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Pinky69

Picture Loans and the FSCS

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For those of you interested in stats, putting £4000 of my compensation from FSCS towards repaying the loan and keeping my monthly payment at the same rate has reduced my payment term from 25 to 14 years and saved me £35000 in interest.:D

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still waiting for mine:mad:

 

FSCS say it is still with Deloitte:(

 

Getting Jealous!!!

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Was speaking to Picture today about my current arrears and I mentioned I was hopefully getting compensation for the miselling of ppi shortly, she said that even if the money is paid to me it all has to go towards the balance of the loan.

 

I didnt think this was the case?

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No - it isn't the case. What you do with the money is up to you but if you don't use it to decrease the loan you will continue to interest on the PPI element that was mis-sold over the whole period of the loan. My friend paid the cheque from FSCS into the loan and will save herself £35000 in interest over the period of the loan.

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I take it many of you are still waiting to hear then?

 

Good luck, hope its not too long now.:);)

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Mine only got sent to deloittes last week, had been stuck in their system for two months with no action on it, was lucky I rang up to chase.

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I'm getting frustrated now, Deliottes still processing the application I am in touch with the person dealing with my case and they one minute say they have all the information complete the process then the next that they are waiting for other information.

 

Totally desperate now I am still out of work (but unable to claim on my insurance) and not paying the full picture loan, they are talking about legal proceedings as I am over 3 months arrears now. Getting this money will sort out my arrears and give me a cushion as I find a new job.

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I have been told that the FSCS have now received my claim back from Deloittes. Neither of them will tell me the decision(it is with a manager). Does anybody:

1) Know why the will not tell me the decision ?

2) Could it be changed ?

3)How long will they take to post me the decision ?

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I have been told that the FSCS have now received my claim back from Deloittes. Neither of them will tell me the decision(it is with a manager). Does anybody:

1) Know why the will not tell me the decision ?

2) Could it be changed ?

3)How long will they take to post me the decision ?

 

Not sure about the answers to your questions but mine has been at a status of awaiting technical information from the FCSC since the turn of the year so things dont seem to move too quickly.

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We got our PPI back thanks to the FSCS in October last year. As for the loan from Picture, we had Charterhouse claims on this as we are absolutely certain they mis-sold it (one thing which sticks out is the house was valued much less than the total cost of the current mortgage plus secured loan, this by someone sent by Picture themselves). Charterhouse have just replied to say Picture had gone into liquidation. Far as I know they no longer exist and some other company is in charge of the loan. Now, as Picture mis-sold the loan, they appear to be no longer in existence, what can I do? Charterhouse suggested to contact the FOS as "I believe there may be a government pot to help in these instances" was the quote.

Edited by Rickoza

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still waiting for any news. - i have mislaid my letter from deloitte. can any body give me a telephone number so i can start nagging?

 

congrats to all successes to date

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Hi Im just sending in my claim now against picture - ive sent the questionnaire into the fscs and I have the original loan agreement here (customer copy) when I send that in as my evidence does it have to be signed?

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Hi, i did not sign it when i sent a copy to delottie. mine went off to them two months ago. don't they send out letters saying they have recieved your claim ?

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Yes it has now gone done to the next department, where calculations are conducted. However, this department does not make the final decision, once they have conducted all their assessments, which typically takes 4 weeks your file is sent back to the FSCS, where a final decision is made. You will receive a letter from the FSCS detailing the outcome of your claim.

Also, I am sorry but I am not authorised to say whether your claim has been successful or not, I merely gather all the information necessary for your claim to be assessed. I am no way involved in that process and am not privy to that knowledge.

I hope this helps

 

this is what i have been told today so fingers crossed its going in the right direction still a waiting game though

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Got a letter yesterday to say Picture Home Loans have had liquidators appointed (Deloitte and Touche). It went on to say they believe Picture have no funds to pay compensation for any claims against them now. Wondering what that all means now.

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I think this is why FSCS are involved as they pay compensation from government funds

im not 100% though

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