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About chickpea

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  1. Thanks to everyone for their input on this thread. I've decided not to sign the form as I don't want Idem liasing with our mortgage lender. We are in a position where we are lucky enough to have equity in our house but newstarters comments have worried me. We can afford our repayments but I feel really uneasy about what will happen in the future with Idem servicing the loans. Our last payment to Target by DD was stopped by them before the changeover and they rang up asking for a debit card payment (in quite an aggressive manner considering it was their fault.) I'm wondering now whether this was a deliberate course of action by them. They have assured me it won't show up on our credit file as a late payment as it was their fault but I think I had better check now just in case. Please keep us all informed with any updates - it's been really helpful.
  2. Thanks Br - I'm glad to hear someone else got this letter. Like you we aren't going to sign it until we know more so please keep us up to date with any advice you receive and I will do the same. I got the impression when I rang Idem that it was so they could discuss arrears etc with your first charge lender but we don't have arrears and I immediately felt suspicious about what it was going to be used for. I can get into their website ok. It doesn't say much, just who they are, how to pay, FAQ's etc. If you still can't get into their site but need some specific info then I can try and find it for you and post it here. Nothing was mentioned about these recent letters. Thanks again for your reply. I hope others who have posted their difficulties with Picture on this thread are able to sort their issues out too.
  3. Has anyone else had a letter from Idem asking for a form to be completed which will allow them to liase with our first charge lender on our property? I don't know whether this is standard procedure but it has got me worrying why. We aren't in arrears so am concerned why they want this information unless they just want it for record purposes. Having rung up Idem I'm still not any clearer as to whether there is a problem. Any thoughts would be appreciated. Thanks.
  4. I've received some of the no claims bonus and I was told by Picture recently that if I cancelled my ppi then it would make no difference to my repayments. Congratulations to everyone who has received a cheque!
  5. When we were sent a copy of the screenshot, we asked Egg to provide further details regarding the online application as we didn't think the screenshot proved that we had requested the ppi. Egg replied without further info stating that they weren't prepared to enter further discussions and to forward our complaint to the FOS if we wanted to it take it further. I will be interested to see what Egg say to you MC. Also, Pinknico, can I ask what year your application was? Ours was 8 or 9 years ago but we were paying the ppi until June 2006 when we realised that it wasn't compulsory - what a b****** waste of money that was!!
  6. Thanks for the links alanalana - will have a good read through them all today
  7. I was thinking that too as we have a case with the FOS but our application was done online where we requested the PPI apparently. I don't see how their screenshot actually proves this though and I hope the FOS take this into account when reviewing such cases.
  8. If it is another company paying the NCB then I would assume it will be paid to you automatically. This shouldn't affect your mis-selling claim though (if you are successful) as the payment should be taken into account when the compensation is calculated. I spoke to the FSCS last week as we haven't heard anything from them yet and apparently they are inundated with Picture compaints so it is taking a while to process them all. Good luck with your claim and please keep us updated.
  9. A company called Target Loan Servicing Ltd took over the servicing and collection of Picture Loans recently but as I understand it they have no liability for Picture's obligations such as the repayment of the no claims ppi bonus. Our case for mis-sold ppi is with the FSCS now but it had been investigated by the FOS and our complaint was upheld. To be honest I don't know whether you need to contact the FOS to find out whether they need to investigate your claim for mis-sold ppi before the FSCS will deal with it. I am sure either the FOS or FSCS will be able to advise you the best course of action to take. I think you need to be sure whether you are going to claim for mis-sold ppi or the no claims bonus though. Hope this helps.
  10. The FOS upheld our claim but I have since had a letter from Target who have taken on the servicing of Picture Loans to say that Picture have no funds to pay any compensation. I have forwarded this letter to the FOS who are aware that questions are being raised about Picture's ability to meet its liabilities and that they will be back in touch when they know more about the status of the business and will then be able to comment on how it will affect our complaint. I hope this helps although it's not the best of news. I will update when I know more.
  11. 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.
  12. 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
  13. Hi again LMC Yes we still have the loan unfortunately but it will be taken back to the stage as if we had never had the PPI in the first place so at least our repayments will be reduced. I thought they were quite good too when we took out the loan but with hindsight and knowing how they sell the ppi they are clearly not quite as helpful as we first thought!! The Ombudsman took the view that the PPI policy was not adequately explained to us at the point of sale so we weren't sufficiently aware of the cost or the implications of having a single premium policy. He also stated that had Picture fulfilled its obligations to put us in a position of making an informed choice then we would have never purchased the policy in the first place. I am sure your S.A.R. will help you with your case Let us know how things go.
  14. We didn't cancel the ppi as it wasn't going to make much difference to the repayments plus we thought we would get at least some of the cost of the ppi back (after 3, 4 & 5 years) if our claim for mis-selling was unsuccessful. We have had a final decision from the FOS ruled in our favour but we have yet to hear from Picture regarding their settlement - no surprise there as they have drawn this claim out for as long as they possibly can. Our initial letter to them was in Feb 2007 so it has take almost 18 months but hopefully we are coming to the end of it now. We didn't realise that the ppi was for only a 5 year term (Picture indicated in the telephone recording that it would continue after the initial 5 year period) plus they didn't give us a repayment figure for the loan which excluded the ppi. Boss-man if they said the ppi was compulsory then there is definitely a case for the policy being mis-sold. In our experience, Picture will try and fob you off every step of the way but the FOS have been very helpful and apart from the fact they are so busy which is hardly surprising, we really can't fault the way they have dealt with our case. Good luck to the both of you and let me know if I can help further.
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