Extortionate interest on pic loan and hardship appeal

[Pinkminx]

Hello I am going to write to Picture Loans (WEBB resolutions now)! and get legal advice.

My partner and I took aout a loan with them for £33000 in 2005 I pay £349 per month so thearetically it wont be too many years until I have paid the loan off. However the term was over 300 months and I would have paid them another £67000 on top of what i borrowed. We were desperate at the time we took the loan mortgage arrears e.t.c. So yes I know it was our fault but REALLY £67000 interest that can't be allowed can it?

 

If anyone has any feedback or wants to know how I get on then let me know

 

Pinkminx

[issy10]

Hi, yes we are in the exact situation now, we borrowed in 2006 and have already payed back £26000 , we only origanally borrowed £30000 yet we have another 10 years left to pay????? how on earth can the continue to make us pay this much back, in ten years time we will have repayed nearly 3 times the amount we borrowed!!!! i dont mind paying back what we borrowed plus say £5k but this is just extorsionate!! there must be some law somewere that says this kind of excessive intrest ids illegal?? or i shud have just gone to the loan shark down the road instead of a company that has passed the loan on more times than iv had hot dinners!!! We had just turned 19 when we got our loan, which experienced company decide to call you and say we can put 30k in your bank within a few weeks wat an amazin oppertunity! No wounder the uks financial situation is like it is, this has crippled us andwev not stopped worrying about it for the last 5 years, we understand we said yes and signed the papers but didnt expect to pay ova £70000 for a 30k loan. rant ova but im not gona stop untill picture are punished for wat theyv done to thousends of people!