Picture - Webb - Idem

Tipton_Junta

Hello all. Just looking for comments/advice here.

I took out a secured loan with Picture in 2006, for about £29k. The loan transferred to Webb a few years ago, and Webb have just sold it to Idem. I now owe around £25k. Monthly payment is £277, I have some arrears of £201 which I will clear soon.

Does anyone know why Webb may have sold the loan to Idem? I have consistently had low level arrears over the past 2 years but never more than £500.

Also, I accept the principle that I borrowed the money and signed the agreement and should pay it back, but are there any loopholes I could exploit given the load has been passed on twice? I would like to get the capital on this and my first mortgage paid down as much as I can in the coming years.

I'm pretty new to all this so wonder what I should do in these circumstances.

Thrugelmir

Tipton_Junta wrote: »

Does anyone know why Webb may have sold the loan to Idem?

Commercial reasons. Some lenders are winding down their portfolios.