Picture Loans and the FSCS

[Pinky69]

You can put your claim in at any time, the sooner the better. If you receive any payment form the in the meantime it is simply a question of informing the FSCS that you have received that payment and they will adjust your payout.

[steve76]

hi

 

so do i send a standard PPI claim letter to picture or a letter to fscs , and if the latter what do i include in this ??

[pinknico]

Home - Consumer home page - Latest News - 2009 - August - Picture Financial Services Plc

 

Call them or write, they will send a claim form either way.

[allan48]

i have received my letter from Deloitte and spoken to them, nice people, my claim went in August 2008 as well

 

allan48

[Pinky69]

What did they say, Alan? Anything interesting?

[pinknico]

Hello allan 48 are we at the front of the queue date wise:D

[allan48]

we have an individual reference number on our letters and mine (without opening myself up to any outside intervention) is a number less than 150 and website quotes that there are 600 cases under review

 

allan48

[pinknico]

It would appear that not all cases that have been passed over to Deloitte have received a letter yet. My number is under 100.

[alanalana]

following with interest.

 

Good luck on the picture claims.

 

I wonder how many more loan companies will go down the same route to oblivion :-?

 

aa

[Pinky69]

Received letter from Deloitte yesterday - said had been through initial review and was now being processed. Here's hoping!

[pompeyfaith]

Good Luck

 

PF

[Pinky69]

Thank you:D

[Alitree]

Gave Delloitte a ring yesterday but they were unable to give me any update but said as my claim was one of the first ten it will be dealt with soon.....heres hoping;)

[pinknico]

Hope you hear something soon Alitree, wonder how many they can deal with at a time.

[Pinky69]

I don't think there is any doubt that we will get the money back - these policies were mis-sold. It's a question of waiting patiently for the cheque.

[Alitree]

Lets hope so good luck to everyone

[steve76]

hi all

 

today i received forms from FSCS to fill in regarding my claim for ppi mis-selling from picture

 

found my loan agreement with picture and will post a few points in hope you can advise me of things to point out when filling the FSCS forms in

 

 

Amount of advance £50,000

picture ppi £12,475

total amount of credit £62,475

 

monthly interest rate 0.732%

 

APR 9.1 variable

 

monthly payments of £546

 

repayment term 300 months

 

You have chosen to purchase our optional 5 year ppi with joint life cover and single accident , illness and redundancy civer for the 1st borrower

 

 

 

just a few points on the agreement , at the time of taking this consolidation loan our heads were in a total mess and i feel nothing was explained to us or the benefits , optional , how any insurance will be paid , never knew only 1 of us had the insurance for accident & redundancy , and why is it only for a 5 year period ?? surely £12,475 is a ridiculous amount for 5 years

 

any advice much appreciated as always

[alanalana]

Still helping out PN well done:D

[pinknico]

hi all

 

today i received forms from FSCS to fill in regarding my claim for ppi mis-selling from picture

 

found my loan agreement with picture and will post a few points in hope you can advise me of things to point out when filling the FSCS forms in

 

 

Amount of advance £50,000

picture ppi £12,475

total amount of credit £62,475

 

monthly interest rate 0.732%

 

 

APR 9.1 variable

 

monthly payments of £546

 

repayment term 300 months

 

You have chosen to purchase our optional 5 year ppi with joint life cover and single accident , illness and redundancy civer for the 1st borrower

 

 

 

just a few points on the agreement , at the time of taking this consolidation loan our heads were in a total mess and i feel nothing was explained to us or the benefits , optional , how any insurance will be paid , never knew only 1 of us had the insurance for accident & redundancy , and why is it only for a 5 year period ?? surely £12,475 is a ridiculous amount for 5 years

 

any advice much appreciated as always

 

Everything you have put down in your post is a reason for mis selling, especially not told it was optional and the 5 year bit, but put it all in.

[Pinky69]

The agreement is a multi agreement and the calculations for PPI should have been shown separately. As they weren't, you didn't know how expensive the PPI was. You were not told of the medical conditions that were excluded from making a claim. You were not told that Picture were not selling insurance in their own right but were receiving a commission for selling it on behalf of other companies. If you had know that you would have known it was in Picture's interest to sell the insurance, not yours. If you are like my friend, she didn't get her insurance documents until AFTER the loan had been paid out. That's enough to get you your refund -Ha!

[steve76]

hi again , thanks for the help

 

ive sent the completed forms back to the fscs along with the loan agreement showing the above information

 

do i have to work out what i am entitled to or this done on my behalf ??

 

any ideas from the above info to what id be entitled to or is each case different ?

 

thanks

[Pinky69]

It will be worked out by Deloitte, the adminstrators who are dealing with the claim and are the administrators for winding up Picture. They are international accountants and your claim will be passed to them by FSCS. You get the first £2000 and 90%of the rest from FSCS. I don't know how it will be paid but my feeling is they will reduce the loan by the insurancee premium and you will get the premiums you have already paid in your hand. The idea is to put you back in the position you were in before the PPI was mis-sold to you.

[pinknico]

Hello all just to let you know that Deloitte has been requesting information from Picture/ Target in relation to our claims. Picture is taking about 1 week to send back information on 50 claims.

A few of us have had the information returned to Deloittes and have claim handlers working on our claims now. Thay then get passed to the FSCS to see if they are eligible for compensation.

[Pinky69]

Thanks for the info, pink. It's dead slow and stop!

[old_wulf]

Thanks for the update - at this speed we will be getting our 3 year no claims bonus before the award!