what you signed after the property was sold?

How much is being chased at the moment and presumably this sum includes the historical PPI premiums?

Have you calculated how much a PPI reclaim would be worth? Would you be entitled to a PPI reclaim on the basis of misselling?

This was a joint loan so was the PPI cover for both of you (sometimes it wasn't)?

Are these letters you're receiving address to you only by name even though this was a joint loan originally?

Sorry for all the questions but you needed more than a one-liner response

Di

[AFC]

Re: Idem servicing enforceable debt?

Hi and thank you for the reply.

I have no idea who 'owns' the debt. I began receiving letters from IDEM shortly after the property was sold.
To my knowledge I have not signed in to a new agreement other than a reduced payment to IDEM (nothing in writing, only verbal over the phone then by way of standing order ever since)

With regard to the PPI, again I'm sorry to say I don't have any paperwork relating to the original loan. I have moved house 3 times since then and have mislaid paperwork in the process. Although I am fairly confident that I would have been mis-sold PPI purely based on the nature of the loan (125% LTV) etc. Once the house was sold there was a shortfall of around 70k, the balance is now around 55K. As I mentioned in my first post, Picture wanted to put a charge on any subsequent property purchased, however I have rented ever since.

All correspondence is addressed solely to me, and I only ever hear from them every 12 months to do an income and expenditure sheet.

thanks again for your help.

AFC