Picture Loan Frustration

Shoeshine

Hi,

I took out a £50k Picture Loan four years ago over 15 years with my then wife. We are still married but going through a divorce and are no longer on speaking terms. I've been fortunate enough to have been able to make the repayments on time every month and last week I contacted them to ask for a settlement figure as I would like to borrow the money elsewhere to get a better rate. To my astonishment we still owe £51k having already paid £35k in the four years. They also said that if I settled it would cost me £54k...! I then asked about the money back scheme that they insisted I have and was told that they have paid out £3000 on it last year, £1800 a few weeks ago and will pay our another £1800 next March. None of this has been mentioned to me by my wife and the cheques were apparently in my name as the first named account holder. So, keeping fraud aside for one moment, is it right that I still owe Picture Loans so much money? I have also looked into the minefield that is PPI misselling and may have a case but I'm not sure where I stand if we've already benefitted from it with the cashback. Suggestions please.
Regards, John

KiKi

Hi John

I can't help with your immediate question, but I do know that for others to help you they'll need to know the interest rate of the loan and on what terms you took it out (ie, with the cashback scheme, how it worked etc).

If you can post that up here some people will be able to help you.

KiKi

amersall

Shoeshine wrote: »

Hi,

I took out a £50k Picture Loan four years ago over 15 years with my then wife. We are still married but going through a divorce and are no longer on speaking terms. I've been fortunate enough to have been able to make the repayments on time every month and last week I contacted them to ask for a settlement figure as I would like to borrow the money elsewhere to get a better rate. To my astonishment we still owe £51k having already paid £35k in the four years. They also said that if I settled it would cost me £54k...! I then asked about the money back scheme that they insisted I have and was told that they have paid out £3000 on it last year, £1800 a few weeks ago and will pay our another £1800 next March. None of this has been mentioned to me by my wife and the cheques were apparently in my name as the first named account holder. So, keeping fraud aside for one moment, is it right that I still owe Picture Loans so much money? I have also looked into the minefield that is PPI misselling and may have a case but I'm not sure where I stand if we've already benefitted from it with the cashback. Suggestions please.
Regards, John

Hi there, i am afraid you may still owe the amount they state, this loan had front loaded ppi on and you pay this back over the term with interest so this will add more interest to the settlement figure. You can still go mis sell even though you have had "cashback".
Take a look here.
https://forums.moneysavingexpert.com/discussion/1897143
You need to contact fscs about this.
http://www.fscs.org.uk/contact-us/

When you get the cashback, the ppi is still on the loan to term end with interest, that is why this form of ppi is unfair.

amersall

Also, you need to get a hold of your wife concerning the cashback, if you dont have a joint bank account, then i cannot see how she cashed the cheques, and that is fraud and you need to deal with this.