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Newbie: Help on Picture Financial PPI


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Firstly hello to everyone on this great forum.

 

I have been looking at my Picture Financial PPI and they charged me £16,966.00 for a PPI insurance that I thought was for the full 300 month term of the policy and it has turned out to be for only the first 5 years! They have also added the insurance premium to the loan amount so I would be paying interest on this for the 25 years not the 5 years it covers me for. Is this a common situation and would I be within my rights to look at getting this refunded. The loan was taken out in Jan 2006.

 

Any help or guidance would be greatly appreciated.

 

Thanks

 

Paul

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If Picture sold you this you need to contact the FSCS, Financial Services Compensation Scheme as Picture (the original) is in Liqidqtion and all claims have to go through the FSCS.

Tel:02078927300.

If someone else sold it contact them!:)

Any opinion I give is my own and given without

any liability.

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Yes, Would love to know what they have to say As I am in the exact same position as yourself. took out the loan in 2006 and didnt realise it was only for 5 years cover and not the 15 years(term of loan). I already asked conkersclaims to start claiming this back for me, but they have said that since picture went into liqiudation and have been taken over by another company they cannot help me with my claim.

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daz182 ,ring the FSCS today, I have already filled out the forms for the FSCS and sent them back in August. So get the ball rolling!

Any opinion I give is my own and given without

any liability.

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Has anyone had any positive outcome from the FSCS relating to Picture or any other Financial institution?

 

Reading the forum for most of the last few days I can see this being a long and drawn out process but I will go all the way if I need to it is just unfortunate that Picture are no more and the FSCS is my only route to a fair and just outcome.

 

Paul

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Picture have yet to be declared in default, so the FSCS (so I believe )have not paid out on any claims yet.

My last email from them said that they were concluding their invetigation into the default of Picture and looking at my claim to see if it was eligable for compensation under their rules.

Any opinion I give is my own and given without

any liability.

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  • 4 weeks later...

Hi Folks,

My first time of posting and good to see other people are fighting for compensation on the ppi (picture financial). Like many others I was at a stage where I thought consolidation was the only way to sort out my debt problems (how wrong I was) and in desperation went to Picture and was sold a loan and conned into the ppi insurance. I feel like most that they took advantage of somone who was not thinking entirley straight at the time. Just picking up on this thread re compensation....I like many others have been at this for arroun18 months and have been forwarded from the FOS to the FSCS same as you guys they have yet to be found in default. I have had a call yesterday and they are still looking into the default process. From what I was told if they are not in default it goes back to the FOS to claim damages from Picture as the FSCS is the goverment compensation board who on behalf of picture will compensate. In essence its a minefield and one that appears to be long and drawn out. I will not be giving up until justice is done and I would be pleased to here from anyone else who is any further on...I guess not at this moment in time

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I will be gutted if they hand back to the FOS. Why email and say they are concluding their investigation of finding if they can declare Picture in Default and are looking at my claim to see if I am eligable under their scheme for compensation, only to pass it back to the FOS?

Any opinion I give is my own and given without

any liability.

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  • 2 weeks later...

Hi i am Glad to see people are still fighting the good fight against picture, i feel totally ripped off too i have also been in touch with the fscs and this is the reply.

:

Thank you for your email about your claim for compensation against Picture Financial Services Plc.

 

The Financial Services Compensation Scheme (FSCS) must consider all claims in line with our rules, as set by the Financial Services Authority (FSA). Under these rules, before we can consider the eligibility of an investor’s claim against a firm, we must first be satisfied that the firm in question is financially unable to meet the claims that have been brought against it. We can only consider a claim for compensation if no other party is in a position to do so.

 

We have nearly completed our investigation into the solvency position of Picture Financial Services Plc, and are currently reviewing your claim to see if it is eligible for compensation under our rules.

 

It is difficult to give an exact timescale as to when we will be in a position to write to you about your claim. Reviews are, by their very nature, time consuming, as we are dependent on receiving information from third parties, over whom we have no jurisdiction.

 

Hope thats helpful, i heard recently that single premium ppi was now banned which supports our claims, best of luck everybody i actually believe that the company was concieved rather to sell ppi than earn profit from the loan interest it certainly seems to be make the product vastly more lucrative !!

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  • 3 months later...

Has anyone had further news on claims against Picture. I have been waiting for my claim with FSCS since last November and they have told me it could still be months before this is resolved! My husband and I are really struggling to pay Picture and are considering paying a reduced payment, or stop paying until this is sorted. We took the loan out in 2005 and have not received any rebate on the PPI, as they have said we forfeited this in 2007 when we went on a agreed reduced payment plan with them (this was for a short period of time when we were experiencing financial difficulties). Does anyone know what happens if you stop paying, but continue to pay the main mortgage? We have very little equity on the house, probably just enough to pay the main mortgage. Has anyone stopped paying Picture?

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Hello David, the last some of us heard was that Picture are pending default and are expected to be in default in June but we are not holding our breath! Then the FSCS have to actually look at the claims to see if they were mis sold. I put my claim in back in August 2008.

I am afraid I don,t know about what happens if you stop paying.

Hope we all hear something very soon.

Any opinion I give is my own and given without

any liability.

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  • 3 weeks later...

hi,,i also have a picture claim on going at the moment,,i phoned the fcsc,today and ask for a time scale to end this travesty,,i explained people thought picture would be in default this june/july//all the fscs said was this was not true and the investigation is still ongoing,,,, i wouldnt hold out much hope of this being settled soon,,:(

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They keep changing what they tell people, someone got an email reply on June 3rd was told it would be in the next few weeks.

They know Picture have no money but the reclaiming of PPI is new to the FSCS and they are making sure that all claims are dealt with in exactly the same way, this is what is taking the time.

Any opinion I give is my own and given without

any liability.

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They keep changing what they tell people, someone got an email reply on June 3rd was told it would be in the next few weeks.

They know Picture have no money but the reclaiming of PPI is new to the FSCS and they are making sure that all claims are dealt with in exactly the same way, this is what is taking the time.

 

Hopefully the FSCS will see the light and come up trumps for the folks ripped of with picture. Incidentally How did they manage to put so many adverts on the Telly when they were going down the pan????:???:

 

It should perhaps be mentioned in one of your complaint letters:rolleyes:

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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  • 1 month later...
not accroding to the FSCS database

 

Home - Consumer home page - Default information

 

This is truly very bad news for anyone claiming against Picture financial:mad:

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Hi fellow PPI miss-sell-ees

 

Happy to confirm what 'annoyed mum' has said - Picture have finally been declared in Default by the FSCS!!! This happened with effect 06/07/09 however, only found out today as I've just called them so this is from the horse's mouth (they've yet to update their website - just an admin task for them but they're snowed under).

 

They've outsourced the Picture cases to Delloitte so we should all hear something soon.

 

GOOD LUCK EVERYONE!

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