PPI Help v Picture Finance

[reclaimone]

Sent a letter to PF complaining that:

sold single premium policy did not cover full term
was not given correct information
did not realise could buy on open market fraction of price
cost of the policy was not explained
policy not sold in best interest

Their reply was:

if u choose to cancel single premium u will get limited refund
all the other objections they say they covered with there fully trained staff, 30 day cancellation period, plus all their booklets and terms and conditions they sent to me.

Im well ****ed off. Feel like consolidating loan with someone else with no ppi, and getting a full refund of 7485 (can this be done)

Also is there any standard LBA templetes i can send back to them to fight my case?

[gemini65]

hi reclaimone
i know the feeling about being completely cheesed off, read some of the threads on here and keep posting and you will gets lots of advice and support.
before you send an lba letter, have you requested an S.A.R - (Subject Access Request)?, when did you take the loan out?
don't give up its a bit of a battle but hopefully you will triumph in the end

luv gem x x

[reclaimone]

Hi Gem x

Did not need to do S.A.R - (Subject Access Request) as took single premium loan of 7485 out last year.
Added to my 30K loan.

Ive just sent a letter asking for them to reconsider, or I will go to FOS.

Any more advice?

xxx

[chickpea]

Even if you consolidate your loan with someone else, Picture won't refund you the full PPI. Our settlement figure after approx 19 months of repayments was £914 on a policy which cost just under £9000.

Our case is with the FOS at the moment as Picture indictated to us in our inital phonecall that the policy was for 5 years initially and then a monthly one would come in after that so we believed the policy would cover us for the full term of the loan. Also we noticed in this call that they only offered us the repayment figure which included the PPI so we don't feel we were given all the facts at the time.

I doubt Picture will budge on their decision to be honest but at least their final response will enable you to take it up with the FOS.

Good Luck and let us know how things go.

CPx

[reclaimone]

Will do CP - thanks for your help.

[reclaimone]

Chickpea
x

How do they get away with adding 9000 to a loan and only refunding you 914?

I presume ur going to FOS for the full 9000?

Rx

[chickpea]

Hi R

I don't know how Picture get away with it and in my opinion it is grossly unfair but they wrote to us stating that the refund is significantly less than the original premium paid, taking into account the deduction of non-refundable items.

Their "improved" terms of the cancellation mean that you can expect approx 13% of the premium back if cancelled after 12 months and approx 10% after 24 months. This letter, we received in May of this year.

If our case is successful then we expect the full refund of the PPI back plus interest so fingers crossed that the ombudsman will rule in our favour.

Good luck with your claim - have Picture responded to you yet?

CP x

[reclaimone]

Yes, they have said I have no case! Going to FOS now

x