Need help with mis-sold Picture loan

modifieddrive

I got a £50k picture loan in december 2005, they mis-sold me PPI so they actually only deposited £42k in my account, i have won back the PPI from FSCS which happened very quickly. However the actual loan was also missold to me i believe, over the past 5 years i paid a huge amount of money back but only scratched the surface of the actual loan, can anyone give me advice of a good company to use to get this mis-sold loan frozen?

i found this company but dont know if they can be recommended or not? unfaircreditrefunds as i dont want to be scammed over and over again like was by picture.

To elaborate further from my understanding Loans written prior to April 2007 have been written incorrectly and are therefore unenforceable. My picture loan agreemant made no mention of the total amount of loan that i would need to repay, it only stated the number of months, not even years, at the time i was forced to stop working due to RSI injury and was desperate for money, as i expect most people where who went to picture, i should have taken more time to do all the calculations myself, but surely this shouldnt have been expected, the paperwork i signed should have stated this information, ok i could have fairly easily done the calculation of 300 months times £408.79, but i still wouldnt have known the total amount as it was a variable interest rate, so the figure i would have got would have been £122637, but then that could change as they changed the interest rate, which they did very quickly after i took the loan out.

If i had worked that out i would have tried to find another loan which didnt involve me paying back £122637, i may have been desperate for money, but i wasnt mad.

The actual sales call was also for a £50k loan with no mention of ppi, which i would never of taken, so when i signed the paperwork the insurance which was deducted from the £50k so showing a £42k amount i assumed was just part of the overal loan agreemant, and didnt expect a few days later to actually only receive £42k in my bank. Regarding the ppi like i mentioned this has now been reclaimed anyway and paid directly to picture, i am now trying to deal with the actual loan, i have paid back to date approximately £30,150 in payments, probably more as the interest rate has been constantly changing. I dont want to avoid paying the capital i borrowed but feel that the money i have already paid surely should count for something and if i could just pay the remaining £12k it could be cleared completely, as it stands the £30k plus i have made in payments will account for a tiny amount of the capital and i am stuck with it for another 20 years.

To add to this story picture is now bust and the debt has been sold on to Webb resolutions, a company i signed no agreemant with and who now are chasing me for the debt. should i pay these guys any money or wait to see if indeed the loan can be frozen or settled in a more fair way.

Please Please help, any advice would be greatly appreciated

thankyou

ILW

You can make an offer to the debt company, but from what you say there does not appear to be anything wrong with the loan itself. Why are your grounds for expecting mis selling?

Apples2

If it were a variable rate loan - How are you expecting them to have forecast the total amount repayable?? it's variable!

over the past 5 years i paid a huge amount of money back but only scratched the surface of the actual loan, can anyone give me advice of a good company to use to get this mis-sold loan frozen?

Is that seriously your la pièce de resistance? In your opinion the loan was mis-sold, because you aren't cutting swathes off your loan each month?

If i had worked that out i would have tried to find another loan which didnt involve me paying back £122637, i may have been desperate for money, but i wasnt mad.

Surely we all make a judgement when we purchase a product and decide if it is worth buying.
By that rationale, we should all buy Bentleys and claim it was mis-sold afterwards as we could have bought a Ford Focus for less money.

Good luck in your crusade, I think you are going to need a sackload of luck.

A debt is a business asset, it can be passed between companies like any other trade. This does not mean you can simply stop repaying your debt.

Sorry it's blunt but we see far too many Mis-sold posts which carry little substance, just opinions about previous poor decisions.

Brock_and_Roll

To elaborate further from my understanding Loans written prior to April 2007 have been written incorrectly and are therefore unenforceable

Absolute nonsense. No doubt you heard this from a dodgy loan refund company who are no doubt going to try and scam an upfront fee out of you.

i should have taken more time to do all the calculations myself

Yes you should! As you admit the calculations are not exactly rocket science. Unless you can prove that you were insane or mentally disabled at the time you have no chance with this argument!

but i still wouldnt have known the total amount as it was a variable interest rate

You answered that one yourself!!

To add to this story picture is now bust and the debt has been sold on to Webb resolutions, a company i signed no agreemant with and who now are chasing me for the debt

Legally this is irrelevant, your contract with Picture would have given them the right to sell/assign the loan to whoever they wanted without your consent.

Serious advice here - forget about the Loan Refund company - total scam.

What you should do next depends on your income expenditure, whether you have any assets and what job you are in. I would seek advice for example on the Fool Dealing with Debt board where you will get some very good advice for free.

andy.m_2

Good luck but I feel you are on a hiding to nothing.

If you have paid back £30k and you only want to pay back £12k then you will have only paid £42k, not even the full amount you borrowed let alone any interest.
Surely the PPI compo means you still have to pay back based on the £50k?

It's a horrible situation and one that you possibly turned a blind eye to the consequences due to your circumstances, but that was hardly picture's fault.

Get over to the debt free wannabee board and start to make some sensible decisions that may make a difference from here on in

jonnyd281

Is your loan secured - stopping payments could put your home at risk (serious risk) if it is.

amersall

This frontloaded ppi increased the repayments on this loan, frontloaded ppi is a disgrace, i echo what the other posters have said, you will have to pay this back i am afraid, and the ppi is still on the loan and will be to term end, that is a lot of interest to pay back just for the ppi remaining.

When you got compensation for the ppi, you should have given this off the loan and this would have reduced the balance that you owed them.

modifieddrive

Apples2 wrote: »

If it were a variable rate loan - How are you expecting them to have forecast the total amount repayable?? it's variable!



Is that seriously your la pièce de resistance? In your opinion the loan was mis-sold, because you aren't cutting swathes off your loan each month?


Surely we all make a judgement when we purchase a product and decide if it is worth buying.
By that rationale, we should all buy Bentleys and claim it was mis-sold afterwards as we could have bought a Ford Focus for less money.

Good luck in your crusade, I think you are going to need a sackload of luck.

A debt is a business asset, it can be passed between companies like any other trade. This does not mean you can simply stop repaying your debt.

Sorry it's blunt but we see far too many Mis-sold posts which carry little substance, just opinions about previous poor decisions.

this is why forums are dying out, as people dont want to post to them because they get flamed by people like yourself, who have seen it all before and get all high and mighty if someone dares to say something wrong, i came here for advice, some people have replied with straight forward advice and pointed out which of my points are valid or not, and you just act like an idiot, clearly having a couple thousand posts has gone to your head, this is why forums are full of just people with lots of posts and no one new gets involved further than a couple of posts

modifieddrive

Brock_and_Roll wrote: »

To elaborate further from my understanding Loans written prior to April 2007 have been written incorrectly and are therefore unenforceable

Absolute nonsense. No doubt you heard this from a dodgy loan refund company who are no doubt going to try and scam an upfront fee out of you.

i should have taken more time to do all the calculations myself

Yes you should! As you admit the calculations are not exactly rocket science. Unless you can prove that you were insane or mentally disabled at the time you have no chance with this argument!

but i still wouldnt have known the total amount as it was a variable interest rate

You answered that one yourself!!

To add to this story picture is now bust and the debt has been sold on to Webb resolutions, a company i signed no agreemant with and who now are chasing me for the debt

Legally this is irrelevant, your contract with Picture would have given them the right to sell/assign the loan to whoever they wanted without your consent.

Serious advice here - forget about the Loan Refund company - total scam.

What you should do next depends on your income expenditure, whether you have any assets and what job you are in. I would seek advice for example on the Fool Dealing with Debt board where you will get some very good advice for free.

that was one of the whole points of my post, to find out if that was a genuine thing or not, yes it was on the website of the unfaircreditrefunds stating that, so if its not true, then thats why i asked you guys! a he moment i dont know if i have any case at all, clearly it seems that the loan is completely fair, paying back 3 times the amount is fair and just, what was i thinking, i guess i must have been insane!

modifieddrive

andy.m wrote: »

Good luck but I feel you are on a hiding to nothing.

If you have paid back £30k and you only want to pay back £12k then you will have only paid £42k, not even the full amount you borrowed let alone any interest.
Surely the PPI compo means you still have to pay back based on the £50k?

It's a horrible situation and one that you possibly turned a blind eye to the consequences due to your circumstances, but that was hardly picture's fault.

Get over to the debt free wannabee board and start to make some sensible decisions that may make a difference from here on in

sorry if you read my post you will see that it says that the loan i was sold was £50k, but they then deducted over £8k off the amount for a ppi which i knew nothing about. The ppi i have now claimed back from fscs and paid it off the loan. It seems that for being mis-sold ppi everyone is happy that it can be claimed back regardless of whether people looked into the details of what they where getting, but if we didn't look into the details of the loan then we have no right to question it.

And regarding the interest, yes i want to pay the interest, but a reasonable amount, not £70k of interest, if its not air for the ppi, then why is it fair for the loan?

modifieddrive

jonnyd281 wrote: »

Is your loan secured - stopping payments could put your home at risk (serious risk) if it is.

yes it is, though thank to the wonderful bankers of this country and subsequent housing crash my property is now in negative equity so there would be no money left, even the mortgage company wouldn't have enough enough to pay the mortgage amount off. I also doubt very much that the mortgage company would let a second charge company take over a property, would they?