Picture Loan

[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

[MSAR]

You should be able to.

 

First thing is to get a copy of your loan agreement and total PPI contribution. If you have those, skip this bit. If you don't have those, the Data Protection Act allows you to submit a SAR (Subject Access Request), where you get all the information that the bank has on you; transactions, phone calls, international money transfers. That requires either a £10 cheque or a postal order in the UK. With the information from the SAR, you can determine how much PPI you have paid already and the accumulated interest.

 

With that information, you have to send a PPI refund request to the loan company. Look for the PPI refund templates like these:

 

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

Download the second one, fill in your details and send it by recorded delivery to the loan company. They will either give you a full refund, a lowball offer or became obstructive and send you back a "Final Response" letter. If you are not happy then you send in a complaint to the Financial Ombudsman. You have to fill in several forms downloadable from their website: Their general details form; the PPI complaints form.

 

Send in the whole bundle of information to the Financial Ombudsman; a copy of your loan agreement, your request for a refund, their final response from the loan company, also mention any knock-on effects it has on you financially (lost reputation, home foreclosed, lost credit rating, etc...) Best to do this by recorded delivery as well, as you can track it online.

 

Eventually, the Financial Ombudsman will send you an acknowledgement letter, and consider your case. They may ask for more details, and hopefully make a settlement in your favour. On average, there's a 64% chance of this happening.

[Lauren32]

With it being picture and picture now in default do you not have to claim through FSCS as thats what we are doing although still currently waiting to see if we have been successful or not

[ims21]

With it being picture and picture now in default do you not have to claim through FSCS as thats what we are doing although still currently waiting to see if we have been successful or not

 

Yes, correct.

 

Picture were declared in default in July 2009 and therefore claims will be dealt with by the FSCS.

 

For the OP, given that the FSCS pay out 90% of a claim amount and as you have received rebates for "No Claims" it might be an idea to do some calculations to see whether a claim is actually worth it. Much will depend on how much in rebates you have received already.