Idem debt transferred to mars capital

Terry1446 · 14 June 2019 at 8:39PM

Hi, we had a secured picture loan then moved to idem and when we recently asked for a settlement we got correspondence saying that it had been transferred to Mars capital finance. Does anyone have any dealings with them? We were just about to start negotiations with idem for full and final settlement when the loan was “transferred”.

jonesMUFCforever · 14 June 2019 at 10:32PM

No dealings with them here but would like to point out that if the loan is secured they hold all the aces - ultimately they could foreclose on you - unlikely I know - don't go in with a ridiculous low offer - make a reasonable offer and see what they say.

nutbeam · 2 July 2019 at 7:02PM

Following a call with these "people", front line staff defer any offer with, " the process is, you need 2 estate agents to value the property and fill in an income and outgoings form". After questioning how this would assist they responded, "any discount is based on negative equity" and they also responded when asked, " a number of people have agreed a discount".

I told them to raise a complaint and give me a final redemption figure and the name of a senior manager that can make decisions.

Go for the attack and make a nuisance of yourself.

As I believe they are planning an interest jump as many others have had a direct debit go out which was more than before it moved from idem...

Rapier69 · 25 August 2019 at 9:13PM

Mars Capital are pirates, they snatched our mortgage from another company, after paying them for 15 years we realised we were going to hit a patch in 4 months where we could not pay the full amount for six months and asked for help. They told us they would switch us to an interest only loan for that period, but delayed and stalled until we were in the period and defaulted, at which point they jumped in and issued an eviction.

If you are with them bail out as fast as you can, all they want is to grab your equity.

ginagee1234 · 13 August 2020 at 3:48PM

Terry1446 said:

Hi, we had a secured picture loan then moved to idem and when we recently asked for a settlement we got correspondence saying that it had been transferred to Mars capital finance. Does anyone have any dealings with them? We were just about to start negotiations with idem for full and final settlement when the loan was “transferred”.

Hi Terry.

Yep same thing happened to us. It’s amazing how asking for a settlement figure makes them move you on,!!!? Anyway we have had major issues, even though we have paid back the initial lan we are still being chased for interest that was added by idem. Mars capital are in the process off investigating it, so will update you when we get a response.

ljm08 · 21 August 2020 at 6:52PM

Snap picture loan transferred to Idem and now Mars. Did get a bit behind due to ill health but when cleared the arrears when we received inheritance and Mars accused me of fraud! Awful disgusting company and add on extra charges too

Wookie1964 · 3 March 2023 at 4:50PM

I am concerned my previous mortgage lender has sold my mortgage to Mars Capital. I had an agreement with previous as I could not afford the increase of re payment from 1244 to 1400 per month and set a new payment of 1000 for review in March.
I am worried as soon as this agreement came in they sold the debt on and despite a letter clearly stating all original agreements and arrangements will be honoured by Mars Capital the robbing toe rags mugged me for 1400 this month leaving me skint. I am trying to find out if Mars are inactive lenders because their website states they administer mortgages. If this is the case I find myself as a mortgage prisoner. I have put my property on the market and if sells will be able to downsizes and be mortgage free. I am trying to speak to Mars about reducing my payments as 1400 is unsustainable but reading some of the comments about Mars i feel as I will open a can of worms for myself and my wife. any sane advice would be great.

sourcrates · 5 March 2023 at 3:33PM

Wookie1964 said:

I am concerned my previous mortgage lender has sold my mortgage to Mars Capital. I had an agreement with previous as I could not afford the increase of re payment from 1244 to 1400 per month and set a new payment of 1000 for review in March.
I am worried as soon as this agreement came in they sold the debt on and despite a letter clearly stating all original agreements and arrangements will be honoured by Mars Capital the robbing toe rags mugged me for 1400 this month leaving me skint. I am trying to find out if Mars are inactive lenders because their website states they administer mortgages. If this is the case I find myself as a mortgage prisoner. I have put my property on the market and if sells will be able to downsizes and be mortgage free. I am trying to speak to Mars about reducing my payments as 1400 is unsustainable but reading some of the comments about Mars i feel as I will open a can of worms for myself and my wife. any sane advice would be great.

Wookie,

The original OP, was a one post wonder, and has not returned to the site since June 2019.

Mars Capital are part of the Arrow Global group of companies, they specialise in debt purchasing and credit management, unlike most other mortgage companies, Mars Capital doesn’t market mortgage products. Instead, they purchase mortgage portfolios from other lenders and then manage the administration of those mortgages.

So no, they don`t lend money themselves.

littleivy · 30 April 2023 at 8:25AM

Our original mortgage provider did the same , I got endometrial cancer last year and got into arrears as no income , they were in the process of negotiation regarding a way forward, then sold our account to Mars Capital, we've had a welcome pack and two statements, my husband wrote to them telling them about my health, said waiting to hear from PIP (which i was awarded) received a letter with a statement and original copy of agreement and a letter saying , sorry to hear about your wife and wished a speedy recovery.
Our account is now £6000 + in arrears .
Monthly interest only last year was £400 , now it's £697 and the want more in July .
We can offer £400 , that's it , our income is made up of benefits . WTC (self employed husband ) now working from home and hardly any sales (he is carer for me now) just waiting for carers to award , then my PIP benefit. So with all other bills we have £400 to offer .
Should we approach them or wait for them to write to us and see what they offer as a solution .
I am not well enough to put the house on the market , my anxiety is sky high right now . I only had surgery in January this year and still having follow up treatment (not chemo or radiotherapy) , this is for five years . I'm still recovering .

sourcrates · 30 April 2023 at 11:45AM

A mortgage is a debt, just like any other debt, and its common place for debts to be bought and sold at the whim of the original creditor, but especially so if you have fallen behind with your payments.

Mainstream lenders do not have the time nor the staff to deal with accounts that fall into persistent arrears, so they are assigned to specialist lenders who manage them instead.

Obviously you should make them aware of your personal circumstances, it will have some effect on how your account is managed, they will have a specialist team in place for customers such as yourself.

It is then likely they will write to you enclosing a standard income/expenditure form for you to complete, this is how all accounts that fall into arrears are managed, and your monthly payment should be determined by the amount of disposable income you have available.

National Debtline and Stepchange are good sources of advice.

Idem debt transferred to mars capital

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