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Need help with mis-sold Picture loan
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modifieddrive wrote: »this is why forums are dying outI also doubt very much that the mortgage company would let a second charge company take over a property, would they?0
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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.
ugh, as i wrote in my post!the ppi i claimed back already and had fscs send the cheque directly to picture. thanks for agreeing that ppi mis-selling is a disgrace, shame everyone thinks that picture where perfect in the way they sold the loan too. Personally i think it was mis-sold, i am happy to pay back the loan amount of £42k plus 5 years of interest, i think that would be reasonable, is it reasonable to pay back £123,000 and be doing so for another 20 years, regardless of whether they where legally entitled too, whether i signed documents. Unfair contracts can be disputed, in my opinion this was an unfair contract.
To sum up, i came here for advice and got what most people get on forums, flamed, thanks for the experience,just some friendly straight advice would have been nice, jees,what was i thinking0 -
modifieddrive wrote: »shame everyone thinks that picture where perfect in the way they sold the loan too.
You should have looked at what this could potentially cost when you took the loan out, and worked out then that you had no interest in borrowing £50 and repaying £122k.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Just wondered if this thread is of any interest to you?https://forums.moneysavingexpert.com/discussion/32686200
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modifieddrive wrote: »ugh, as i wrote in my post!
the ppi i claimed back already and had fscs send the cheque directly to picture. thanks for agreeing that ppi mis-selling is a disgrace, shame everyone thinks that picture where perfect in the way they sold the loan too. Personally i think it was mis-sold, i am happy to pay back the loan amount of £42k plus 5 years of interest, i think that would be reasonable, is it reasonable to pay back £123,000 and be doing so for another 20 years, regardless of whether they where legally entitled too, whether i signed documents. Unfair contracts can be disputed, in my opinion this was an unfair contract.
To sum up, i came here for advice and got what most people get on forums, flamed, thanks for the experience,just some friendly straight advice would have been nice, jees,what was i thinking
surely, if you pay off the loan within 5 years, you will only pay around 5 years of interest. Have you been given a settlement figure?0 -
modifieddrive wrote: »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!
It seems that you were told the interest rate, and therefore you would have been able to compare it against other possible loan deals and mortgages. You were told the period of the loan - i.e. how long you were going to be paying it for. You were told the monthly payment, so could easily work out how much the total would be. You were told it would be variable rate - did the rate changes happen out of step with general interest rates? If so you could have cause for complaint but maybe not a claim for mis-selling.
Given that you were desperate for money at the time what would have been your reaction if you couldn't find anyone prepared to lend you money? Maybe like many who post on here who are outraged that they cannot get a loan even though they can easily afford the repayments.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Is there anything you could sell, or was it for good old debt consolidation in the first place, something many of us have fallen into the trap of doing.
Recently looking back at some of the adverts for these loans on youtube, including First Plus, I cannot believe some of the illustrated loans they show, amounting to paying something like £58k back for a 25k loan.
They certainly made it look so easy paying back just £88 a month on one, despite the fact it was over something like 25 years.
I'm so surprised Carol Voderman got involved with First Plus as she surely could see that what she was advertising was utter madness.0 -
modifieddrive wrote: »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?
Even if they don't repossess they can prevent you from selling the house at any price. You need thier permission to sell the house, and if you are in default saying you aren't going to pay back the loan, even in +ve equity they won't let you sell.0 -
modifieddrive wrote: »ugh, as i wrote in my post!
the ppi i claimed back already and had fscs send the cheque directly to picture. thanks for agreeing that ppi mis-selling is a disgrace, shame everyone thinks that picture where perfect in the way they sold the loan too. Personally i think it was mis-sold, i am happy to pay back the loan amount of £42k plus 5 years of interest, i think that would be reasonable, is it reasonable to pay back £123,000 and be doing so for another 20 years, regardless of whether they where legally entitled too, whether i signed documents. Unfair contracts can be disputed, in my opinion this was an unfair contract.
To sum up, i came here for advice and got what most people get on forums, flamed, thanks for the experience,just some friendly straight advice would have been nice, jees,what was i thinking
I hope you are not tarring me with the same brush as the unhelpful posters:(:(
I always try to be nice to posters and am not critical of what choices people have made, i have been there done that and bought the t shirt:D
These subprime lenders have a lot to answer for in my opinion.
They sell you ppi (that they recieved hefty commission for, no wonder the staff were told to sell,sell ,sell) that only lasts for a few years, this is in effect another loan that is added to the original loan with the interest associated with this to term end.
And i can guarantee that you all of us who have been in this position were not told the true cost of this ppi and that is why this type of ppi is not worth the paper it is written on.
Have you had all your NCB that you were entitled to?.
These loans are apr variable so you pay more off the interest in the earlier years (much like a mortgage) before you see a reduction on the actual debt, this is made worse by the interest they charge.0 -
Recently looking back at some of the adverts for these loans on youtube, including First Plus, I cannot believe some of the illustrated loans they show, amounting to paying something like £58k back for a 25k loan.
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Hmmm. 25 year loan, variable rate, secured on property. It's basically a mortgage (and you'll find a similar ratio of total payment to debt on any mortgage)
I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0
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