Picture Loans

[Rickoza]

Hope this is the right place to post for this!

 

If you took out a secured loan with insurance, and the company didn't make it clear to you that this would be treated as an additional loan (the insurance part of things), has this been mis-sold?

[alanalana]

hello rickoza,

 

Please post more information on your particular situation. Please do not post names, account numbers, addressess etc.

 

If you can post dates of loan your reason for believing you were mis-sold PPI.

 

Here are a few links to check to see if you believe you have a case for mis-selling by Picture.

 

loan payment protection insurance

 

issue 62 - mortgage endowment complaints – capping where the policy remains linked to a mortgage

 

Payment protection insurance (PPI) – Refunds of single premiums : FSA Money made clear – Unfair contracts

 

Payment protection | Were you mis-sold PPI? | PPI - rules before 2005

Payment protection | Were you mis-sold PPI? | PPI - the rules

 

all of the above are from this links

 

Have a read and get the general idea from this and other threads on where you want to go with regard to claiming you PPI.

 

aa

[Rickoza]

Hi

 

Appreciate your reply. It was April last year. At no time was I advised that I could obtain PPI elsewhere, nor did they tell me it was effectively another loan which would be added on top of the one I had taken with them. I feel now that the whole thing was very poorly presented to me, I honestly though that it would be PPI for the whole of the term and not just five years! Should I pursue this?

 

Thanks again.

[alanalana]

Hello rickosza,

 

Appreciate your reply. It was April last year. (FSA ruling on PPI was 14 Jan 2005) At no time was I advised that I could obtain PPI elsewhere,(Not necessary at the time but see this link)http://www.competition-commission.or.../pdf/18-08.pdf

nor did they tell me it was effectively another loan which would be added on top of the one I had taken with them.(For this see this)Payment protection | Were you mis-sold PPI? | PPI - the rules

I feel now that the whole thing was very poorly presented to me, I honestly though that it would be PPI for the whole of the term and not just five years! Should I pursue this (YES)

 

Hope this helps I would check out the links and more threads on this forum to get a feel on the reclaim of PPI..

 

aa:D

[Rickoza]

Can anyone advise why Picture have not reduced their interest rate in line with the Bank of England? It is substantially well above the rate and, in the time we've been unfortunate enough to be trapped by them, has only come down by 0.5% once. Do they legally have to reduce the rate in line with anything? I still am certain we were conned into the loan in the first place and it's an absolute millstone for us, but that's another story and as I understand it they are untouchable on this.

[sgianthebard]

I have asked this before on CAG forums and have been told that they can set whatever rate of interest that they like and don't have to reduce it when the BoE does

[Diashi]

Hi all

 

New to this, but been having the same issue with Picture and have 'challenged ' them to inform me under what basis does the clause 2.2, i.e variable rate work.

I have received there final letter today simple saying, in easy terms 'we will not tell you'.

 

I am now in the process of finding out whether the contract, in the way its worded, can be challenged on the unfair terms through the FSA, it seems to me that they dictate the rate, they dictate the rises, they can charge what they like without recourse to any or any fair assessment.

 

I have followed the advice from this site on PPI from picture, and won, so thanks for that, so I thought I would try and give a little back with this idea. Will keep this group informed of outcome.

Edited August 18, 2011 by Diashi
Change of font size.

[Rickoza]

We took out a secured loan with Picture in 2007. I found out today that Norton Finance were behind Picture. We were successful in getting back PPI against Picture but were told at the time we couldn't have any other claim against them. However, after finding this out, would we be able to complain to the Financial Ombudsman regarding issues we have with the secured loan given that it was Norton who are behind it all? Would appreciate any advice.