PICTURE LOAN

[Andrew Graveson]

Hello go_4_broke,

Please rest assured that this type of lending is long gone.

[go_4_broke]

Glad to hear it Andrew !

Also - the following quote from Picture's website (front page) :

In response to current economic conditions Picture is taking the opportunity to re-shape its products to ensure that we continue to maintain the highest levels of competitiveness and service.

To allow us to focus on this process we are currently not taking new business but hope to be back very soon helping our customers to significantly reduce their monthly credit repayments, so please visit our site again soon.

Best Regards, Simon

[jane.l]

Hahaha I particularly like this part:

“helping our customers to significantly reduce their monthly credit repayments”


All we wanted to do was move to a cheaper house to free up more money each month to enable us to continue paying ALL our debts, including the Picture loan, they just could not grasp that, this way, they would have got their money back, now they are getting zilch!

[chris.g]

It is ironic that when you are struggling to pay, in our case due to hubby's long term unemployment due to the influx of cheaper labour ([:(!]), that the creditors turn nasty and have no interest in helping you until it gets to the stage where something has to give.
Again, like you Jane, our creditors pushed and pushed, increasing our outstanding balances enormously until there was only one option for us, bankruptcy! [:(] I do accept that we had agreed to the debt that we had and had not had it forced on us, even though I say that the credit companies, especially the credit cards make it VERY easy to get in over your head by forever increasing your limits....
Now they stand to get very little as the secured debts will probably eat what money is raised by selling the house.
It makes no logic to me that they hold any assistance back until it is too late. [?][?][?]

[jane.l]

I know, silly me, but I actually believed they would be amenable and helpful when we got into difficulties! They were not!

In fact, they added on £1300 per MONTH in interest and late payment fees, if we could not pay the original monthly amount, how did they expect us to pay that too![}:)]

[ianmillington]

This is a perfect illustration of the general situation that those who were easiest to borrow from become the most difficult to deal with when times get hard.

Ian

[m15]

IT WAS THE SAME FOR ME JUST WANTED TO MOVE AND PICTURE WOULDN'T LET US WITHOUT PAYING £20,000 OFF THE LOAN WHICH WE HAD TO AS OUR HOUSE HAD GONE THROUGH. HAD WE NOT HAD TO PAY THEEM THAT WE WOULD OF BEEN ALRIGHT PAYING THEM AND OUR MORTGAGE, BUT NOW WE CAN'T COPE WITH THAT AND CREDIT CARDS WHICH WE WOULD OF PAYED OFF WITH THAT £20,000 FROM OUR PROPERTY. SO THEY ARE STUPID. AS I SAID I WILL FIND OUT TODAY IF I HAVE GOT THE HOUSE I WANT TO RENT TODAY FINGERS CROSSED HOPE CREDIT CHECKS ARE OK. ONCE THAT IS DONE I WILL START THE BALL ROLLING TO DO THE FORMS FOR BANKRUPCY. LOOKS LIKE THAT I WILL HAVE TO BE QUICK IF YOU SAY PICTURE ARE LIKE THAT. I HAVE JUST MISSED THE FIRST PAYMENT FOR THEM IT WAS DUE YESTERDAY AND I HAVEN'T PAYED THEM. AD THEY HAVE WROTE A LETTER TO ME AND CALLS HAVE STARTED ALREADY. THIS IS HORIBLE.