"picture" secured loan

[steve76]

hi

 

ive been in a IVA for 18 months now and still have a secured loan which i pay over £500 a month , i took this out 4 years ago to pay off credit cards and loans before id heard of IVA , is it possible to include this in the Iva or any other help as im really struggling and realise i have to pay this loan or lose my home

 

any advice appreciated

[harrassed senior]

I thought that all loans etc. HAD to be included in an IVA, but maybe I am wrong. If you have been paying £500 a month on just one loan, you may find that your IVA may be rescinded as you have obviously got more income available than was thought!

 

This is not an area I am too familiar with so I am sure others with more knowledge will be along to offer help.

[Pinky69]

Picture is in receivership and all PPI mis-selling claims (were you mis-sold PPI?) are going from the FSCS to Deloitte, so I assume Deloitte are the administrators for Picture's bankruptcy. . It might be worth contacting Deloitte and asking if it would be possible for you to reduce your monthly payments.

[steve76]

i was never told about ' picture' going into receivership ? when was this and will it affect my secured loan etc ???????

 

i receved a letter from the company who i had my IVA with last month asking for the signed agreement with picture as maybe a chance the loan wasnt legal but i didnt respond as its in joint names with my wife and dont want her hassled like we have been with a joint loan we had which i included in my IVA , they continually bombard her demanding payment off her as her name is on the loan with mine

[steve76]

hi again

 

ive just done a calculation that after the 20 years loan duration i will have paid over 130k to picture ( this was only taken to pay credit cards and loans off in the region of 20k ) what a massive mistake i made doing that but at the time i just didnt know what to do to survive

 

i guess im paying back big time though now as along with the picure loan of £546 i have mortgage of £480 and IVA £350 ....3 massive payments every month

[Pinky69]

Picture stopped trading in the Spring of 2008. You should have had a letter from the current collectors of your payment, also called Picture but not related to the original company(except that they took on some of the old Picture's staff). They are now collecting the payments on behalf of the banks who furnished the loans for Picture, Merrill Lynch and Deutsche Bank.

[sgianthebard]

I also have a crippling consolodation loan secured on my house with Picture. If my original aggreement is with a company who is now defunct, why do I have to pay a company I never made an agreement with?

[Pinky69]

Because you owe the money to Picture's administrators and they are using another company to collect it - the debt is not written off just because the company goes bust. Stop paying it and the administrators will come down on you like a ton of bricks for your house.

[steve76]

i think im going to make a ppi claim against them as my head was all over the place at the time , hadnt a clue what i was sold etc

 

i dont have any of my agreement with them to check exactly what i do have , i just pay £546 PER MONTH , loan taken out 3 years ago

 

if picture no longer exist am i wasting my time trying to claim from them for mis selling of ppi ??

 

if only i knew now what i did at the time i consolidated my debt , taking this loan was biggest mistake ever and have another 17 years left

[Pinky69]

PPI mis-selling claims are now being dealt with by the Financial Services Compensation Scheme. If you contact them they will send you a form to complete.

[Pinky69]

I should have said - mis-sold PPI claims for Picture are being dealt with by the FSCS.

[steve76]

I should have said - mis-sold PPI claims for Picture are being dealt with by the FSCS.

 

hi again , thanks for your help

 

is there any template letters on here to send FSCS ? or any help with what to write etc

[sgianthebard]

I feel your pain Steve. I consolidated 4 years ago and now pay 800 a month... 6 years to go. Wish I had never consolidated at all. Didn't take PPI either. They have raised the apr 6 times since I took the loan and never lowered it one time.

[Pinky69]

Just write that you wish to make a PPI claim against Picture and could they send you the appropriate form for completion. You can probably do it over the phone.

[sgianthebard]

I've read that a loan over 25K can't be unenforcable using the methods on these fora. I've also heard of people who have checked loans approx 100K and found them to be unenforcable.

 

I'm not sure whether it's worth my while sending a SAR to Picture to check my loan agreement. It's a secured loan for 60K. Anyone able to advise?

[Pinky69]

Until 6 April 2008, agreements were excluded from regulation if the amount of credit or hire exceeded £25,000. However, this financial limit was removed for all new credit and hire agreements by the Consumer Credit Act 2006. Pre-existing agreements above £25,000 remain outside CCA regulation.

[sgianthebard]

Thanks Pinky. My loan was taken at the end of 2005, so it looks like I'm goosed

[steve76]

mine was taken out may 2006 then i re financed it again in october 2006 so i guess im stuck with it for another 22 years

 

makes me mad how picture can go kaput yet we still continue paying to whoever

[annoyed mum]

Are you all aware that Target will cancel PPI? - see web site (seen August 2009)

 

Question "Is the Charge made on the property legal? who will cancel the entry at the Land Registry if the insurance is cancelled?"

[Pinky69]

Had a look but cannot see anything about Target cancelling the insurance. Of course they would have to cancel it if it was mis-sold. They will be told to do so by Deloitte. I would have thought that Deloitte as Picture's administrators would have the legal authority to alter the Land Registry but it is an interesting legal question.