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Need help with mis-sold Picture loan

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  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 2 June 2011 at 9:15PM
    this is why forums are dying out
    Are they???
    I also doubt very much that the mortgage company would let a second charge company take over a property, would they?
    If the second charge company wishes to repossess, there's nothing the lender with the first charge can do to stop it. But they will get their money back before the second charge company sees a penny.
  • amersall wrote: »
    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 thinking
  • RichGold
    RichGold Posts: 1,244 Forumite
    1,000 Posts Combo Breaker
    edited 2 June 2011 at 10:17PM
    shame everyone thinks that picture where perfect in the way they sold the loan too.
    I don't think Picture were perfect in the way they sold the loan - but that's the point, people have to realise that lenders of any description are not your friends, lending you a few quid to get by, THEY ARE BUSINESSES simply trying to make maximum profit for shareholders. And its been commonplace for them over the last few years to load anyone they can up with as much debt as they can so they can have them paying back as much as possible for as long as possible.
    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 ForumTeam
  • sal7
    sal7 Posts: 36 Forumite
    Part of the Furniture Combo Breaker
    Just wondered if this thread is of any interest to you?https://forums.moneysavingexpert.com/discussion/3268620
  • ILW
    ILW Posts: 18,333 Forumite
    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?
  • redpete
    redpete Posts: 4,735 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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.
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    Part of the Furniture Combo Breaker PPI Party Pooper Debt-free and Proud!
    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.
  • jonnyd281
    jonnyd281 Posts: 569 Forumite
    Part of the Furniture 500 Posts
    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.
  • amersall
    amersall Posts: 17,035 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    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: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.
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    fozmcfc wrote: »
    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.

    .

    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 hair
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