Picture Loans asked me to increase loan amount to avoid being under CCA

[linnite]

Hi all,

I'm doing a PPI claim via FSCS since, as I am sure many will know, the original Picture Loans company is no more.

Thinking back to the mis-selling reminded me about another awful aspect of the loan.

I was originally going to borrow £25000 but the salesperson asked me if I wouldn't mind borrowing £25001. It was very casually done and I'm not sure now whether he was hard faced enough to actually tell me that Picture didn't want to be under the CCA or whether I have learned what their motivation must have been some time afterwards. I was prepared to help either way, as we were pretty desperate at that point. We eventually decided to borrow £27000 but this will all be on tape unless Picture have, um, 'mislaid' it.

So anyway, this loan is a millstone round our necks at the best of times, some sort of redress or having it declared unenforceable would be handy.

Then again no point stirring trouble in respect of a company that no longer exists if there is no benefit to me.

As Picture have gone there is only the FSCS I am guessing, they only compensate for financial loss, how could I prove financial loss.

So I am just open to any suggestions really.

Could be fun in any case, if the FSCS hear the tape as part of the PPI investigation.

Cheers for any thoughts!

-linnite

[TUTTSI]

Re: Picture Loans asked me to increase loan amount to avoid being under CCA

You should be ok they paid out someone else recetly fo a fair amount of money on mis-sold PPI. Weell worth a try to be honest.

[linnite]

Re: Picture Loans asked me to increase loan amount to avoid being under CCA

In terms of a separate 'loan mis-selling' matter though?

[Buck]

Re: Picture Loans asked me to increase loan amount to avoid being under CCA

My issues with "our loan" are four fold

1. I was not part of the original application, I was dragged in, yes dragged in as they needed my salary to help my girlfriends application.
2. They lent despite their valuation telling them that the lend would put her into negative equity.
3. They have never once reduced the interest rate, they always increased with any Base Rate rise, but never reduced
4. We have been borrowers for nearly 11 years, have made repayments that exceed the amount borrowed yet the balance after all these years has reduced by a fraction.

The people that have bought the debt are quite honestly horrible, they say that repossession is the last thing they will do in times of hardship, yet when I rang it was the first thing they said to me.

At the time we borrowed yes the rates were high, they then got higher, yet despite money costs falling by 5% or more they have refused to lower their rates. Where do we go for advice?

Neither of us post the crash have a reliable income, but they have put the fear of God into my girlfriend about the power of their second charge.

They have had all their money back, the new owners will have paid at best 50p in the £ for the debt in any case, has anyone had any success negotiating with these people?