PPI Refund Queries
I have been helping a friend reclaim PPIon a Picture Loan and the claim is now with the FSCS. Picture has been defaulted and the claims have gone to Deloitte for processing.
Assuming she is successful, as I expect her to be, I have been wondering what the mechanism for payment will be and how this will affect her loan. Picture no longer exist and another company called Picture (just to confuse everybody!) is administering the loans on behalf of Deutsche Bank and Merrill, who originally put up the money for Picture. A mis-selling refund is supposed to put the consumer back in the position there were in before the mis-selling took place. I am told Picture used to issue fresh loan documents showing only the loan amount but they cannot do that now that they have gone bust. If she is paid a cheque she is going to pay it towards the loan anyway. I am wondering how she can check that the full deduction has been made from the loan properly. I am even thinking it might be worth running this through an accountant for a check. There are too many fingers in the till here to make anything straightforward.
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