IDEM - Formerly Capital One

[hard to guess]

Setting up this diary as I completely forgot I had not done so!

Type of account: Secured loan
Date commenced: 2007
Approx balance: £38k (includes interest being added original was £30k)
Date any payment was last made: Sometime in 2017
Status: Default
Current status: Default
Owner: Idem capital securities limited
original creditor: Capital one


Latest thing received today was a Default Notice with a threat of action if no response in 15ish days.

Saying they will either terminate the agreement and require full payment with interest or apply to the court for repossession.

I've had similar before and nothing come of it.

Plan is to sit tight and do nothing. Agree?

[Still Waving]

If the DN was only issued now, am I right in assuming that you have been making payments of some sort since 2017? This is important info. Also, who was the original creditor? What has happened between 2017 and now? A more detailed entry saves the forum having to ask a lot of questions to ascertain the background to the current state of play.

[MisterK]

If the agreement has not been terminated (they are threatening to do this) then I imagine that a DN has not been issued. If no payments have been made since 2017 then the DN is way overdue.

[MisterK]

Apologies, my mistake. I see that the DN has just been issued.

[MisterK]

This is a secured loan, is it secured on your house.

[MisterK]

No comments yet from anyone else so I'll just add that a secured loan of this size might need some extra care especially if it is secured on your house (they mention repossession). So it could be an idea to contact Joanna Connolly for some advice in addition to anything you can pick up on the forum.

[hard to guess]

If the DN was only issued now, am I right in assuming that you have been making payments of some sort since 2017? This is important info. Also, who was the original creditor? What has happened between 2017 and now? A more detailed entry saves the forum having to ask a lot of questions to ascertain the background to the current state of play.

Hi, I not made a single payment since 2017 on this. Original creditor was capital one, added this to the OP now.

Between 2017 and now I have had various letters, including statement of charges, threats to send to their litigation department, letters and calls to my home from resolve call (they never knock...always just post something to say they have been!), a letter to say they have reviewed my account and reduced interest to 0% and then a DN.

[hard to guess]

This is a secured loan, is it secured on your house.

It is secured on a home, yep.

[hard to guess]

No comments yet from anyone else so I'll just add that a secured loan of this size might need some extra care especially if it is secured on your house (they mention repossession). So it could be an idea to contact Joanna Connolly for some advice in addition to anything you can pick up on the forum.

Thank you, I did flag this with Joanna a number of years back now (thats what promoted me to join this forum) but it had not gotten to this stage yet. So I will drop over some further details to see what the best course of action is.

thank you.

[Timewilltell]

I believe that Idem capital securities may have FCA issues from memory so that may well aid your case.
I struggle to understand how it can be in default but only just issued a DN? Is this a copy of the original DN?

[The Tech Clerk]

some office jockey tiding up mess maybe? person has no knowledge to challenge the fact DN late submission? and lacks knowledge>

[Roger]

The point of a Default Notice is the Consumer can rectify the fault AND the Account will then continue with the Authorised Money Lenders/Bankers.
The SALE has closed the Account. Idem are not Bankers and they don't lend money!

But if the Account was CLOSED (SOLD) without a Default Notice this can't be rectified.

The fact its a Secured CCA Debt is outside of my personal knowledge.

I would do nothing and wait and see what their next move is. If they intend to Sue it should be a Letter Before Claim.
At some point legal advice will be required.

[The Tech Clerk]

1. Paragon Finance PLC
   
   Reference number: 707521
2. Also known as / previously known as
   
   Idem Servicing
   
   B91 3QJ
   Solihull

The ‘firm details’ displayed on the register have been confirmed as correct.

Firms are required to confirm that the information shown is correct at least annually.
Address
Address information
51 Homer Road
Solihull
West Midlands
B91 3QJB 9 1 3 Q J
UNITED KINGDOM

707521
Registered company number
Companies House number information
01917566

[The Tech Clerk]

Some activities by this firm may not be protected

This firm is shown on the Register because it is now, or was previously, approved by the FCA (or relevant regulatory body). As a result, you may be able to complain about this firm to the Financial Ombudsman Service. If this firm goes out of business owing you money you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these organisations may not cover some of this firm’s activities. If you would like to check what is and what isn’t covered, you can ask this firm to confirm this to you in writing. There’s more information on the Financial Ombudsman Service’s websiteopens in a new window and the FSCS’s websiteopens in a new window about the kind of complaints and claims they can help with. The final decision on whether or not they will consider any complaint or claim is for the Financial Ombudsman Service or the FSCS.

[hard to guess]

I believe that Idem capital securities may have FCA issues from memory so that may well aid your case.
I struggle to understand how it can be in default but only just issued a DN? Is this a copy of the original DN?

In all honesty I do not recall when/if I received any other DN's.

Question - Could I do a SAR to Capital One (original company I took loan out with) and IDEM, without resetting any clocks etc?