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PICTURE payment protector insurance

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I have a 28k loan with picture and 6k ppi, over recent months i have heard that picture have folded and was informed to contact the FSCS. I now have a claim for the PPI in motion!

However, i decided to ring PICTURE ( target ) to cancel the PPI to try and reduce the monthly loan payment, i have recieved a letter from them saying i can cancel the ppi but my repayments will stay the same.


The loan is 5 yrs old, Has this happened to anyone else? and are they allowed to do this? why aren't my payments reduced?.........etc!

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Sounds like you are getting the run around.


They appear to be keeping the monthly repayments the same but the loan will be paid off so much quicker.


I suggest you write back to them and ask that they look at it again. If they will not play ball, contact the FOS and ask them to investigate.


Good luck



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  • 2 weeks later...

well, it seems the loan will not be paid off any quicker due to the ppi being added to the loan at the start and gathering interest over its course,they said if i cancel it there will be no rebate and payments stay the same, as i will be paying the ppi off over time, no extra money comes off the loan as its still comes off the ppi and its interest,therefore no reduced payments! and the ppi only protects for five years!!! The fscs are progressing with my composation claim.....if they are successful does anyone know if my ppi will automatically be cancelled and my payments reduced??????? shall i let the FSCS run their course and see what happens??

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What a load of bo__ocks,


If you cancel the PPI of course the amount you owe would reduce and therefore your monthly repayments also. You are definitely getting the run around here.


Personally, I would cancel the PPI in writing and let your creditors do as they please in terms of reducing or not your repayment amounts. Meanwhile wait for the FSCS to make their decision on your claim.


It will all be sorted out eventually and the longer it takes, the more interest you will be able to claim back.


But more importantly than anything else DO NOT under any circumstances speak to your creditors on the phone, this is a complete waste of time and money.


Hang in there.



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