Thread: Picture PPI

Picture are "no longer trading" (quote from FSCS site) and are deemed to be in liquidation but it is a half way house for now as I read they are looking for a buyer and the FSCS have not yet defaulted them but are handling PPI claims - time will make that situation clearer. In the meantime their loan collections are being made by a servicing company on behalf of a company called Picture Loans No 1 - which has no connection with Picture Financial itself and did not buy the Picture portfolio. The funds are being directed back to Merill and Deutshe, whence Picture got the funds to lend, although Merill themselves have now been taken over by the Bank of America.

In my view Picture acted as a broker for the insurance company when they sold the PPI and I read on a site that Picture did get commission when selling PPI. This commission was never declared to my friend and in my view that renders it a secret commission. My friend doesn't even know who the insurance company was - she got no information about them or any policy documents - she didn't even get a policy number and I also suspect Picture didn't pay the insurance company what they charged my friend.

My problem is where to get the information on my friend's file? Picture is no longer trading, no one has taken over the portfolio, so I suppose the best way forward is to go to the FSCS and ask them how to proceed.

I'd appreciate all views on this. It is going to be a tough one to crack and I need all the advice and benefit of vast experience I can get.

Thank you very much Pink. I am now exploring the legality of the agreement and have been reading up on multi agreements. This is gong to take months if not years to sort out. Did it take FSCS long to send you the forms?