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Picture Finanical interest rates

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We took out a secured loan with picture in 2006 at an interest rate of 8.9% variable when the bank of England base rate was 4.5%. This increased slightly as rates went up a little but we are still paying today at a rate of 9.592%. I wrote to webb resolutions who took over when picture defaulted to ask why the rate has not dropped with the current base rate at 0.5 % and said as they have not dropped the rate does that mean it won't increase when interest rates go back up. They tell me there rates are based on market factors and not the bank of England rate and as my loan is variable it could rise in the future. Is anyone else in the same boat as it sounds as if we are being ripped off. Also can i complain anywhere else about this loan.?

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