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Idem Capital Securities Ltd home repossession but they are the second charge - HELP
Hi All
I am hoping that someone can advise me quickly as Idem are taking us to court to complete the possession of our property on Monday 12th June 2017.
We took a loan from Picture Loans in 2006 for home improvements, the value of the loan was £80K plus over £15k for the PPI which was only covering myself as my husband has type 2 diabetes. We were forced into the PPI by Picture Loans, they told us we could not have the loan without it! We then learnt Pictures Loans went bankrupt and Picture Loans No1 took over the loan they went bankrupt, and Picture Loans No2 took over the loan! Then in 2010 Idem took over the loan. We were very concerned about the whole loan and PPI so we asked the Financial Ombudsman, Financial Services Commission to look into this in 2008, so both organisations started investigating by this time we had also engaged a Solicitor. Our Solicitor told us the whole loan and PPI had been miss sold! Since 2006 to 2014 we were making payments but as we got NO response from Idem, we took the hard decision to stop paying, as a way to open proper communication.
This year Idem have taken us to court to repossession our home, they only have the second charge and the first charge which is our mortgage is completely up to date. We are getting a rebate on the PPI which we hope to pay part of the loan off. During the dispute 8% compound interest has been added by Idem, so the £80K loan which we paid over £33k off, is now £124K because of the added interest.
Can an organisation add interest whilst in dispute? Please advise?
Thank you
VinnyB
I am hoping that someone can advise me quickly as Idem are taking us to court to complete the possession of our property on Monday 12th June 2017.
We took a loan from Picture Loans in 2006 for home improvements, the value of the loan was £80K plus over £15k for the PPI which was only covering myself as my husband has type 2 diabetes. We were forced into the PPI by Picture Loans, they told us we could not have the loan without it! We then learnt Pictures Loans went bankrupt and Picture Loans No1 took over the loan they went bankrupt, and Picture Loans No2 took over the loan! Then in 2010 Idem took over the loan. We were very concerned about the whole loan and PPI so we asked the Financial Ombudsman, Financial Services Commission to look into this in 2008, so both organisations started investigating by this time we had also engaged a Solicitor. Our Solicitor told us the whole loan and PPI had been miss sold! Since 2006 to 2014 we were making payments but as we got NO response from Idem, we took the hard decision to stop paying, as a way to open proper communication.
This year Idem have taken us to court to repossession our home, they only have the second charge and the first charge which is our mortgage is completely up to date. We are getting a rebate on the PPI which we hope to pay part of the loan off. During the dispute 8% compound interest has been added by Idem, so the £80K loan which we paid over £33k off, is now £124K because of the added interest.
Can an organisation add interest whilst in dispute? Please advise?
Thank you
VinnyB
