www.iva.co.uk

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.

Thanks all.

Hi,

You can ask about your loan on here, no problem.

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.

I know Picture are no longer lending. I'm not sure what happened to them

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

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.

Cheers guys.