Picture Finance Unregulated 2nd Charge on Property

[Bailey1]

Hello - new to the site, apologies if I am posting in the incorrect location.

Title is the issue I wish to post about - can someone tell me where I should post a question relating to this please?

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

In 2004 I took out a Picture Home Loan Secured against property as a 2nd charge.
PPI was successfully claimed back and the funds paid back to reduce Picture Loan.

2 years ago my OH became very ill which resulted in him being disabled and no longer.

Picture have allowed me to pay reduce payments for 2 years, I have now been told that they cannot continue to do this (which I understand).

I have been advised they will continue with reduced payments till Sept this year and thereafter if I cannot pay arrears and resume full monthly payment, they will instigate re-possession.

The repossession will only pay the first lender (negative equity).
I have been told they would convert the secured loan into an unsecured loan.
The loan is over £25,000.00 is not regulated, runs until I am 80 years old and is a huge worry!

Any advice would be appreciated please and apologies for the length of post and if I have posted in the wrong place.

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

I posted recently regarding issue with Picture, I forgot to mention 4 month ago I wrote re SAR, still not received anything.

Once again any assistance would be appreciated. Thank you

[Amethyst]

Re: Picture Finance Unregulated 2nd Charge on Property

Hi Bailey Just having a read of your posts xx Welcome to the forum - might be a little quiet over the weekend. Sharon xx

[Amethyst]

Re: Picture Finance Unregulated 2nd Charge on Property

I posted recently regarding issue with Picture, I forgot to mention 4 month ago I wrote re SAR, still not received anything.

Once again any assistance would be appreciated. Thank you

Okay - regarding the SAR - you need to send a chaser letter or give the data controller a call to see if they have received it and if it is being actioned. Where did you send the SAR to and did you enclose the £10 fee ? If so, has the cheque been cashed ?

[Amethyst]

Re: Picture Finance Unregulated 2nd Charge on Property

Do you have a copy of your original agreement from taking the loan out ?

'' PPI was successfully claimed back and the funds paid back to reduce Picture Loan. '' - when was that approx ?

Picture have allowed me to pay reduce payments for 2 years, I have now been told that they cannot continue to do this (which I understand).

Do you have a copy of this letter ?
Had they frozen charges/interest etc during this time ?
Do you know how much the arrears are?

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

Thank you Sharon for welcome.
PPI re claim was in 2010, and paid back to them a few weeks later. the SAR request was sent 4months ago and cheque cashed 12 days later. I will send a chaser letter next week.

I do have the original credit agreement together with booklet. I have no idea if they have frozen the interest, they send me no information except income and expenditure forms, they do everything by telephoning me. The arrears are approx £15,000.00 now and the only reason I know this is because the last income and expenditure form had this detailed.

Thanks xx

[Guest]

Re: Picture Finance Unregulated 2nd Charge on Property

Hi
I take it that their was plenty of equity when the loan was taken out but the drop in the general value of property has eroded it away.

Does this mean that the difference between the property value now and the combined charges is still quite large or is it foreseeable that with the current situation where prices are on the up again the value may again outstrip the debts in the foreseeable future.

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

Hi Andy58

The equity was quite tight to start with, now that property value has dropped this has meant that with the combined charges the amount is very large, there would have to be a major rise in property value in order to clear both charges.

[Guest]

Re: Picture Finance Unregulated 2nd Charge on Property

Hi Andy58

The equity was quite tight to start with, now that property value has dropped this has meant that with the combined charges the amount is very large, there would have to be a major rise in property value in order to clear both charges.

I was thinking that perhaps there may be a way that your lenders could arrange to let you live in the property on a combined (reconfigured)mortgage arrangement, until (the very distant time hopefully) that you expired. When you would agree to let them sell and devide the estate.

I presume there is some equity over and above the first mortgage that may cover a percentage of the second charge?

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

Andy58 £1500.00

[Guest]

Re: Picture Finance Unregulated 2nd Charge on Property

The problem is that if you agree to taking another loan they will undoubtedly increase the interest they are charging.

There are issues of fairness here, what on earth are they doing issuing a loan to someone who will not be able to repay sensibly in there lifetime. It seems to me that they had an eye on your property but came unstuck when the value dropped.

Is it possible for us to see the agreement. Suitably redacted of any personal information of course.

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

I don't have a problem with that - how do I do this though please?

[Guest]

Re: Picture Finance Unregulated 2nd Charge on Property

I don't have a problem with that - how do I do this though please?

I am a bit of a Luddite when it comes to the techie stuff, I will get Someone to assist.

[Bailey1]

Re: Picture Finance Unregulated 2nd Charge on Property

Thanks Andy58 - So am I, I have all the original docs etc so no need for me to search for them