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Secured Unregulated Loan


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a loan was taken out in 2007 with Picture Finance originally. It was to consolidate a credit card debt, the existing Picture finance loan and to provide some additional funds for our business which was experiencing a down turn due to the economy down turn.

 

 

The loan was done over the phone and no information was provided via post. The earnings were used from the original loan paperwork.

 

 

We were advised to put the loan down and home improvements and a holiday as it was easier to get through than raising business finance. (We did what was advised and it is my understanding that if it had been a business loan we would have had more protection and a longer time limited to complain)

 

 

We had ppi on the policy which was a joint policy. and in January 2009 when I was made redundant from our company due to financial difficulties we discovered that the PPI only covered the first named person on the policy.

 

 

We fell into arrears on our payments. In May of that year our business finally closed and we tried to claim on loss of business on our PPI insurance and we were told that as we were in arrears that they would not pay out on the policy. Even tho the insurance company had been paid up front and in full for the cover.

 

 

We have had our ppi claim paid out but is there something we can do re the interest that has been charged.

 

 

The original Loan was 54,000 and we are no looking at 64,000 in addition which is interest. The loan was sold to idem and now I believe to Paragon.

 

 

I have been speaking to them every month since 2009 making the little payments we could. I have sent in financial statement after financial statement requesting them to stop the interest which they have never done.

 

 

We have only ever received one statement in the time that idem have been dealing with the loan.

 

 

Can anyone help ?

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