Picture Loan PPI

[chickpea]

I would be grateful for a bit of advice here because I am not sure how to proceed with our Picture loan PPI complaint.

We took out the PPI as I don't work and because I wouldn't be able to meet the repayments if anything happened to my husband. Although it was expensive, we felt it was the responsible thing to do.

Sometime later it came to our attention that the PPI was only for a term of 5 years when we had thought it would cover the full term of our loan which is 20. We have complained to Picture but in an initial sales recording apparently they state that my husband was advised of this although he obviously doesn't remember, possibly because of the overload of information when we were arranging the loan and the stress of it all. If it had sunk in at the time then we would never have taken it out because it wasn't suitable for our situation.

We decided to take our complaint further within the company but they didn't respond to our letters and after ringing them today they said they had sent a further letter to us (which we haven't received) stating that they aren't prepared to take this matter further and to contact the financial ombudsman if we wished to proceed with our complaint.

Do you think in the light of what I have said that we would have any chance of a successful outcome? We feel so sick about our situation and feel like we have been cheated out of so much money for our "peace of mind security" that is utterly useless for us when it runs out in a couple of years time.

Any comments would be appreciated. Thanks.

[miss muppet]

Not an expert on this at all but think you are being treated pretty shabbily!
I wouldn't have thought a taped 'phone call would be of much use in a court, sounds very much a good old fob off - no doubt experts on PPI will be along soon to help you but perhaps you could Subject Access Request them, this would show all transactions on your account including PPI , would be a good idea to read the PPI thread, certainly sounds as if you haven't actually signed for it yourself no matter what Picture say.

[chickpea]

Thanks for your response Miss Muppet.

Just an update of what the sales recording actually said about the PPI

" covers you for the first 5 years of the loan initially and then there’ll be a monthly one come in after that"

This in our opinion is untrue and suggests the policy is ongoing after the 5 years.

I would be grateful to know what anyone else might think.

Thanks.

[tink69]

I am about to embark on this moronic bunch of morons aswell. It wasn't until we sold our house that we found out that their PPI was paid for at the start of the term in 1 lump sum, they have essentially mis-sold the policy and I'm not letting them get away with £6,200 for being very good liars.

Good luck

[chickpea]

Wishing you luck too Tink.

I would be interested to hear how you get on. We have sent our complaint to the Financial Ombudsman now and I'll post an update when I can.

[johntina]

I am just about to try and claim as well.it is only when i wanted to cancel my policy that i found out the true extent of what i was paying. on a loan of £50000 the ppi was added £12000 therefore making my loan £62000 and this policy only covers the first 5 years althrough you do get half of it back if you have not claimed. my payments are £600 a month over 20yrs and without this policy i could knock £100 a month off my repayments. When i tried to cancel i was offered a mere £1200 back off my loan.I do not recall being told how much the policy was and cnnot remember being asked any medical questions. I have asthma and have been off work with stress in the past. this policy is out and out robbery.
John

[tonycee]

Hi John.
This thread has been inactive for over 6 months now.
If you start a new thread with the stage you are at, asking any questions you need to, you will get a much better response.
Its also much less confusing than having to read every thread, every time.
Good Luck.
TC.