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Picture loan/Iden capital
Graham2704
Posts: 28 Forumite
Hi was after some avice on my picture loan now under idem servicing. I originally took out a £40k loan back in 2005 at an apr rate 7.9(variable) monthly payment £375 everything was fine upto 2008 when i was made redundant struggling to keep up the monthly payments along with my mortgage payments i managed to rack up£4000 in arrears,I am now back in full time work and have been paying £50 ontop of the monthly payment towards the arrears but Idem are now refusing to accept the payment as I wont fill in an I&E for them.I have never recieved any account statements from both parties until 08/2012 where my balance still stands at £32171.96 having added up my payments from the start I have paid a total of £38,892.76 in payments and a total of £22,398.76 in INTREST!!!!! I have found out my rate has been 7.9..8.1..8.4..8.6..8.9..9.4..9.1..and now 8.6 I cant seem to work out the intrest side of things and am now in the process of sending them a SAR. couls some one try working out my intrest any advice would be welcome..
Please be nice my 1st past
Please be nice my 1st past
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Comments
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to be accurate the date of each interest rate change would be needed0
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Thanks for the reply john it seems hard even for the CAB to work out it states in the original agreement Apr 7.9% ( variable) monthly interest 0.639% and on the back Interest will be calculated daily then i have Idem/picture telling me its down to management discrecion on have much they will charge then clause 2.2 on the back it states that I will be given 30 days notice in writing before any such variations are applied to my account.
In the nearly 8 yeare i have had this i have Never had any such letters telling me about any change. Just wondering if the interest hike is enforceable0 -
Thanks to the F/O for looking into my complaint I managed to get the £4000 + of interest that was added onto the loan when Idem took over taken off and also managed to get 12 months 0% interest to the loan with a review after the 12 months on the interest rate.:j0
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