Picture Finance were they in the wrong

poohwithmoney

Hey,

In the process of sorting all my debt out and all my unsecured debt is under control, However, i was hoping someone could help with some advise on a loan i took out with picture finance in 2007. I was really young and stupid not an excuse i know but now i'm a bit older and am really looking in to what i owe. I borrowed £36,000 against my flat which was only worth £88,000 ( even less now) and i had a 100% mortgage. Also at the time i only earnt £20,000. The lender also said i had to have £7000 worth of PPI on top of the loan as the amount was quite large.
I have sponek to Picture (well the company now dealing for picture) as i have to pay £377 a month back (this is over 25 year). I think i have a case for claiming PPI but has anyone had any success for getting the loan reduced as the rates are so high?

Thanks

RichGold

Nope. You had the money and were aware of what you were signing up to, the chances of getting this knocked down are zero.

How were picture finance in the wrong?

What did you spend the money on?

poohwithmoney

Hey,

I don't dispute owing them the money - it was spent on home improvments and medical treatment for a family member.

I just wondered if anyone had managed to get there interest rate readjusted. I was with an ex boyfriend at the time and my advisor said to put down he gave me a certain amount towords bills "to improve my chances" also she put the value of my flat higher than what it was - i submitted a value form from my estate agent and then they did an independent valuation.

Meepster

£113,100 for a £36,000 loan?

OMFG...

Tixy

No, you have no chance of getting the interest rate changed now - the time to query that would have been before you signed. But you do have a good chance of getting the PPI reclaimed from what you've said, which should help a great deal.

Presumably you still own the property and the loan is still secured (well secured in theory but presumably in negative equity)?

RichGold

poohwithmoney wrote: »

I was with an ex boyfriend at the time and my advisor said to put down he gave me a certain amount towords bills "to improve my chances" also she put the value of my flat higher than what it was

So you also made a fraudulent application...... the plot thickens....

Stirring things up could land you in hot water.

chalkie99

Not deleted - still there to be fair.

geoffky

Claim back your ppi.. and christ 25yrs for 36k you must of been mad at the time..hindsight is a great thing..good luck

KingElvis

wow, that's a whopper.

tell_it_how_it_is

Definitely go down the route of trying to reclaim your PPI - there's plenty of info around this site - and if you get that sorted and get back a lump sum, see if you can knock a huge chunk off the loan and save some interest. Then look at paying some extra per month that you save off PPI payments, to further reduce the interest.

Apples2

Didn't the OP already try to reclaim PPI but got bounced as it was already claimed upon?

Phenominal amount to repay though.
I can't see a simple way apart from taking the long slog gently improving credit file until enough can be borrowed to clear or make a huge dent in it.