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Frequently asked questions

If you've got a question, we've put some useful information all in one place to help. If you can’t find the answer you need here, get in touch and speak to us directly.

Can I pay my account in full?

Yes, you can request a settlement figure if you get in touch. The figure will be calculated and you will be advised what you need to do next.

Can I repay my loan sooner?

If you’re currently making reduced payments, then yes, you can increase these at any time. Just make sure those increased payments are affordable to you. However, if you’re up-to-date with your payments and have no outstanding arrears, fees or charges, we are unfortunately unable to accept additional payments towards your account.

Use the payment calculator
How can I make a payment?

You can make payments to your account in a number of secure, flexible ways:

  • Direct Debit
  • Online
  • Debit card
  • Cheque
  • Standing order or bank transfer

For more information on how to make a payment please visit ways to pay.

Interest rates for Second Charge Mortgages

What is the Bank of England base rate?

It is the rate of at which the Bank of England charges us to borrow money, this rate is reviewed on a monthly basis by their Monetary Policy Committee and they may change the rate based on a number of economic factors.

If you would like to know more about the base rate you can visit the Bank of England website www.bankofengland.co.uk

Why are interest rates increasing?

The Bank of England has increased the base rate. As you may be aware some of our interest rates are linked to this, which means we may need to change our interest rates too.

Whether you're impacted or not will depend on your account type and we'll be in touch to let you know.

We'll put everything in writing and clearly explain any changes and when they will begin.

When will the increase take place?

A personalised letter will be sent to you detailing when this will take place and how you will be affected.

How will this affect me?

A letter detailing your new rate of interest and new monthly payment will be sent to you via post.

What do I need to do?

If you pay by standing order or bank transfer please make sure your payment is updated in time to reflect your new payment amount, as detailed in the letter we sent you.

If you pay by Direct Debit or post-dated debit card, there's nothing you need to do. We will amend your payment amount automatically, unless you tell us otherwise.

If you have any questions or are unsure whether you need to make any amendments to your payment method, please contact us on 0345 322 7007.

I am currently on an agreed temporary reduced interest rate; will this increase?

No. Interest rate increases will not apply to a temporary interest rate, only to contractual rates.

If this applicable to you, a personalised letter will be sent to you detailing what this will mean for your temporary agreed interest rate in addition to your pending return interest rate after your current forbearance period expires.

I am on a fixed rate. Will I be affected?

No. Your interest rate stays the same for the previously agreed amount of time (please check your Terms and Conditions if you are not sure what this is). Therefore, a change in the Bank of England base rate does not affect your loan rate or payments during the fixed period.

Your Terms and Conditions detail what happens at the end of your fixed rate period, including where you can get further information about your options.

What if I have further questions?

If you cannot find the answers to all your questions here, you can call us on 0345 322 7007 and we'll be happy to help.

What is the Recoveries department?

Our team work with customers to make suitable payment arrangements in line with customer affordability to help them repay their outstanding balance on terminated accounts.

What is an income and expenditure form?

From time to time you may be asked to complete an income and expenditure form. This form asks you to list your incomings and outgoings so that we can assess affordability and review your payment arrangement.

Affordability is assessed in accordance with guidelines issued by several industry financial bodies (British Banking Association and Money Advice Trust).

You can find out more and download forms on the income and expenditure page.

Can I change my payment date?

Yes, you can change your payment date. We understand your circumstances don’t always stay the same and this may mean you need to change your payment date. We can do this if you get in touch but would remind you that it is important that you continue to make payments every calendar month, regardless of the date.

I’m struggling to make a payment, what can I do?

Don’t worry, we can help. Please get in touch straight away. We will talk through your personal circumstances and discuss the options available. More information can be found in our help centre.

What is the Litigation department?

If a customer is involved in legal proceedings, this team processes appropriate papers on behalf of the business, and liaises with third parties and courts as required.

What happens if I miss a payment?

If you miss a payment then depending upon the type of loan agreement you have with us, you might incur penalty fees or additional interest. Also, your credit file may be affected and this might impact your ability to get credit in the future

We will contact you to discuss your account and assist you if you are facing financial difficulties. You may also find our help centre useful. For those accounts where penalty fees or additional interest could be incurred through late payment, please see our general service fee tariff.

Can I nominate someone to deal with my account?

Yes, we will be happy to discuss your account with any company or person you nominate. However, before we can do this, you need to complete a third party consent form. Once complete and signed please post to:

Idem Servicing
PO Box 16619
Solihull, B91 9TU

If you change your mind and don’t want us to discuss your account with the nominated third party, you will need to get in touch to let us know.

I need advice about my debts, who can help?

If you are experiencing financial difficulties, you may want to talk to an independent advisor. You can find a list of organisations which offer free debt advice and services that many of our customers have found useful on our independent advice page.

My details have changed, what do I need to do?

If you have changed your name then it’s really important that we update your account to reflect this. In order to change the name on your account, we need you to send us an official document showing your new name. You can send certified copies or originals. If you send originals these will be returned by recorded delivery as soon as we have updated our records.

Please send your documents to:

Idem Servicing
PO Box 16619
B91 9TU

How do I make a complaint?

We're sorry that you're not happy and we'd like you to tell us about it so we can work with you to understand what's happened and put it right. Our complaints page has full details on how to get in contact with us.

How do I let you know if an account holder has passed away?

In the unfortunate circumstance of the death of a loved one, please call us on 0345 322 7300 and we’ll guide you through the next steps. Or If you would prefer, you can contact us via email at [email protected]

We are also a member of the Death Notification Service, a free service which allows you to notify a number of banks and building societies of a person’s death, at the same time.

What is a mortgage prisoner?

The Financial Conduct Authority (FCA) defines a mortgage prisoner as someone who cannot switch to another product, or remortgage to a new lender, despite being up to date with their payments.

A mortgage prisoner is a customer trapped on an old mortgage product which does not offer the ability to switch to a cheaper rate. This may be due to new affordability rules that have been introduced since the original mortgage was taken out, meaning that a customer would no longer qualify for their original loan. It could also be because the customer’s circumstances have changed since they took out their mortgage, or because their current mortgage is with an inactive lender or firm not authorised for mortgage lending.

Am I a mortgage prisoner?

The FCA defines someone as a mortgage prisoner if:

  • They hold an existing regulated mortgage
  • They have not missed any payments within the past 12 months
  • They have no outstanding arrears or fees/charges on their account

We are currently reviewing all customer accounts and will be sending a letter to any customer that we consider to be a mortgage prisoner by 15 January 2021.

Where can I go for more information about mortgage prisoners?

For further information about the rule changes, the Money Advice Service has a section within its website dedicated to providing information for mortgage prisoners at www.moneyadviceservice.org.uk/en/articles/help-for-mortgage-prisoners.

You may also wish to seek advice from an independent mortgage adviser as they will be able to advise whether switching to a new product is right for you. The FCA has information to help you find an independent financial adviser available on their website www.fca.org.uk/consumers/finding-adviser.

Idem Servicing is a trading style of Paragon Finance PLC which is authorised and regulated by the Financial Conduct Authority.
Registered office 51 Homer Road Solihull West Midlands B91 3QJ Registered number 01917566