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

Q. What is a secured loan?

A. It’s a loan that's secured against your home.  The lender is using your property as security against the money they’ve lent you. This means that if you fail to make your repayments, the lender could repossess your home. At Picture, we would only seek to repossess property where all other options to resolve the situation have failed. As you’ll already have a mortgage, your secured loan will be second in line – in legal terms, it's a second charge on your property.

Q. How long will it take to process my loan?

A. Our aim is always to process your loan application as quickly and efficiently as possible. Normally the time from initial application to release of funds is 14 to 21 working days.

Q. Do I have to pay any fees?

A. There are no fees for loan applications or quotes, or for loan set-up, valuations, or legal expenses, when you take out a Picture loan. Once we have set up your loan there are a number of specific fees, for example if you subsequently ask us to change your loan or repay it early. You'll find full details of all charges in our application pack and on our loan terms and conditions page.

Q. What if I want to borrow more money once my loan has been paid out?

A. Get in touch. You can fill out a top-up loan application online or you can talk things through with our customer support team on 0845 045 0163 (calls may be recorded).

Q. What happens if 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 before 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 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.  Your loan consultant can discuss this with you during your loan application.

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'll 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. What should I do if I'm unhappy 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.