IDEM - Formerly Capital One

[Roger]

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?

The Diary helps although it lacks other details.

The DEFAULT NOTICE (Consumer Credit Act) is set out saying basically pay what is outstanding by a certain Date OR the Account will be closed!
Which is why Capitol One should have raised a DN before selling /closing the Account!

I have presumed this DN was sent by IDEM and in their own name! Whose letter heading is on the Default Notice?
Because ".. I've had similar before and nothing come of it. .."

My presumption Again really without information, is that this was a CCA 1974 Loan with security.
A presumption based on IDEM sending a Default Notice.

See here is the problem IDEM are Debt Collectors NOT moneylenders! They brought a closed Account and it seems they are aware or believe a DN wasn't issued!
Tough because this can't be retified! IDEM are not licensed bankers/money lenders JUST DEBT Collectors.

If the Debt can't be enforced (because closed without DN) then how can the repossession be enforced ( because the debt is UE).

To Sue they would have to send a Letter Before Claim before they can raise a Claim!

Yes you can send to Capital One a SAR but I wouldn't do this at this time.
You will need legal advice at some point because its secured and this needs to be dealt with!

But for the moment SILENCE.

[hard to guess]

Hi

Please see answers below.

The Diary helps although it lacks other details.

The DEFAULT NOTICE (Consumer Credit Act) is set out saying basically pay what is outstanding by a certain Date OR the Account will be closed!
Which is why Capitol One should have raised a DN before selling /closing the Account!

I have presumed this DN was sent by IDEM and in their own name! Whose letter heading is on the Default Notice?
Because ".. I've had similar before and nothing come of it. .."

Current and previous DN (from a couple of years ago) were both sent by IDEM themselves, with their letter head.

My presumption Again really without information, is that this was a CCA 1974 Loan with security.
A presumption based on IDEM sending a Default Notice.

Not sure to be honest. It was/is a secured loan that I took out waaaay back when, secured against my home at the time. (I still own it, but do not live there anymore)

See here is the problem IDEM are Debt Collectors NOT moneylenders! They brought a closed Account and it seems they are aware or believe a DN wasn't issued!
Tough because this can't be retified! IDEM are not licensed bankers/money lenders JUST DEBT Collectors.

If the Debt can't be enforced (because closed without DN) then how can the repossession be enforced ( because the debt is UE).

To Sue they would have to send a Letter Before Claim before they can raise a Claim!

This is exactly what I am thinking (hoping!). They are chasing and hoping I cave as they know it is unenforceable. If they believe it is enforceable why aren't they going straight in with a proper PAP or something?

Yes you can send to Capital One a SAR but I wouldn't do this at this time.
You will need legal advice at some point because its secured and this needs to be dealt with!

But for the moment SILENCE.

Thank you! I will do nothing until they make the next move. See what happens and then seek legal advice depending what the proposed action is..

[Still Waving]

Frankly, I'm amazed that someone with a secured loan should just stop making repayments altogether. When did Cap1 sell the account to Idem?

[hard to guess]

Frankly, I'm amazed that someone with a secured loan should just stop making repayments altogether. When did Cap1 sell the account to Idem?

It was a long time back, hit some issues with repayments, then when searching about found about them being unenforceable, spoke to Di a long time back. Never paid a thing since then.

Looking at the land registry seems IDEM added their charge in 2016. Interestingly, CapitalOne are not named on the land registry doc anywhere. There is a "Registered Charge" on/around the date of the loan, but no names at all. IDEM are properly named from 2016.

[Roger]

You will need legal advice to get rid of that Registered Charge!