Picture Financial

[LynnB]

Help! I stupidly took out a secured loan with Picture in 2007 for £24000. The rate was variable 9.612% which at the time appeared reasonable. Little did I know! I also remember at the time being encouraged to borrow more than I needed over a longer period to get a lower monthly payment which in hindsight was a hideous idea and I agreed to it. The rate only reduced a couple of times at the outset and the payments never reduced. To date I have repaid £32,319 I am now being pursued by Mars Capital for a further £15,174. I will therefore pay almost 100% in interest. How is this possible? I made a complaint to the FOS and they can’t help as Picture no longer exists and the FSCS can’t help as they don’t deal with secured loans. Is there anyone that can help me with the misselling of the loan and the unfair interest charged? Thank you.