Sorry might be wrong forum, mod please move if so.
Anyone got a secured loan with Picture (or whatever they are called now). It has only just occurred to me that my payments have remained the same since I took it out (about 3 years ago). Has anyone managed to get their interest rate dropped? I think ours is something like 7.7%.
Thought I would just try and get some people opinion before I make the call to them.
I don't have experience of Picture I'm afraid - I hope someone else, or one of the professionals can come on and assist you.
Having said that, I have a secured loan with Black Horse and my payments have remained the same.
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Secured loan companies have generally not reduced their balances in line with mortgage companies, so I am not suprised that your interest rate has remained constant.
Secured loans generally do not operate on the same basis as mortgage lending although the definition of a mortgage is a secured loan on a property.
Secured loans have no svr and are payable at a pre-determined rate, the contract doesn`t negotiate for drops in interest rates, pretty much the same as car finance. Tony
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Hmm.. only asking as before Picture changed names or changed hands... my interest rate would come down in line with base rate, we would periodically get letter... however I have not had one for ages. I might give them a ring, but was just canvassing for other experiences.
