need help on my secure loan

purpletru

Hi I had a loan with picture finance 8yrs ago I've already had a PPI refund I need to know if they should of change the monthly payments ,because I am still paying the same amount even though I have had a PPI refund . Also the loan I had was 15000 and at the time didn't realise that altogether I have to pay back 130000 is this legal as to me it is a very extreme figure and I fell like I am being robbed.

DCFC79

purpletru wrote: »

Hi I had a loan with picture finance 8yrs ago I've already had a PPI refund I need to know if they should of change the monthly payments ,because I am still paying the same amount even though I have had a PPI refund . Also the loan I had was 15000 and at the time didn't realise that altogether I have to pay back 130000 is this legal as to me it is a very extreme figure and I fell like I am being robbed.

Is that figure correct, a 130k or has an extra zero been added in error ?

purpletru

Yes that's correct already paid 45k back I have been to scared to do anything as it is secured on my house but I feel like I need to do something now as I said its a very extreme figure.

gb12345

purpletru wrote: »

Yes that's correct already paid 45k back I have been to scared to do anything as it is secured on my house but I feel like I need to do something now as I said its a very extreme figure.

What is the term of the loan and the APR?

Could you look at remortgaging or even getting n unsecured loan if your credit history would allow it?

Tixy

If it was a high APR and a very long term then it is possible that you could need to repay that amount on a loan of that size. It isn't illegal to charge a high APR or to loan to someone over a long period of time.

What was the original term of the loan? what was the initial APR? ws it a variable APR? how much do you repay a month?

purpletru

Its over 25yrs to old to get a remortgage also lost my business so credit not good

purpletru

I pay 360 a mth

paddyrg

Is that about 9% APR? Actually not a bad deal. Best bet to repay it ASAP

purpletru

No its a large Apr something like 240 I don't know without looking I've already payed 45k in 8 yrs still got 17yrs left to pay

purpletru

Its not even touched the loan yet .

Tixy

You really need to find out your original agreement to see the full details of the loan.
Its impossible for anyone to really advise without it (e.g. you mention you will be repaying £130k but then say you are paying £360 a month and that the term is 25years/300 months. £360 x 300 = £108k)

purpletru wrote: »

Its not even touched the loan yet .

As long as the monthly repayment is more than the monthly interest paid (and assuming you don't miss payments) then you will certainly have paid something off the loan by now. In the early part of a loan the majority of your repayment is interest, with only a small amount reducing the capital borrowed.

How much is your house worth? Do you also have a mortgage on the property as well as the secured loan?
Are you in a position to pay more a month?