cancelling PPI - Picture finance

**jj69** · 3rd December 2009 14:12

Hi all...
Can anybody answer the following before I ring Picture ?
I have PPI icon

on an outstanding loan and wish to cancel it.By law can the company refuse or do they have to grant my request and cancel it.I know with this secured loan it is all frontloaded and I have been paying for the last 3 yrs but belive it only covers the first 5 anyway.
I intend to ring and expect to be fobbed off so need to be ready for them..

**alanalana** · 3rd December 2009 22:36

Originally Posted by jj69

Hi all...
Can anybody answer the following before I ring Picture ?
I have PPI icon

on an outstanding loan and wish to cancel it.By law can the company refuse or do they have to grant my request and cancel it.I know with this secured loan it is all frontloaded and I have been paying for the last 3 yrs but belive it only covers the first 5 anyway.
I intend to ring and expect to be fobbed off so need to be ready for them..

Firstly do no ring but write. You then have proof of communication.

telephone calls icon

to unknown unnamed individuals can be denied.

So draft a letter insisting on cancellation as it is an allegedly expensive and useless product when sold by the loan company.

I would advise you though to ensure you have cover from another Insurance company. You can obtain PPI at a much cheaper rate elsewhere.

Keep hard copies of all of your letters or electronic copies you can access later this will come in useful if you have to take matters further to the Financial Ombudsman icon

Service or the Courts.

Keep all of your correspondence in a set order itemised is best as dated letters sometimes cross. So sequence IMO is best.

Also please read the stickies at the top of this forum.

This will get you started... PPI - Some Notes for Claimants..

BANKS are giving incorrect advice on PPI

Full SAR for ppi

Mis-sold PPI? Want your money back? use these links to help

There is a massive amount of DIY links to trawl through but worth the effort.

aa

**jj69** · 4th December 2009 09:52

Originally Posted by alanalana

Firstly do no ring but write. You then have proof of communication.

telephone calls icon

to unknown unnamed individuals can be denied.

So draft a letter insisting on cancellation as it is an allegedly expensive and useless product when sold by the loan company.

I would advise you though to ensure you have cover from another Insurance company. You can obtain PPI at a much cheaper rate elsewhere.

Keep hard copies of all of your letters or electronic copies you can access later this will come in useful if you have to take matters further to the Financial Ombudsman icon

Service or the Courts.

Keep all of your correspondence in a set order itemised is best as dated letters sometimes cross. So sequence IMO is best.

Also please read the stickies at the top of this forum.

This will get you started... PPI - Some Notes for Claimants..

BANKS are giving incorrect advice on PPI

Full SAR for ppi

Mis-sold PPI? Want your money back? use these links to help

There is a massive amount of DIY links to trawl through but worth the effort.

aa

Thanks for the great info...I did call just after I posted and to be honest the guy on the end of the phone said I could cancel if I wanted but would only be saving £3 a month on my monthly premium and about £631 overall (not that I belived it ).
I have put a calim in with the FSCS for the full amount of the PPI.Picture did not provide this but it went through a broker with Magic Loans who are also listed as gone into admin on the FSCS site so hopefully will get some amount back in compo.
I have my accounts to go through after a SAR icon

request with Picture and after paying for three yrs my total amount has not reduced so know these prats are [problem]ming me with interest icon

charges etc and plan to get to the bottom of it..as it's a secured loan I need to tread carefully..

**alanalana** · 4th December 2009 20:21

Please have a look at this thread it may help you.

Picture Loans and the FSCS

aa

**jj69** · 6th December 2009 10:54

Originally Posted by alanalana

Please have a look at this thread it may help you.

Picture Loans and the FSCS

aa

Thanks for the link some great info on there.I have did an online email/enquiry with the FSCS on Thursday 3rd but was told to call back on Monday when they check their inbox.
I spoke to Picture who said the PPI icon

did not come from them but a broker from Magic Loans..I thought that was it no comeback but Magic Loans are also listed as defaulted on the FSCS website so I think a claim can still be upheld.The guy at Picture stated that I was mis-sold policy and should claim from Magic Loans via the FSCS.
Looking at the link it appears that the majority of people are getting some or all money returned which I would like to put towards paying off some of the loan from Picture..

**alanalana** · 6th December 2009 19:02

Originally Posted by jj69

Thanks for the link some great info on there.I have did an online email/enquiry with the FSCS on Thursday 3rd but was told to call back on Monday when they check their inbox.
I spoke to Picture who said the PPI icon

did not come from them but a broker from Magic Loans..I thought that was it no comeback but Magic Loans are also listed as defaulted on the FSCS website so I think a claim can still be upheld.The guy at Picture stated that I was mis-sold policy and should claim from Magic Loans via the FSCS.
Looking at the link it appears that the majority of people are getting some or all money returned which I would like to put towards paying off some of the loan from Picture..

Glad the link helped. Good luck with your claim

There are other caggers in the same boat I am sure they will offer advice along the way.

aa

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