Thread: Problems re PPI claim upheld by FOS

We have today received a letter from a company called Target who have taken over the servicing and collection of loans provided by Picture Financial Services who have stated that they believe that Picture has no funds available to pay compensation in the event that any valid claims arise.

They state that "the company is being reviewed by the Financial Services Compensation Fund and may soon be declared "in default". In the interim we are unable to process any case files on behalf of Picture/Button Financial Services plc."

They have suggested we forward our complaint to the Financial Services Compensation Scheme (FSCS).

I was just wondering if anyone else has been in this position and the outcome of your case?

Feeling really low today as this has gone on for over 18 months and we were hoping for closure. Also worried that we are going to be saddled now with the PPI we were mis-sold plus all the additional repayments.

Any help and advice would be greatly appreciated.

Thanks.

CP x

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Chickpea, I'm sorry to hear this. Hopefully the FSCS will be able to help you. I'm sure there must be something they can do. Not having the funds doesnt stop the bank/loan companies charging us.
Just thougt I'd post to offer my support, chin up.... you've come this far hopefully someone will be along soon to offer some 'actual' advice.
LMC x

Thanks for your encouragement lmc.

I am back in contact with the fos for further advice and will let you know what they say.

I'm feeling a bit better about it today but it is just so annoying as Picture seem to have deliberately strung this out for as long as possible.

This is the press release from Target's website Target Group Financial Software & Services which you might find interesting as I know you have a Picture loan too.

Thanks again


26-06-2008
Target Loan Servicing secures Picture loan servicing contract

From June 26th, Target Loan Servicing will service the Picture Financial secured loan portfolio. The portfolio contains £1 Billion of loans for 25,000 customers.
Commenting on this announcement, James Snow, Chief Operating Officer for Target Loan Servicing said "Lenders are looking at ways to efficiently service their existing loan portfolios, but to do this they need a highly specialist outsourcer. Target Loan Servicing offers them the benefit of quickly delivering value and stability. It combines smart, well trained people with sleek processes and leading edge financial systems from Target Group."
"Target Loan Servicing has secured 70 jobs from the existing Picture team to deliver this service which will continue to operate from Picture House near Newport. Our aim is to grow the Target Loan Servicing operation from here. We are already talking with other lenders about delivering other specialist outsourced services from our new base," he added.
Target Loan Servicing provides outsourced services to finance houses and banks. It combines skilled people, proven processes and leading edge lending and debt collection technology to deliver highly flexible services to clients. Established in 2006, it is a fast growing subsidiary of Target Group.