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T O P I C R E V I E W
Rik.z
Posted - 20 April 2011 : 13:25:07 Secured Loan.
We took a secured loan with Picture in 2007. At the time our house was valued by them at 84000 (mortgage for 69000) and the loan (including PPI) was approx 45000 over 25 years. Between us we brought in less than 30000 a year. I know now that we should never have agreed to this in the first place and now it's quite literally strangling us. Is there any way this could have been mis-sold or are we saddled with this? For over four years now we've been paying a virtual double-mortgage. Despite the virtually non-existant interest rates the rate for this secured loan still sits at 9% or thereabouts and there has only been one very small reduction in all that time. Really angered with this lot. Any help would be greatly appreciated.
1 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 20 April 2011 : 16:38:06 Hi Rik, welcome to the forum
Sorry you are struggling.
Do you mean the PPI might have been missold or the loan?
If it's the PPI then there are companies that will look into that for you. If you mean the loan, I doubt you can prove it was missold unfortunately.
Are you struggling because you have other unsecured debt or is it just this one loan?
Have a chat with an expert who can go through all of your situation and see what options there are available.
