Picture Finance PPI

[Lauren32]

Hi everyone,

I'm hoping someone can help me

We contacted Deloitte today who said that they had received all of the information they needed form the insurers/picture and had already told us that our paperwork was all in order

does anyone know what happens now and does this mean that we will be getting a claim and by any chance could anyone tell me roughly how much we will get

our PPI was for £3025 paid over 5 years, this is now paid although the loan itself is still being paid monthly although they have bnot altered any payments

I will be grateful for any advice

[ims21]

Hi Lauren, Welcome to CAG.

 

I've created a new thread for you.

 

The fact that Deloittes say that your paperwork is order simply gives an indication that you will go into the queue to have the case looked at...no guarantee of success yet.

 

Your single premium PPI would be paid off over the life of the loan, not just the 5 years for which you were covered.

 

Have a read of No.1 in my signature as there is a lot of information and spreadsheets there which will help you work out what you may be due back.

 

When you have further questions, shout here.

 

ims

[Lauren32]

HIya Ims

thanks for replying, so no point in me getting excited just yet then haha i assumed because they said all paperwork was in order it meant things were happening in the right direction obviously im wrong.

The loan was over 25 years but only recently have i noticed that we were actually only covered for the first 5 years hence the claim, the 5 years is now up and they sent me a letter stating that we were no longer covered??/

Im sooo pleased there are intelligent people out there

thanks again

[ims21]

Don't get me wrong....the investigation may be found in your favour....I was just saying that they have acknowledged your claim and will look into it.

 

What were the reasons you gave for the mis-sale?

[Lauren32]

Hi ims

 

they stated we had to have it although we were 24 in full time work no underlying health issues, we said we never wanted it but they said because it was a loan against the property it was essential that we had to have it, although the breakdown of payments were never explained and also we never knew that it only covered 5 years of the loan rather than the whole 25 years

[ims21]

Yep sounds good to me.....forcing you to have it is a no no

[Lauren32]

great thanks alot just need to try and work out how much i could get although it will probably be alot different to what we do get if anything, i dont know how to work that signature thingy majig

but thanks anyway

[ims21]

Here you go...this is the direct link

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(2-Viewing)-nbsp

[Lauren32]

ohh i cant figure it out haha im just no good with numbers, I will have a good read tomorrow and see if i can figure it out, as picture are in default i dont thing deloitte/fscs pay the interest that you have paid so will just have to wait and see i suppose

thanks

[ims21]

If it is being done under the FSCS rules you would generally get 90% of the "normal" value of the claim.

 

If/when you are made an offer it will be possible to check it.

 

Do have a read of the article I linked you to...take it slowly and you will find that you will start to follow it.

 

If not, it doesn't really matter...your claim is in and you simply await the outcome. When it comes to checking the figures we can help you with that.

[Soad123]

I took out a picture loan in 2006 have “Payment Protector Insurance” which is a hefty sum of £17,714 for the insurance alone.

It states on the loan agreement that it is optional but I was told that I would not get the loan unless I had the insurance

Also I have had 3 payments back from picture for non claiming within 5 years can I claim the rest back?

 

 

Thank You

[ims21]

I took out a picture loan in 2006 have “Payment Protector Insurance” which is a hefty sum of £17,714 for the insurance alone.

It states on the loan agreement that it is optional but I was told that I would not get the loan unless I had the insurance

Also I have had 3 payments back from picture for non claiming within 5 years can I claim the rest back?

 

 

Thank You

 

You should be put back in the position you would have been in had the insurance not been taken in the first place.

 

Please start your own thread and we can help you.

[Lauren32]

Sorry for the delay in getting back to you. Thank you for clarifying that no claims or cash back were ever received by you. I understand that you are eager to hear whether your claim has been successful or not, but I play no part in that decision, I just gather all the data needed for your claim. Furthermore, I am not authorised to say what the likely outcome will be.

 

I know it must be frustrating and I apologise for this, but the case will be passed down to the next department soon for the final stage of processing.

 

This is what we was told today so STILL no idea

[Lauren32]

Spoke to deloittes today and our claims handler has told us that its going to the calculations department this week does this mean we have been successful or can it still be refused when it goes back to fscs - no idea of how much we could get i just cant figure it out no matter how hard i try lol

[ims21]

You will have to wait and see what they produce for you.

[Lauren32]

HI ims

but does it mean its a successful claim and we will just have to wait and see how much or could it still be rejected

 

i appreciate your help thanks

[ims21]

We don't know yet which way it will go.

 

Personally I wouldn't like to bet one way or the other....it really is a waiting game unfortunately.

 

My vie is that nothing is settled until a firm offer is made or a formal rejection is issued.

 

If the former, great. If the latter you then move to challenge.

[Lauren32]

ok thanks ims - will just have to wait and see then i suppose

thanks again