Confused

Brinkley

I have just started reading about Loans/PPIs and claiming.I took out a fairly big secured loan with `Picture`and was told that if i keep the payments up without missing one after 3 years i would recieve money back the same after 4 years but a larger payment then again after 5 years and a larger payment again.At present i haven`t checked my policy but i am sure i had to pay more for this.I was desperate at the time so just agreed to everything.Can i claim anything back and stop this

POSSETTE

You dont have to put a poll on a thread each time.Next time you start a thread just make sure poll is not ticked!
As for your loan, did you have PPI on it.Its the insurance you take out to cover for if you lose your job or fall sick etc.

di3004

Brinkley wrote: »

I have just started reading about Loans/PPIs and claiming.I took out a fairly big secured loan with `Picture`and was told that if i keep the payments up without missing one after 3 years i would recieve money back the same after 4 years but a larger payment then again after 5 years and a larger payment again.At present i haven`t checked my policy but i am sure i had to pay more for this.I was desperate at the time so just agreed to everything.Can i claim anything back and stop this

Hi there

I would contact the Financial compensation scheme (FSCS) in regards of Picture, ring them and request for them to send you a form through the post, you must be registered with them, due to the fact that Picture may go into default anytime.

If you post on he PPI reclaiming thread or check through the PPI reclaiming discussion thread you will find many in the same situation, as they have had to register with the FSCS.
FSCS contact here, but ring them obviously next week now due to it being the weekend and they should send you a form through the post, good luck.
http://www.fscs.org.uk/contacts/

Brinkley

Thanks i`ll try that
how do i post it on the ppi thread?

di3004

Brinkley wrote: »

Thanks i`ll try that
how do i post it on the ppi thread?

Try this link here.;)
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

MonkeySaving?

I voted for *

cyril82

***A WARNING ABOUT PICTURE LOANS***

i have had dealings with this company in my professional life helping consumers who were signed into unfair contracts.

Picture specialise in secured loans but what they don't tell people is within the terms you are agreeing to a charge being placed on your property, this is to make repossession a faster process should they wish to go for your home.

Most lenders only apply for a charge after you fail to honour the agreement at which time the court is likely to offer you one last chance to keep to a reasonable payment plan, if you don't the company can apply to the court for a repossession order. So in effect picture can apply for repossession as soon as you miss a payment in these circumstances.

Also most picture contracts i have seen contain a term which states that they can repossess your home if you miss one payment and it remains outstanding for one week.

This would be laughable in most cases but if they already have a charge on your property it may be more likely.

Also i have seen miss-selling of ppi from these including selling one guy 10 years of ppi despite the fact he was due to retire in less than ten years. The ppi was sold as 1 lump sum policy for ten years and added to the loan, so cancelling was not an option, they did not tell him who the ppi policy was with and the letter he got notifying him of the ppi was so vague and contained so many references to terms and paragraphs of the agreement where plain English would have sufficed it took me around 10 to 15 minutes to translate the half page letter into legible English and i understand loan agreements and the wording/terms they use so what chance the average Joe had of understanding/translating it i don't know, add to this the fact that they had to read and sign the agreement while the courier waited to take them back and it is a disgusting situation.

So my advice if you have a picture loan which is secured seek legal advice or if you fall into arrears you may find yourself in serious trouble.

If anyone wants to contact me by private message about this they are welcome to.