We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
🔔 You've got till Monday to apply to become an MSE Forum Ambassador
IDEM Servicing/Picture Loan

MarthaBeck
Posts: 4 Newbie
in Loans
Hello everyone,
it's my first time posting here and I hope you can help me.
In September 2005, we took out a secured loan with Picture of 35,000 over a period of 328.67 months (which now strikes me an odd period). I know it was a stupid thing to do now, but hindsight is a wonderful thing. The apr is 10.9%.
We have been paying this loan back (125 months or 10 years, 5 months) and the total we paid so far is £42,500 (I spare you the pennies).
I called them last month for the balance and it is £31.500, I was stumped as according to my calculations (which could be wrong), the balance should be less than 25K. I asked them provide me information on how they calculate the interest and for a full statement and all I got is a list of all the payments we made.
I really want to settle this account, but I am damned if I give them a penny too much.
So I did some calculations, according to their projections my total repayment will be £128,000 by the time the agreement ends, but the calculator I used says it would be a bit over £100k.
We are not in arrears and only had one month when a DD was returned due to my husband's salary being late. We paid it as soon as the salary was in the account, I think it was 4 days late.
I have this feeling that I am being conned. I am not looking for an "easy" way out. Can anyone point me into the direction of someone who can advise? Or maybe a procedure to undertake?
Thanks you ever so much
M.
it's my first time posting here and I hope you can help me.
In September 2005, we took out a secured loan with Picture of 35,000 over a period of 328.67 months (which now strikes me an odd period). I know it was a stupid thing to do now, but hindsight is a wonderful thing. The apr is 10.9%.
We have been paying this loan back (125 months or 10 years, 5 months) and the total we paid so far is £42,500 (I spare you the pennies).
I called them last month for the balance and it is £31.500, I was stumped as according to my calculations (which could be wrong), the balance should be less than 25K. I asked them provide me information on how they calculate the interest and for a full statement and all I got is a list of all the payments we made.
I really want to settle this account, but I am damned if I give them a penny too much.
So I did some calculations, according to their projections my total repayment will be £128,000 by the time the agreement ends, but the calculator I used says it would be a bit over £100k.
We are not in arrears and only had one month when a DD was returned due to my husband's salary being late. We paid it as soon as the salary was in the account, I think it was 4 days late.
I have this feeling that I am being conned. I am not looking for an "easy" way out. Can anyone point me into the direction of someone who can advise? Or maybe a procedure to undertake?
Thanks you ever so much
M.
0
Comments
-
According to a loan calculator I used, based on the above figures (but had to round the months up to 329), your monthly payment would be £335.02 and the total repayable would be £110,221.53.0
-
Yes but we are paying £380 (and have done so for the past 8 years and before that it was 360.0
-
And even so, it would still be a lot less than what their projection is saying.0
-
If your payments changed, that would assume the APR increased at some point. So was it initially 10.9% but is now some higher figure?0
-
MarthaBeck wrote: »Yes but we are paying £380 (and have done so for the past 8 years and before that it was 360.
ButMarthaBeck wrote: »...We have been paying this loan back (125 months or 10 years, 5 months) and the total we paid so far is £42,500 (I spare you the pennies).
£42,500 divided by 125 is £340.TadleyBaggie wrote: »If your payments changed, that would assume the APR increased at some point. So was it initially 10.9% but is now some higher figure?
The interest rate on Picture Loans was variable it seems.
https://forums.moneysavingexpert.com/discussion/43834970 -
sorry that was me not adding up the list of payments correctly, we have actually paid 46,800 (excel sum error)
The interest rate is now 8.6 (I asked, but I don't know when it changed as I have not got a statement since it was WEbb).
Anyway I don't want to discuss my dodgy mathematics, I have a feeling something is not adding up and I want to find out where I can go for advice.
So back to my original questions:
a) How do I get IDEM to give me a proper statement information as to how much I paid over the years, what the interest rates were.
b) Where do I go from here for advice
Thank you0 -
MarthaBeck wrote: »sorry that was me not adding up the list of payments correctly, we have actually paid 46,800 (excel sum error)
The interest rate is now 8.6 (I asked, but I don't know when it changed as I have not got a statement since it was WEbb).
Anyway I don't want to discuss my dodgy mathematics, I have a feeling something is not adding up and I want to find out where I can go for advice. ....
Dodgy arithmetic aside. £46,800 of repayments would suggest that a settlement figure of £25k was more on the money than one of £32k. There ain't no PPI involved is there?MarthaBeck wrote: »...
So back to my original questions:
a) How do I get IDEM to give me a proper statement information as to how much I paid over the years, what the interest rates were....
You request a statement. You complain if you don't get one.MarthaBeck wrote: »...
b) Where do I go from here for advice
Thank you
Then you complain to the FOS. I assume that they have jurisdiction.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.8K Banking & Borrowing
- 252.3K Reduce Debt & Boost Income
- 452.6K Spending & Discounts
- 241.6K Work, Benefits & Business
- 618.2K Mortgages, Homes & Bills
- 175.9K Life & Family
- 254.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards