isoclene v picture finance

[isoclene]

hi

had a secured loan with picture finance big mistake , loan taken out October 2005. the loan was paid off October 2007 now i want to claim the ppi back which i think was mis-sold .

 

1. i am self-employed (sole trader). ppi cover if my business fails only

 

2. not told by salesman that i could purchase ppi elsewhere .

 

3. ppi only covers for 5 years. thought it was for length of loan

 

4. ppi single policy loaded on to loan , interest paid for ppi the whole loan

 

loan £30,000

ppi £7485

total credit £37,485.00

 

apr 8.9%

repayment terms 240 months

 

can someone tell me if i have a case to ask for a refund. and what interest i could add.

 

many thanks:eek:

[hellhasnofury]

hi

had a secured loan with picture finance big mistake , loan taken out October 2005. the loan was paid off October 2007 now i want to claim the ppi back which i think was mis-sold .

 

1. i am self-employed (sole trader). ppi cover if my business fails only

 

2. not told by salesman that i could purchase ppi elsewhere .

 

3. ppi only covers for 5 years. thought it was for length of loan

 

4. ppi single policy loaded on to loan , interest paid for ppi the whole loan

 

loan £30,000

ppi £7485

total credit £37,485.00What was the total charge payable by you for the loan. What did you have to pay them and for how long. They would have charged you interest on the ppi, so you would have paid more than the £7485 for ppi.

 

apr 8.9%

repayment terms 240 months

 

can someone tell me if i have a case to ask for a refund. and what interest i could add.

 

many thanks:eek:

 

Hello and welcome to the forum

 

Please read this and other thread on the forum regarding the mis-selling of ppi.

 

Companies who are regulated by the FSA, should follow clear guidelines regarding the selling of ppi. These they do not follow, but will say they do,:o

 

PPi should be clearly explained to you, so you decide if it is suitable for your needs. Where you given loan quotes without "cover" If this was the case, you are not given the option of not having it.

 

They do not have to tell you that you can get it cheaper elsewhere, they are a business and want your money.

 

Have you sent a SAR to get all of the information that they hold on you. This should include any telephone recordings.

 

I would start the process of reclaiming back the ppi

And picture this "you with a cheque in your hand":D

[isoclene]

hi and thank you for your reply.

i don't know what the total charge for the loan was its not on the agreement.

 

my payments were £327.49 for 240 months.

 

AMOUNT OF ADVANCE £30,000

OPTIONAL PICTURE

PAYMENT PROTECTOR INSURANCE £7,485.00

SET UP FEE £0.00

TOTAL LOAN AMOUNT £37,485.00

MONTHLY INTEREST RATE 0.716%

APR 8.9% NOW 9.84%

MONTHLY REPAYMENTS OF £327.49

REPAYMENT TERM 240 MONTHS

 

hope this helps tried to paste a copy of the agreement but couldn't

 

[hellhasnofury]

hi and thank you for your reply.

i don't know what the total charge for the loan was its not on the agreement.

 

my payments were £327.49 for 240 months.

 

AMOUNT OF ADVANCE £30,000

OPTIONAL PICTURE

PAYMENT PROTECTOR INSURANCE £7,485.00

SET UP FEE £0.00

TOTAL LOAN AMOUNT £37,485.00

MONTHLY INTEREST RATE 0.716%

APR 8.9% NOW 9.84%

MONTHLY REPAYMENTS OF £327.49

REPAYMENT TERM 240 MONTHS

 

hope this helps tried to paste a copy of the agreement but couldn't

 

 

Hello,

 

I'm not surprised they did not put on the total charge for credit payable a staggering £78,597.60. So they charged you £41,112,60 in interest.

 

You can use a free upload service call photobucket, you will find it on the interest to post up your credit agreement. I am presuming this was a secured loan. We need to find out whether or not they should have put on the total charge for credit.

 

I have just been reading around regarding the total charge for credit. There may be rasons why it not on the ca. ? interest rate is variable. Its a secured loan.

 

I found this information regarding ttc, it may or may not apply to your loan. but it does make interesting reading.

 

#137

[chickpea]

When we took out a Picture loan we thought the PPI covered the whole term of the loan and our complaint is with the FOS now.

 

In Picture's letter to us dismissing our complaint, they said they had clearly stated it was a five year plan, however what they actually said about the PPI was

 

“covers you for the first 5 years of the loan initially and then there’ll be a monthly one come in after that”

 

In our opinion, this statement was not only untrue but also misleading.

 

We also noticed from this phonecall that although they informed us of the repayments which included the PPI, they didn’t state how much the repayments would be without it so we weren’t able to make a comparison of the two which might have affected our judgement at the time.

 

It is definitely worth getting all your recordings because I think they are very underhand in the way they sell this product. I don't know what the outcome will be in our case but fingers crossed it will be in our favour.

 

Good luck to you.