Robesco - Idem Servicing diary

[Robesco]

Hi,

I have been away from the site for a while as I got into a bit of a depression for a few months and found all the CCA stuff tough to deal with so I stuck my head back in the sand and ignored it all for a while.

In the meantime I have had some responses to my CCA requests but have continued paying my DMP through Stepchange for all debts even those that have confirmed they are UE. I know this is a bad idea but I couldn't cope with the thought of lighting a torch under the bonfire of stopping paying but I'm ready to pick up where I left off.

During the downtime I received a reconstituted agreement from Idem Servicing which I wonder if anyone could take a look at to check if it's UE or not.
Thanks

Account owner: Idem Servicing
Owned since: July 2015
Original owner: Intelligent Finance CC (Halifax)
Date commenced: 20/10/2005
Original credit limit £10,050
Current Arrangement: DMP via StepChange since 2009, previously self managed DMP since early 2008
Date last full payment paid: 2008
Date defaulted on credit file: September 2009
Current balance £6050
17/04/2019 - CCA request sent with £1 cheque
13/05/2019 - Letter received, they can't find CCA and debt UE
19/07/2019 - Received reconstituted agreement with letter to say debt now enforceable again
16/10/2019 - Niddy confirmed reconstituted agreement is UE

19/12/2019 - Cancelled my DMP with Stepchange and stopped paying all creditors.
Various requests for payment throughout 2020, all ignored.
24/09/2020 - Received letter of claim
29/03/2021 - Letter threatening litigation

[nightwatch]

can you send what you received to, webmaster@all-about-debt.co.uk

do not redact anything, only niddy will see it,
put your username in and link to your thread,

he may be a while as he is busy at the mo

[Joanna Connolly Solicitors]

I have been away from the site for a while as I got into a bit of a depression for a few months and found all the CCA stuff tough to deal with so I stuck my head back in the sand and ignored it all for a while. . . . . . . but I'm ready to pick up where I left off.

During the downtime I received a reconstituted agreement from Idem Servicing which I wonder if anyone could take a look at to check if it's UE or not.

I'm sorry to hear you've been feeling so miserable about your debts, but now you're ready to fight back which is a good thing

Whether the credit agreement is enforceable or not is only part of the equation. Idem may have issues with their lack of FCA authorisation.

Jo explains this here >

On 24 April 2019 we were successful in a consumer credit Appeal on the issue of FCA Authorisation - or rather, lack of FCA Authorisation. Idem Capital Securities Limited admitted in court they were not authorised by the Financial Conduct Authority to exercise the rights of a lender but said they were exempt as they had a valid servicing agreement in place with an affiliated 3rd party who was authorised by the Financial Conduct Authority.

It was accepted by both parties that there was a valid servicing agreement in place. The issue for the Circuit Judge to decide whether Idem Capital Securities Limited could rely on the exemption under paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 to issue proceedings in the county court.

The Circuit Judge held as a general principle of law that Idem Capital Securities Limited was not able to rely on the FCA authorisation of an affiliated 3rd party ( paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001) for the purpose of bringing a claim. The agreement was unenforceable, and the order of the court below was set aside, and the Claim dismissed.

Idem Capital Securities Limited did not appeal the judgment.

If you are currently defending a claim with Idem Capital Securities Limited, whether stayed or ongoing or Idem have obtained a Default Judgment against you and you have any query please post any queries on this thread..

Post again on this thread when Niddy has given you his opinion on the reconstituted credit agreement.

Di

[Night Monkey]

... but have continued paying my DMP through Stepchange for all debts even those that have confirmed they are UE. I know this is a bad idea ...

Can anyone say if this a bad idea for any reason beyond being more expensive in the long run? I'm in a similar situation, still paying acknowledged UE debts via StepChange until I have funding to make some F&F settlement offers - like you I'm reluctant to 'light the blue touchpaper' until I'm in a position to respond with more than 'go away'.

[The Tech Clerk]

Can anyone say if this a bad idea for any reason beyond being more expensive in the long run? I'm in a similar situation, still paying acknowledged UE debts via StepChange until I have funding to make some F&F settlement offers - like you I'm reluctant to 'light the blue touchpaper' until I'm in a position to respond with more than 'go away'.

Please start your own thread with full details please i.e. diary as no confusion will take place then

[Robesco]

Can anyone say if this a bad idea for any reason beyond being more expensive in the long run? I'm in a similar situation, still paying acknowledged UE debts via StepChange until I have funding to make some F&F settlement offers - like you I'm reluctant to 'light the blue touchpaper' until I'm in a position to respond with more than 'go away'.

I thought the same and was wondering if I had done any damage by continuing to pay but I decided not to dwell on it as I can only move forward and can't undo what has been done. I have seen other posts where people continue to pay a few months just to be sure a reconstituted agreement won't pop up like this one has so I don't think it's damaging.

The whole F&F offer thing is such a catch 22. While paying the DMP, I can't afford to make any F&F offers, officially if I stop paying the UE debts I should increase the payments to the non UE ones and pay them off quicker, which is not a bad thing but still leaves me unable to offer any F&F. I know many would say why offer any F&F to a UE debt at all, it's throwing money away, but I do like the idea of drawing a line under them and knowing they can never come back to haunt me in a few years time.

[nightwatch]

at the end of the day the choice is yours, no one can make you do anything,
If you are happy to continue paying that is fine,

while they are UE you know that they cannot enforce through the courts, although some MAY try.
If you do a self managed repayment Debt managed plan, you can if you wanted to, stop paying the UE ones and still make minimum payments to the others, save up the money from the UE one's to make F&F to the enforceable one's,
IF the UE one's suddenly find a Compliant CCA, you could then start a repayment plan with them if need be.

just a suggestion.

NW

[MisterK]

Hi Robesco, here's my take for what it's worth.

Any contact ever made to you after SB can best be thought of as an error on the part of the creditor and should be quite easy to handle. If you've stayed in touch with this excellent forum and got through the six years to SB (five in Scotland) then I expect you'd be feeling too liberated about it all to have to put up with any feeling of being haunted.

Everything is ultimately a personal decision but there's a lot to be said for jumping in and going the whole hog, especially if you've learnt from other people who have contributed to this forum and if you feel you can do it. That means building up a fund from the savings made over a period of time so that you can feel confident about handling an F&F should it ever become necessary.

As NW suggests, you can also carry out your own personal strategy and are free to change it as and when. Good luck.

[Joanna Connolly Solicitors]

Can anyone say if this a bad idea for any reason beyond being more expensive in the long run? I'm in a similar situation, still paying acknowledged UE debts via StepChange until I have funding to make some F&F settlement offers - like you I'm reluctant to 'light the blue touchpaper' until I'm in a position to respond with more than 'go away'.

Hello Night Monkey

I'll reply to your question on your Diary here > https://all-about-debt.co.uk/forum/debt-bailiffs-starting-again/unenforceable-credit-agreements/unenforceability-diaries/1528918-night-monkey-s-diary

You don't need to start a new thread

Di

[Joanna Connolly Solicitors]

Please start your own thread with full details please i.e. diary as no confusion will take place then

Night Monkey's existing Diary thread is here > https://all-about-debt.co.uk/forum/d...-s-diary/page2

Di

[Robesco]

If you do a self managed repayment Debt managed plan, you can if you wanted to, stop paying the UE ones and still make minimum payments to the others, save up the money from the UE one's to make F&F to the enforceable one's,
IF the UE one's suddenly find a Compliant CCA, you could then start a repayment plan with them if need be.

just a suggestion.

NW

That's the plan.

[Robesco]

I know Niddy is busy at the moment so I have been doing a bit of Googling on reconstituted agreements. One of the main criteria seems to be it must contain your name and address at the time.

Since Idem have have used my current address I will assume it's UE. As the debt was pre-2007 I think it has to have other terms which I'm sure Niddy will check when he has time but for now I will treat this as UE due to the address being incorrect.

Diana Mayhew, I read Jo's post on Idem but I was not sure if "Idem Servicing" who are writing to me are the same company as "Idem Capital Securities Limited" in Jo's post. The small print on their letter says "Idem Servicing is a trading style of Paragon Finance PLC..." FCA number 01917566. Not sure if that help clarify who they are.

[Roger]

I know Niddy is busy at the moment so I have been doing a bit of Googling on reconstituted agreements. One of the main criteria seems to be it must contain your name and address at the time.
Since Idem have have used my current address I will assume it's UE. As the debt was pre-2007 I think it has to have other terms which I'm sure Niddy will check when he has time but for now I will treat this as UE due to the address being incorrect.
Diana Mayhew, I read Jo's post on Idem but I was not sure if "Idem Servicing" who are writing to me are the same company as "Idem Capital Securities Limited" in Jo's post. The small print on their letter says "Idem Servicing is a trading style of Paragon Finance PLC..." FCA number 01917566. Not sure if that help clarify who they are.

This is Idem's Web and this is what it says reference Idem Servicing that they manage accounts for Idem Capital
https://www.idemservicing.co.uk/whoweare

Check back through your letters (if you have these) especially if you have been sent Statements from Idem as to whom is writing to you as opposed to who the Debt purchaser was.

Its worth doing a little research here because Intelligence Finance stopped issuing Credit Cards Sept 2008. So documents terms and information may be difficult to come by! Especially say address when taken out?

You need to do some self research here especially for Default Notice and who or whom may have Issued this. Also who or whom sold the Debt to Idem.

Idem would off course say it is Enforcible

The AAD way here is Silence and see what Idem do or say next!
Post any replies up here in your Diary.

[Robesco]

Hi Roger,

A lot of the info you mention is in the diary in post #1.

IF had the original card but when IF stopped doing them the account passed to Halfiax who I believe owned IF. For a while it was managed by Blair, Oliver, Scott who were Halifax in house collections team and eventually became Halifax Retail Recoveries. The default was done by Halifax in September 2009.

Halifax sold the account to Idem in June 2015. I have found the assignment notice and confirmed the account owner is Idem Capital Securities Ltd.

Currently I'm still paying through StepChange so Idem are of course saying very little. I don't expect Idem will drop this one lightly as for some reason they are getting a big chunk of my StepChange payment. They equate to 17% of my total debt, yet get around 40% of what I give StepChange while one of my biggest debts that I owe more than double the amount to only gets 11%. Both are credit cards so this makes no sense.

I have also had a response from Niddy confirming the reconstituted agreement is UE so I'm sure they will start making plenty of noise as soon as I stop paying.

[Roger]

Hi Roger,

A lot of the info you mention is in the diary in post #1.

IF had the original card but when IF stopped doing them the account passed to Halfiax who I believe owned IF. For a while it was managed by Blair, Oliver, Scott who were Halifax in house collections team and eventually became Halifax Retail Recoveries. The default was done by Halifax in September 2009.

Halifax sold the account to Idem in June 2015. I have found the assignment notice and confirmed the account owner is Idem Capital Securities Ltd.

Currently I'm still paying through StepChange so Idem are of course saying very little. I don't expect Idem will drop this one lightly as for some reason they are getting a big chunk of my StepChange payment. They equate to 17% of my total debt, yet get around 40% of what I give StepChange while one of my biggest debts that I owe more than double the amount to only gets 11%. Both are credit cards so this makes no sense.

I have also had a response from Niddy confirming the reconstituted agreement is UE so I'm sure they will start making plenty of noise as soon as I stop paying.

Well UE and Idem Capital Securities Ltd here is their FCA entry.
https://register.fca.org.uk/shpo_sea...=3wq1nht7eg7tr

The AAD way is SILENCE just cancel the payments say nothing!
Post any response up here!