Thread: Picture Mis-sold PPI

I'd like views on this please. A friend took out a Picture Loan and has claimed mis-selling of PPI for a number of reasons - she doesn't even have a policy number because she never received a policy! She took out the loan in March 2007. In the meantime Picture Financial, the original lender, has been taken over by Picture Home Loans (No 1), trading as Picture - confusing I know! I expect Picture will argue that they did not sell the policy so are not responsible for the mis-selling. My counter-argument is that when Picture were assigned the loans by Picture Financial, they took over the rights AND duties of the original lender and are therefore responsible for refunding the funds from the mis-sold PPI. What do you think? Thanks.

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Thank you so much for that information - I will get her to send for the forms.

My friend got it on the net, thanks. She also saw on another site that the FSCS hasn't yet put Picture into a default situation but the claims are queued waiting to be approved. She is in no hurry and there is no doubt the PPI was mis-sold. My goodness - claims for millions - and I read yesterday that the banks are in a bad way again. The shoe is now on the other foot! Thank you again for your help.