FAQs
What I'd like to know is....

Q. What if my interest rate changes?

A. All Picture loans have a variable rate of interest, details of which can be found in clause 2.2 of your loan agreement with Picture. We may vary our interest rates from time to time to reflect a change that has occurred, or is expected to occur with interest rates generally. We’ll always give you 30 days notice of any change to your interest rate. If you have any queries about this, you can always call us on 0845 045 0163 (calls may be recorded).

Q. Can I keep my loan when I move house?

A. If you move, you can apply to move the homeowner loan with you, so it's secured against your new property^.  Call us on 0845 045 0163 (calls may be recorded) and we'll start the ball rolling. Please give us as much notice as you can, but at least a month prior to your planned moving date.  We'll need to check that your new monthly outgoings aren't going to stretch you. You may have to repay some of the loan to stay within our equity and valuation guidelines. Please be aware that there is a fee payable for this service.

^Any change to your loan agreement is subject to approval by Picture Financial - normal terms and conditions apply.

Q. What happens if I change my mortgage?

A. This is a similar process to transferring your loan in the question above. We’ll make an application for a ‘deed of postponement’, which allows you to change your first charge (namely your new mortgage), whilst we (Picture Financial) remain as the second charge on your property^. We will need to run through some details with you to ensure that you’re comfortable with the new monthly repayments. Please be aware that there is a fee payable for this service.

^Any change to your loan agreement is subject to approval by Picture Financial – normal terms and conditions apply.

Q. What happens if I repay my loan early?

A. You can repay your secured personal loan whenever you like, however, a Picture loan is designed to help you manage your finances over the longer term and our loans are not advised for use as short-term or bridging finance. There will be additional fees and interest charges on early repayment, which depend on the size and duration of your loan.

Q. If I settle my loan early, will I get any of my Picture Payment Protector premium back?

A. If you settle your loan before the end of the five year insurance term, your insurance will be cancelled and you will receive a partial rebate of your premium, which will be deducted from your settlement figure, as long as you haven’t made a successful claim (see section 3 in the Picture Payment Protector brochure for full details).  Your rebate will be significantly lower than your Payment Protector premium and won’t be directly proportional to the age of your loan, because we need to cover the administration costs.  No rebate will be payable if you have received a No Claims Bonus payment.  No Claims Bonus are paid as follows;
After 3 years – 25% of your premium
After 4 years – 15% of your premium
After 5 years – 10% of your premium

Q. What if I want to borrow more money?

A. Get in touch. You register your interest by filling out a top-up loan application online or you can talk things through with us on 0845 045 0163 (calls may be recorded).

Q. What happens if I fall behind with my repayments?

A.

If you have difficulty making repayments, or think that you may encounter some difficulty in the near future, get in touch and we'll do all we can to help.  The sooner you talk to us, the easier it will be for us to find a solution. There are a number of ways we can assist.

Please be aware that your agreement with us will be added to your record at Credit Reference Agencies and this record will be updated monthly with your payment history. Missing payments could therefore restrict your chances of obtaining credit in the future. Because we have a second charge secured on your property, in the event of you failing to maintain payments, we can (as a last resort) repossess your house to cover the money you owe us.  We would only seek to repossess property where all other options to resolve the situation have failed.

Q. Can I change my monthly payment date?

A. Yes, we understand that your circumstances may change, and an alternative monthly repayment date may suit your new situation. Just call us to arrange a new date, but please note that there is a fee payable for this service.

Q. What if I'm not happy with your service?

A.

Tell us about it. If you're not happy, we'd like to know why so we can try to put things right. Call us on 0845 045 0163 (calls may be recorded) and let us know your concerns. If you prefer, you can email us at customerservices@picturefinancial.com or write to Picture Financial Group, Picture House, Imperial Way, Newport, NP10 8UH.

Picture Financial is a member of the Finance & Leasing Association (FLA). Financial services complaints we cannot settle may ultimately be referred to the Financial Ombudsman Service.  Before that option becomes available to you, you may find it helpful to make use of the FLA's conciliation scheme to resolve your complaint (www.fla.org.uk).  As a member of the FLA we are bound by their Lending Code.