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I hope that someone may be able to help on this. I am posting on behalf of a close family member who I'm trying my best to help.
About 18 months ago she had numerous un-secured debts and Picture the Loan told her the best option was to take out a secured loan with them. They also told her she must take out payment protection on the loan.
She borrowed 61.5K over 25 years (eek - a lot a know, and as she knows now a huge mistake). Anyway whilst going through he finances with her something didnt add up on the picture repayments. I managed to get a Breakdown of the loan, and the they have added 15.5K onto the balance of the loan for the PPI !!! She is now paying that back over the 25 year period at the same interest rate of the loan. By my rough reckoning that means she will pay a staggering 45K for PPI. Sureley this cannot be allowed .
Please, If anyone on here can help I'd be really grateful. She is dreadfully worried about her financial situation and this could really help her out if she can cancel and claim anything back.
wow what a recommendation for a company!!! however you could do it yourself and not have to pay them anything from your refund ie no win no fee but if you win hey hey thats when they hit you!! theres lots of info on this great site which will enable you to proceed yourself from start to finish.
I'd also heard that Picture were no more, yet she's had nothing to say this or any info regarding another company taking over the loan. Also, all correspondence still has Picture on it
She should have had a letter from Target, or been told that Picture Financial is now Picture Loans or something, Picture has not been declared in Default yet so over 600 claims are waiting to be looked at so you may want to get in the queue!
Picture are now in default, see the FSCS for details. I received a call from the FSCS asking me for some further details anr they say they expect to settle all claims within 6 months with some (inc mine hopefully) settled within 1 month
Just had letter this morning we have won our claim against Picture PPI. we have been awarded just short of £15,000. This is a massive boost to us as taking the decsion we did to go with Picture was the biggest mistake of our lifes!!! its nearly cost us our house and our marriage. although still stuck with loan its fantastic news to get the PPI back. So for all those out there keep at it dont give up!!!!!!:grin:
Just had letter this morning we have won our claim against Picture PPI. we have been awarded just short of £15,000. This is a massive boost to us as taking the decsion we did to go with Picture was the biggest mistake of our lifes!!! its nearly cost us our house and our marriage. although still stuck with loan its fantastic news to get the PPI back. So for all those out there keep at it dont give up!!!!!!:grin:
Congrats on the win, I wish they would hurry up with my claim, moreso as I got a default notice from picture today. If you dont mind me asking when did you apply? I have wrote to the FSCS asking them to loook at mine as a priority due to my circumstances.
I do also agree taking the picture loan was the worst mistake of my life.
We only applied in Dec 09 they wrote us in Jan for more info which we sent back around 26th Jan and they told us we had won 2/2 and sent us chq today. Dont give up keep at it.
I was just wondering what reason(s) everyone was giving for be mis-sold the PPI, as i have just phoned FSCS and requested a claim application form for this. My reason reason for claiming is that i wasnt fully aware that the cost of the PPI (over 8k in my case) was being added to the loan and interest was payable on that for the full 15 years of the loan and also the fact that the PPI only covers me for the first 5 years. Is this a good enough reason for claiming?
it certainly is!!! that was our reason too. If you have insurance on your mortgage it may well cover your loan too if anything should happen sickness or death, so just put that in your letter too. good Luck just drop us a line if you need any help
Cheque recieved from FSCS yesterday for full amount + plus interest, to say im happy is an understatement, over the moon. Thanks to everyone for there help. And i would urge anyone else to get there claim in ASAP, i cant beleive how easy it actually was. Good luck to you all.
I also have like many posting on this thread, been mis-sold PPI by Picture on my loan & would like to make a claim on the FSCS but I'm a bit unsure what reasons I should give...can any successful applicants give me any clues please?.
Obviously I wasn't told that I would only be covered for the first five years nor was I made aware of the total cost I would be paying for PPI...is this a good enough reason?.
Any help received would be gratefully appreciated.
I also have like many posting on this thread, been mis-sold PPI by Picture on my loan & would like to make a claim on the FSCS but I'm a bit unsure what reasons I should give...can any successful applicants give me any clues please?.
Obviously I wasn't told that I would only be covered for the first five years nor was I made aware of the total cost I would be paying for PPI...is this a good enough reason?.
Any help received would be gratefully appreciated.
Hi Johnno,
The reasons you listed above were my exact reasons for claiming and have been succsessfull, that should work for you to, get your claim in ASAP and let us know how you get on.
Picture the Loan - PPI Shocker! Help!
of the loan, and the they have added 15.5K onto the balance of the loan for the PPI !!!
She is now paying that back over the 25 year period at the same interest
.
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Originally Posted by linnie73
