Newbie: Help on Picture Financial PPI

[old_wulf]

Hello everyone - 1st post

Just out of interest, our claim reference number is lower than 250 and when we rang this week, our account is still with the fscs and hasn't been passed over to Deloitte, although they confirmed that Picture were in default and some accounts had been passed across - does anyone know if they are passing accounts in reference number order. We were told the standard "Up to 6 months"

[pinknico]

Yes as far as I know it is reference/date order. Mine is under 50 and has been passed across.

[old_wulf]

Thanks - I think we will give them a couple of months before chasing again - be nice to see what exactly is going on and what will eventually happen.

[steve76]

hi all

 

i too took a consolidation loan with picture in 2006 , my monthly payments are over £540 which is crippling us every month , i received a letter recently though saying in october i will be receiving £.... in a insurance payment due to having never made a claim etc in the 1st 3 years of the deal

 

maybe i should demand full refund as at the time of taking the loan my head was in a mess to my debt situation and i feel picture totally took advantage of this

 

also , im now in a I.V.A ( i wish id taken this option origionally before trying to consolidate ) , my iva company wrote to me recently and asked if i had the agreement with picture as this may not be legal ???

[bigdaddy121]

hi,all ...today is the 05/10/09,,and we have just been paid off by the fscs,,our policy was for £16342,,,and we have been paid back £20000..today..we are not banking the check as we will wait if this is about right,and to see what other people get....we were number 19 on the ref..numbers ,,,hope to here good news soon of other members ..good luck all...:)

[pinknico]

Have they sent a calculation with it? They were refunding all the PPI and all payments made towards PPI plus interest on the amount from time of Default.

CONGRATULATIONS BY THE WAY, REALLY PLEASED FOR YOU.

[annoyed mum]

Congratulations:D

 

did you have a secured loan + PPI or unsecured loan + ppi?

 

How long did you pay monies to Pictrure?

[bigdaddy121]

yes there was a break down ,but they give you a chance to write in if you think,the amount is wrong,,thats what im waiting for ,to see other peoples reactions,,remember they only pay 90% of anything over £2000,,it also says there is no payment for future payments or the term of the loan,,just giving you the money back for the original ppi policy plus a little compensation ,which doesnt seem right to me..im not banking the cheque just yet ,,ill wait and see ...

and to the other question ,it was a secured loan,with ppi..

[bigdaddy121]

yes ,,sorry i paid picture for nearly 3 yrs,,i hope this helps

[pinknico]

Can I ask what you were expecting?

[old_wulf]

Good news - This raises another question though, does this mean then that the policy is still potentially in force? and if so would we still be able to make a claim while the policy is in force and will we still be eligible for the "No Claim Bonus" if we don't make a claim. We have checked and any lump sum payments made to the loan account (IE the lump sum from FSCS) WILL incurr an early payment penalty from Picture. Personally I think that if we are successful we will use the payment not on Picture and get the no claim bonus until the PPI expires.

[pinknico]

PPI is cancelled if your claim is successful. Even if you dont pay back any money. You cant get your no claims bonus and receive a full refund of PPI fom the FSCS.

Who did you check about the penalty with?

[old_wulf]

Picture/Target told us that any lump sum payments made to the loan would attract a penalty payment. We can't make payment to the PPI seperately as the loan is a single account and the insurance premium was paid at the account opening and is now secured against our home as part of the loan. It may well turn out that when our claim gets settled and Picture realise that the money is from a PPI claim they may choose not to enforce the early payment charge. I haven't checked with FSCS about the legality of Picture further penalising us for paying off the insurance amount off the loan, I will wait to see what happens first.

 

Has anyone that has received a settlement tried to pay off Picture yet?

[Alitree]

My claim ref is 3, I havent heard anything yet!!! getting worried

[pinknico]

Have you called the FSCS? and what date did you send your claim form to the FSCS last year?

[Alitree]

Will be calling the FSCS in the morning. Claim went to the FSCS in July/August 2008.

[pinknico]

Let us know how you get on.

[bigdaddy121]

hi,i wasnt expecting to recieve anything,,your policy is in force,,you are only claiming against picture for selling you the policy,,remember picture no longer exists,,they trade under a new name,,everything with your policy stays the same,,as im now actually claiming on mine now,for the first time..its the fscs that pay you out ,not the insurance company,,,your claim is against picture,,they give you the money back as if you had not bought the policy,,it is up to you if you pay back the policy money ,then cancel it altogether..i put my claim in around the start of 08..

[pinknico]

Thanks bigdaddy121, that is really useful information. I only asked what you were expecting as you said you were waiting to bank your cheque.

Congratulations.

[Alitree]

Spoke to the FSCS this afternoon, was told claim was back from Delloitte and was being reviewed !!! should have answer in a couple of weeks.

[honestbob]

Anybody know what criterea deloitte are paying out for, is it for all technically mis sold policies or for all single premium policies ? got a letter today from deloitte asking me for more info.

[pinknico]

Was it the questionnaire because you have settled your loan?

 

 

No one that I know knows what the criteria is, so I hope someone on here answers your question.

[honestbob]

Yes Pinknico just asked all about the loan, they asked for an insurance policy number which i don,t have so i rang them and they said it was o.k they would locate it from my loan number. I am 50/50 on my chances what do you think ?

thanks by the way

[pinknico]

It s ok honestbob, Deloitte were asked to send out these questionnaires at the end of September to those that had settled Picture loans with another provider so they can calculate how much interest you have still been paying on the PPI part of the loan and you would get that back also, as well as the original premium and all payments made towards the ppi so far.

 

 

And none of us had a policy number!

[honestbob]

Thanks again Pink i am certainly more hopeful, perhaps the fact that we never had a number was deliberate and may be a case on its own .