Picture Secured loans

acinthedepths

I am going to claim mis-sold PPi with Picture but I am having to hold off. I have recently re-mortgaged and borrowed extra £5000 from new mortgage company to pay off credit cards etc. Picture have recently sent me a letter saying that this extra money must be paid to them. They are also charging me £195.00 for Deed of Postponement because I am changing mortgage company. They are saying that because of the credit crunch any remortgage money must go straight to them. I have had three phone calls with them and each of the salespersons advised me that the best thing to do was to pay them off - in other words borrow more money and give it to them. They are obviously desperate to get their hands on all outstanding money (Surely this is mis-selling at its best!) They will not budge on wanting this £5000 and have threatened to demand the full amount if I don't agree. None of the terms and conditions state that this is the case and I have not had new t & C's since 'credit crunch'
At no time during these phone calls have they said that they are in liquidation and the letter I received said that only the trading name would change.
To stop them getting the money, I reduced the amount of the re-mortgage so that if they are lucky they will get about £40. I don't know whether to send the letter now or wait until re-morgage is in place - I'm scared they will demand the full outstanding amount. Suggestions

marshallka

acinthedepths wrote: »

I am going to claim mis-sold PPi with Picture but I am having to hold off. I have recently re-mortgaged and borrowed extra £5000 from new mortgage company to pay off credit cards etc. Picture have recently sent me a letter saying that this extra money must be paid to them. They are also charging me £195.00 for Deed of Postponement because I am changing mortgage company. They are saying that because of the credit crunch any remortgage money must go straight to them. I have had three phone calls with them and each of the salespersons advised me that the best thing to do was to pay them off - in other words borrow more money and give it to them. They are obviously desperate to get their hands on all outstanding money (Surely this is mis-selling at its best!) They will not budge on wanting this £5000 and have threatened to demand the full amount if I don't agree. None of the terms and conditions state that this is the case and I have not had new t & C's since 'credit crunch'
At no time during these phone calls have they said that they are in liquidation and the letter I received said that only the trading name would change.
To stop them getting the money, I reduced the amount of the re-mortgage so that if they are lucky they will get about £40. I don't know whether to send the letter now or wait until re-morgage is in place - I'm scared they will demand the full outstanding amount. Suggestions

Have Picture finance gone bust now. If you see the threads on the PPI and picture from what i can gather they have now gone into liquidation.???

http://forums.moneysavingexpert.com/showthread.html?t=1110405