Newbie: Help on Picture Financial PPI

[steve76]

i sent my claim into fscs regarding my ppi with picture secured loan , received letter and copy of my credit agreement back from them yesterday and saying they will look into my situation

 

see what happens ..... on my credit agreement i have over £12000 added ppi

[pinknico]

Another claimant received their cheque today, and their insurance was cancelled at the same time.

 

 

IGNORE THIS POST CLAIMANT WAS MIS INFORMED POLICY CONTINUES.

Edited October 10, 2009 by pinknico
WRONG INFORMATION.

[honestbob]

Anybody been refused a payout yet from a claim against picture withe the fscs ?

Just tryin to gauge my chances !!

Thanks Pinknico and everbody on the site for excellent advice etc !!

[pinknico]

Hello honestbob, the claimant who got her cheque today had a friend who's claim was refused quite early on, she has appealed.

[old_wulf]

Checked with Deloittes and ours is still waiting for senior approval before sending back to FSCS so I imagine another month. Thanks Pinknico for clarifying that the policy is closed when the claim is approved.

[pinknico]

Sorry old Wulf that claimer was mis informed by FSCS customer services,

 

Her letter has now arrived and the policy IS NOT cancelled, it will continue to run for the 5 years.

[old_wulf]

Sorry old Wulf that claimer was mis informed by FSCS customer services,

 

Her letter has now arrived and the policy IS NOT cancelled, it will continue to run for the 5 years.

 

 

Thanks for the update - we are not relying on it though - as soon as we realised how bad the policy was and that we couldn't cancel and get our money back we took out alternative insurance which costs a fraction of the Picture insurance and actually covers us!

 

I still think we should still be entitled to the no claims discount as well because the FSCS payout is for the mis-selling of the policy not the cancellation or claim against the policy. The policy has been paid in full and as long as the Picture monthly installments are met (ours are though it is a struggle every month) then we should also be due the no claim bonus.

 

As Picture haven't passed on any interest rate cuts at all I feel inclined to persue them for every penny I can get back. Picture get into trouble they declare themselves insolvent and someone else picks up the pieces, we get into trouble and they will not think twice about re-possession.

[honestbob]

Has anybody had any correspondence lately ? i sent back the forms completed that deloitte had sent to verify details etc a couple of weeks ago , havent heard anything since anybody know what the next stage is for me ? also anyone got any news on picture claims at all ?

[pinknico]

Five more people got their cheques last Thursday on the MSE forum, some were Priority, others had returned their forms via the FOS last year

July/ August 2008.

[honestbob]

Thanks for the update Pink, we,ll just hang in there !

[pinknico]

Honestbob you can always call Deloitte and see whether your claim is still with them or has been handed back to the FSCS.

[Smalley2009]

Hi

Noticed that a few people here (and on Martin Lewis' site) have queried what they should do about the Cashback 'no claims' bonus. Just wanted to say that I recently accepted my first payment from Picture and did so after consulting with FSCS and one of their Senior Claims Negotiator's stated :

"I can confirm that by accepting the £X cash-back element of your PPI, this will not affect the eligibility of your claim with the Financial Services Compensation Scheme. However, if your claim is found to be eligible, and if you have accepted the £X, it is highly likely we would deduct that amount (and any other payments you receive) from any possible compensation you may receive".

 

Thought some of you may find this helpful.

 

Good luck everyone - nearly there!!!

[Alitree]

Payment received from FSCS !!!!!!!!! just under 8k. for info I had already received 3500 from my NC Bonus

[Smalley2009]

Fantastic news Alitree! Congratulations!!!

[pinknico]

Congratulations Alitree. Really pleased for you.

[Alitree]

Thanks for the kind messages........good luck to everyone else

[Outfor23]

Hi, I've just arrived at this website and forum and wonder if any one could enlighten me on a couple of issues

 

I have a substantial PPI with picture finance on a joint secured loan from March 06

 

 

I believe we were missold on the following grounds:

• 5yr cover - 20 year loan
  
• only one person covered - joint loan
  

is this enough to make a claim and does this go thru FSCS in writing (post strike permitting)?

 

I've also received £3900 back as we have'nt claimed - any issues here?

 

Lastly what happens to the PPI which was added to the loan value, if we are successful and have this paid, do we still continue paying Picture the full amount , I'm not sure how this works

any advice would be very much appreciated, many thanks

Edited October 23, 2009 by Outfor23

[pinknico]

If you call the FSCS they will tell you how to file a claim.

The FSCS are dealing with mis selling claims slightly different to the FOS as in they go by whether you were given bad advice about the policy.

If you have a successful claim then you will receive a cheque for the PPI amount minus any rebates received.

You can then use this amount to pay of Picture if you wish.

The policy is not cancelled unless you want it to be.

[Outfor23]

Thanks Pinknico

 

I've sent an email to FSCS with my questions, it's up to me then to cancel with Picture on the PPI, I'm loath to pay Picture anything at their interest rates

 

thanks again

[pinknico]

No problem but remember if you win you can still pay the money back to Picture and NOT cancel the PPI and so claim your further no claims bonuses. This may work out more than what Picture refund you for cancelling. But you would need to look into this and work out what is best for you.

[chickpea]

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!

[pinknico]

Received my cheque today:)

[Smalley2009]

Congrats Pink!

 

Could anyone kindly furnish me with an email address for Deloitte's so I can chase them for an update on my case please (I called them for the first time last week and had a nice chat but got the impression further calls wouldn't be overly welcomed).

 

Many thanks in advance.

[steve76]

hi all

 

how long from filling and sending forms to fcsc did it take to hear any good news regarding the claim ??

 

i sent my forms end august and yet to hear

[Smalley2009]

File this one under 'strange but true'...

 

Phoned Deloitte last week (on 21/10/09) to be told that my case is awaiting assessment and given the standard '6 months etc' line however, on contacting them today, I was told it was passed back to FSCS for a final decision on 09/10/09. Obviously, called the FSCS who were as non-committal as ever but at least I'm a lot closer to the potential light at the end of the tunnel. Can't help but feel a bit miffed at the duff information though.

 

Continued good luck everyone!