DAZ182 vs Picture Finance

[daz182]

Hello all,

ok, here's where im at, I took a loan with picture finance last year for £31000, the loan is over 15 years but i have just realised that the PPI only covers me for the first 5 years even though i will be paying the PPI for the full 15 year life of the loan.

Can anyone advise me if i am able to reclaim this? bearing in mind
My loan with picture still has 14 years outstanding.

Any help / advice is greatly apprreciated

Thanks and Regards,
DAZ182

[hellhasnofury]

Originally Posted by daz182

Hello all,

ok, here's where im at, I took a loan with picture finance last year for £31000, the loan is over 15 years but i have just realised that the PPI only covers me for the first 5 years even though i will be paying the PPI for the full 15 year life of the loan.

Can anyone advise me if i am able to reclaim this? bearing in mind
My loan with picture still has 14 years outstanding.

Any help / advice is greatly apprreciated

Thanks and Regards,
DAZ182

Hello and welcome,

A possiblity would be to cancel the ppi. Any outstanding ppi and interest would be knocked off the balance of the loan, therefore reducing the amount owed. Do no agree to start a new loan agreement the cannot make you.

Please read this info, it will take you to the FSA website and you can read a lot more about ppi and the mis-selling investigation they are doing

Consumers to benefit from PPI refunds agreement

[daz182]

Originally Posted by chickpea

When we requested a settlement figure from Picture (about 18 months after taking out our loan) the insurance rebate was £915 on a policy which had cost almost £9000.

We felt we were misled with regards to the 5 year policy too as we believed it to be for the full term of the loan and have now taken our complaint to the FOS.

It would be worth checking out your telephone recordings on the initial sales call and see if you have a case for mis-selling. We weren't told of the repayment amount without the PPI and they indicated that the policy would continue after the initial 5 years.

Good luck and let us know how things go.

Hi, thanks for the advice, just one thing though, how can i go about getting a hold of the telephone conversations??

Cheers
daz182

[chickpea]

If you write to or ring Picture and ask for a Subject Access Request they will send you the forms to complete and return.

Full disclosure which will include telephone call recordings, paperwork and system information will cost £10 per person.

I hope this helps

[daz182]

Originally Posted by chickpea

If you write to or ring Picture and ask for a Subject Access Request they will send you the forms to complete and return.

Full disclosure which will include telephone call recordings, paperwork and system information will cost £10 per person.

I hope this helps

Excellent,

Thanks for your help chickpea

[chickpea]

When we requested a settlement figure from Picture (about 18 months after taking out our loan) the insurance rebate was £915 on a policy which had cost almost £9000.

We felt we were misled with regards to the 5 year policy too as we believed it to be for the full term of the loan and have now taken our complaint to the FOS.

It would be worth checking out your telephone recordings on the initial sales call and see if you have a case for mis-selling. We weren't told of the repayment amount without the PPI and they indicated that the policy would continue after the initial 5 years.

Good luck and let us know how things go.