Picture Loans and the FSCS

[pinknico]

Just to let you know we have heard that one claimants claim has been passed back to the FSCS by Deloitte and they should get a result within two weeks.

[Pinky69]

All will be revealed.

[pinknico]

First person has received their cheque from the FSCS!

They are refunding total PPI paid not just paid to date and interest paid to date, even if the loan is still ongoing.

[Pinky69]

Are they deducting the PPI from the loan and paying the PPI paid to date to the claimant or did the claimant get a cheque for the whole amount?

[old_wulf]

Thanks for the good news - surely though if the loan is not being reduced by the amount of the PPI, the refund should also include the interest that will still accrue on the PPI for the remaining term of the loan?

 

If they are not paying future interest relating to the PPI would we be able to pay the refund off the balance of the loan without penalty? Our loan agreement has a penalty in place for early payments in the first years of the loan.

[pinknico]

A cheque for the whole amount.

 

 

I would ring either Picture/FSCS and find this out old wulf, interesting point.

[Alitree]

Its all gone a bit quiet on this, my claim was in the first 5, thought I'd have heard something by now:confused:

[Pinky69]

They are very slow. It cannot be a big job for either Deloitte or the FSCS as there are about 1000 claims to process and that is a drop in the ocean for both of them to handle. Deloitte get the details off Picture/Target, then make the calculations then pass it to the FRCS. I read on another site that it doesn't take long for FRCS to pay out once they get the figures from Deloitte. The FRCS website says they hope to pay everyone in 6 months. We will just have to be patient.8) It doesn't affect the friend I claimed for as she is not hard up and will just be paying the money back into the account to offset the insurance but some people desperately need the money and must be tearing their hair out by this time.

[pinknico]

Ring the FSCS and see if your claim has been passed back to the FSCS by Deloittes, mine has(45) and a few others have and from there we have been told 2 weeks.

[Smalley2009]

Mine's still with Deloitte. I contacted FSCS to chase yesterday and person there was rather snotty and blunt, just sticking to the 6 month line. When I said I'd heard a payment had been made, she said early payments would be 'test cases' and had no bearing on other payouts. She also said she was aware of these forums and didn't seem too happy about them. I don't think they appreciate us all sharing notes and being better informed as a result!

[Pinky69]

It's not her concern to be happy about it or not, nor will initial payments be test cases - that's rot. It's her job to process/give information and if she is not happy about it she should get another job. The FSCS took long enough to default Picture and now that they have it shouldn't take long to pay back the money people were conned out of.

[di0430]

Good luck to all on your claims with the FSCS.

 

We have a case with the FSCS/Deloittes, but different company that were declared in default on 8th Sept 2009, my loan company was that of TWOPART, although my case have been with Deloittes since early July passed from the FSCS to them. My case number - 1.

 

Again wishing you all the very best of luck and hope you all receive all what is owed to you very soon.

[2009]

Hi All,

 

I just wondered if anyone else is in a similar situation to myself and could give me some tips on how to approach it.

 

I have a secured loan with picture, loan amount of £80k but over £100k with the ppi included.

 

We took it out in 2006 and still have the loan, at the start of this year we we spoke to a financial adviser who advised us it was clearly mis-sold and refererred us to Reclaims 4 u - who then referred us onto a solicitor to fight our case on a no win no fee basis. (at the time we were told there were many reasons it was mis-sold and there was a good chance the whole loan could be written off, or atleast we could be looking @ £50k compensation - i now know that is highly unlikely from what i have read on this site) Also we were told it would likely be paid within 3 months, this was in Feb 2009.

 

This was all before we realised Picture were in default. Our solicitors recently hit a stumbling block when they were told that all picture cases had to go through fscs and now they are talking about taking a cut out of any compensation we receive?

 

Anyway, now we know that we can go directly through fscs we are unsure how to end our agreement with the solicitors without incurring a fee.

 

Can anyone help? Is anyone able to tell me approx how much compensation we are likely to get?

Edited October 9, 2009 by 2009
re-posting in the hope someone else will give me some advice/ tips

[di0430]

Hi there

 

Not sure in what happens when you have had the solicitors involved, but was this on a basis when you only pay if your successful?

 

Like I said I don't know how this works, but if the solicitor have not been successful with the business where charges would then occur, I didn't think they could take a cut of your money, especially if you now take your case to the FSCS.

 

Hopefully someone with more knowledge of this will post up.

 

But if you have not done so yet, contact the FSCS to get your claim in, as they have now started paying out.

Good luck.;-)

Home - Contacts

 

Also read any paperwork you have received from the solicitor, especially the small print, this may disclose some information.

[2009]

Hi,

Thanks for your quick response, will welcome any further input from anyone that may be able to clarify on this for me...

But as you said, it was on no win no fee - however i think that if i decide not to proceed with them before it gets to court then the fees incurred so far may become payable. in this situation it obviously won't go to court if the fscs deal with it. So do my solicitors have the right to claim some of the compensation I may get if i take my case directly to the fscs?

I am going to try asking the citizens advice but that may take time for them to look into.

[ITDonk]

Just for those wondering if you are getting a cheque or the loan reduced I started my claim after the default and I think it may be a different version of the form as there is a section to fill in on whether the cheque should be paid to you or to the lender.

 

I'm really relying on getting thi money so hope now the gates have opened the repayments come flooding through quick.

[Pinky69]

Cheque received to day.

[Pinky69]

Does anyone know if there is a charge for making an early payment ie the insurance amount, to reduce the loan?

[pinknico]

Got mine yesterday:D

No people have been told there isn't. But check when you call.

[Pinky69]

Spoke to the today Pinicko - there is no charge. I intend to pay a whack off it and keep something to myself for Christmas. Oh happy days! Well done on getting your cheque too. I am going to bank mine this afternoon.

[pinknico]

Happy Days:) Happy spending!

[ninjainthenight]

there is no charge to repay due to Pictures special offer. you can ask them for a quote

[ITDonk]

I take it you guys receiving cheques applied quite some time ago?

 

I am one of the ones desperate for the money to come through but my application has only been in 3 months or so. Will the FSCS be able to tell me where I am in the queue if I ring or will they stick to the 6 months line?

[Pinky69]

I applied in May.

 

Can you explain the special offer? I know they are desperate to get the money back for these loans.

[alanalana]

Well done to all those getting cheques from the former Picture Loans via the FSCS.

 

This is still a PPI result so don't forget to post in the PPI successes in the stickies.

 

Very pleased you are getting money back