Picture financial loan

rubyhannahs

Hi. In January 2006 I took out a loan with picture financial. This was over 15 years. (It’s huge and so glad it nearly done) 
the loans APR was 10.9% variable. 

The loan payments went up on a few occasions but never ever came down. 

Would this be correct. ? 

This difference from my 1st monthly payment compared to today’s is around £100. Any help would be greatly appreciated. 

Thanks. 

Jeff 

jonesMUFCforever

What does your loan agreement say?

rubyhannahs

It’s says 10.9% variable 
we may at our discretion from time to time vary our interest rates to reflect a change which has occurred, or which we reasonably expect to occur, in interest rates generally (although there is no obligation upon us to do )

jonesMUFCforever

That's your answer. Basically they had carte blanche to charge you whatever they thought fit - be glad its nearly paid off.

rubyhannahs

Yeah I was hoping it didn’t mean that. 

It’s mental that I was so stupid. 

Never mind. Can’t go back.  

That’s for your reply. 

Really appreciate it