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Hello, I have a large loan with these people (£57k to be exact) with an additional £14k in PPI. I believe that this was misold as we were not made aware that it only covered us for the first 5years and that we would be paying interest on it for the next 25years, amongst other reasons!!
I am about to send of a S.A.R, but before I start all this I have a couple of questions. I still have the loan (and will do for sometime at this rate) but if I pursue this, will my loan continue as normal? Do I have to cancel my PPI first, even though my rebate would only be 1k and I would still be paying interest on it for the next million years?
I am also trying to help a close family member with exactly the same. She as a loan for 61.5k with 15k for PPI. I honestly cant see that this is legal, hopefully someone on here will be able to help us. When she spoke to Picture about the PPI she said they were sooo cagey! She is about to S.A.R them.
Do you know how you are going about reclaiming what you have paid?
Any info you have would be greatly appreciated.
Hi there,
I'm not entirely sure what is best to do first. I am concerned that I shouldnt be sending the SAR without cancelling the PPI first, but I dont know if I should just send it anyway? I phoned them about cancelling it and they gave me the usual about only getting £170 back, as it is front loaded onto the loan. I sent a letter to explain my reasons for being unhappy and got automated response about agreeing the terms etc etc.
Hopefully someone will be along soon to advise us the best course of action.
Good luck!
Lets hope so. I am sure this cannot be allowed. I've worked out that she could have paid around 4,000 in payment insurance alone over the past two years.
They will always try to defend themeselves by drawing attention to T&C's in these cases. I'm not expert, but what we are saying is that the PPI was mis-sold - in this case she was told that it was compulsory.
Just out of interest, what are you views on picture? According to the girl who I'm posting on behalf she says they are awful, and that they can be very very rude on the telephone.
We didn't cancel the PPI as it wasn't going to make much difference to the repayments plus we thought we would get at least some of the cost of the ppi back (after 3, 4 & 5 years) if our claim for mis-selling was unsuccessful.
We have had a final decision from the fos ruled in our favour but we have yet to hear from Picture regarding their settlement - no surprise there as they have drawn this claim out for as long as they possibly can. Our initial letter to them was in Feb 2007 so it has take almost 18 months but hopefully we are coming to the end of it now.
We didn't realise that the ppi was for only a 5 year term (Picture indicated in the telephone recording that it would continue after the initial 5 year period) plus they didn't give us a repayment figure for the loan which excluded the ppi. Boss-man if they said the ppi was compulsory then there is definitely a case for the policy being mis-sold.
In our experience, Picture will try and fob you off every step of the way but the FOS have been very helpful and apart from the fact they are so busy which is hardly surprising, we really can't fault the way they have dealt with our case.
Good luck to the both of you and let me know if I can help further.
Thanks chickpea, hopefully you will get a resolusion soon.......
Can I ask, do you still have the loan? Most people reclaiming PPI have paid off/want to settle. I would like to do that, in a few years but still have the loan at the moment.
I will send of my SAR just now and see what I get back. would be interested to hear our telephone conversations as am failry sure it was not made completely clear regarding the fact that it only lasted 5 years, either myself or my husband would have questioned this, i'm sure or given a quote without ppi added.
They will undoubtedly drag it out as long as possible, but I am prepared for this.........
Like most of these places, were extremely helpful when we were taking out the loan, not so helpful now though!!!!
I think this is worthe pursuing by the sounds of it, even if it is a long drawn out process.
In the case I'm helping with I know for a fact they didn't highlight the five year thing, also said the PPI was compulsory and didn't offer a quote without it.
S.A.R has gone off, lets see what excuse for a reply we get back
Yes we still have the loan unfortunately but it will be taken back to the stage as if we had never had the PPI in the first place so at least our repayments will be reduced.
I thought they were quite good too when we took out the loan but with hindsight and knowing how they sell the ppi they are clearly not quite as helpful as we first thought!!
The Ombudsman took the view that the PPI policy was not adequately explained to us at the point of sale so we weren't sufficiently aware of the cost or the implications of having a single premium policy. He also stated that had Picture fulfilled its obligations to put us in a position of making an informed choice then we would have never purchased the policy in the first place.
I am sure your S.A.R. will help you with your case
Good luck boss-man keep us posted on how you get on. My SAR went of today too so we'll see, i'm sure we'll get the same response. I am interested to hear the outcome of our sales conversation just too be sure it was not fully explained about the 5year thing. I remember alot of "get your premium refunded after 3 years etc etc" but not.. "this will add £15k to your loan and you will be paying interest on it for the rest of your life!"
Chickpea, good luck, hopefully you will get it sorted soon, a long process but it will be worth it in the end!
I recently started a claim against Picture for PPI mis selling, I got nowhere with them so thought the next step was to go to the Ombudsman, however I was advised to go to the FSCS as it appears that Picture have gone into Administration.
I am now puzzled as to where I stand with the PPI as I am due to receive my first No-claims refund this month but I have been told Picture have no funds to re-pay, so does that make me a creditor and a debtor at the same time
A company called Target Loan Servicing Ltd took over the servicing and collection of Picture Loans recently but as I understand it they have no liability for Picture's obligations such as the repayment of the no claims PPI bonus.
Our case for mis-sold ppi is with the FSCS now but it had been investigated by the fos and our complaint was upheld. To be honest I don't know whether you need to contact the FOS to find out whether they need to investigate your claim for mis-sold ppi before the FSCS will deal with it. I am sure either the FOS or FSCS will be able to advise you the best course of action to take.
I think you need to be sure whether you are going to claim for mis-sold ppi or the no claims bonus though.
It was actually Picture who pointed me at the FSCS and the FSCS told me that they would deal with it.
I spoke to someone at Picture this morning who told me that the NCB part of the insurance was paid by another company and isn't affected by the fact that Picture are in admin (or not as the case may be)
I dont really want this NCB, i'd rather have the PPI reclaimed and the loan recalculated
If it is another company paying the NCB then I would assume it will be paid to you automatically. This shouldn't affect your mis-selling claim though (if you are successful) as the payment should be taken into account when the compensation is calculated.
I spoke to the FSCS last week as we haven't heard anything from them yet and apparently they are inundated with Picture compaints so it is taking a while to process them all.
Good luck with your claim and please keep us updated.
I also hear that Picture had stopped selling loans or did they go into liquidation ?? Not too certain but think it was one of them.
Its very unfortunate where I have also received some news that Twopart/e-loan went into voluntary liquidation in May 2008, we had taken out a loan/PPI in Nov 2005, this is now in the hands of the FSCS.
We were also unlucky with another loan company 'Click financial' who dissolved in 2006, although they are still running as Click, its nothing at all to do with the company that arranged our loan in 2004 and are unable to pursue this through the fos or the FSCS as these were not regulated then, but as we have an unfair rebate to fight for with the lenders of Click financial which is Endeavour, we have a reclaim letter with these right now, should be receiving the response by next week.
I would also contact the FSCS as it seems that this may be your only option if this is the case with Picture, contact them first, they will tell you to send them details of the company no longer running, you have to explain the reasons of why you want to claim, and your personal name/addy details, they will then investigate if they can take this further, if they can, they will then send you out an application form in due course, they do not give a time when they do this and do not have this on their website, as I also asked if they could send one by attachment, but right now they do not do this electronically.
PPI Picture -do I cancel first
(£57k to be exact) with an additional £14k in PPI
. I believe that this was misold as we were not made aware that it only covered us for the first 5years and that we would be paying interest
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Re: PPI Picture -do I cancel first
