Jump to content

 

BankFodder BankFodder


jj69

Secured Picture Loan who sold it to Webb who sold to Idem - Repossesion hearing

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1363 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all...

Can anybody answer the following before I ring Picture ?

I have PPi on an outstanding loan and wish to cancel it.By law can the company refuse or do they have to grant my request and cancel it.I know with this secured loan it is all frontloaded and I have been paying for the last 3 yrs but belive it only covers the first 5 anyway.

I intend to ring and expect to be fobbed off so need to be ready for them..

Share this post


Link to post
Share on other sites
Hi all...

Can anybody answer the following before I ring Picture ?

I have PPi on an outstanding loan and wish to cancel it.By law can the company refuse or do they have to grant my request and cancel it.I know with this secured loan it is all frontloaded and I have been paying for the last 3 yrs but belive it only covers the first 5 anyway.

I intend to ring and expect to be fobbed off so need to be ready for them..

 

 

Firstly do no ring but write. You then have proof of communication.

 

Telephone calls to unknown unnamed individuals can be denied.

 

So draft a letter insisting on cancellation as it is an allegedly expensive and useless product when sold by the loan company.

 

I would advise you though to ensure you have cover from another Insurance company. You can obtain PPI at a much cheaper rate elsewhere.

 

Keep hard copies of all of your letters or electronic copies you can access later this will come in useful if you have to take matters further to the Financial Ombudsman Service or the Courts.

 

Keep all of your correspondence in a set order itemised is best as dated letters sometimes cross. So sequence IMO is best.

 

Also please read the stickies at the top of this forum.

 

This will get you started... PPI - Some Notes for Claimants..

 

BANKS are giving incorrect advice on PPI

 

Full SAR for ppi

 

Mis-sold PPI? Want your money back? use these links to help

 

There is a massive amount of DIY links to trawl through but worth the effort.

 

aa


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Share this post


Link to post
Share on other sites
Firstly do no ring but write. You then have proof of communication.

 

Telephone calls to unknown unnamed individuals can be denied.

 

So draft a letter insisting on cancellation as it is an allegedly expensive and useless product when sold by the loan company.

 

I would advise you though to ensure you have cover from another Insurance company. You can obtain PPI at a much cheaper rate elsewhere.

 

Keep hard copies of all of your letters or electronic copies you can access later this will come in useful if you have to take matters further to the Financial Ombudsman Service or the Courts.

 

Keep all of your correspondence in a set order itemised is best as dated letters sometimes cross. So sequence IMO is best.

 

Also please read the stickies at the top of this forum.

 

This will get you started... PPI - Some Notes for Claimants..

 

BANKS are giving incorrect advice on PPI

 

Full SAR for ppi

 

Mis-sold PPI? Want your money back? use these links to help

 

There is a massive amount of DIY links to trawl through but worth the effort.

 

aa

 

 

Thanks for the great info...I did call just after I posted and to be honest the guy on the end of the phone said I could cancel if I wanted but would only be saving £3 a month on my monthly premium and about £631 overall (not that I belived it ).

I have put a calim in with the FSCS for the full amount of the PPI.Picture did not provide this but it went through a broker with Magic Loans who are also listed as gone into admin on the FSCS site so hopefully will get some amount back in compo.

I have my accounts to go through after a SAR request with Picture and after paying for three yrs my total amount has not reduced so know these prats are [causing problems] me with interest charges etc and plan to get to the bottom of it..as it's a secured loan I need to tread carefully..

Share this post


Link to post
Share on other sites

Please have a look at this thread it may help you.

 

Picture Loans and the FSCS

 

aa


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Share this post


Link to post
Share on other sites
Please have a look at this thread it may help you.

 

Picture Loans and the FSCS

 

aa

 

 

Thanks for the link some great info on there.I have did an online email/enquiry with the FSCS on Thursday 3rd but was told to call back on Monday when they check their inbox.

I spoke to Picture who said the PPI did not come from them but a broker from Magic Loans..I thought that was it no comeback but Magic Loans are also listed as defaulted on the FSCS website so I think a claim can still be upheld.The guy at Picture stated that I was mis-sold policy and should claim from Magic Loans via the FSCS.

Looking at the link it appears that the majority of people are getting some or all money returned which I would like to put towards paying off some of the loan from Picture..

Share this post


Link to post
Share on other sites
Thanks for the link some great info on there.I have did an online email/enquiry with the FSCS on Thursday 3rd but was told to call back on Monday when they check their inbox.

I spoke to Picture who said the PPI did not come from them but a broker from Magic Loans..I thought that was it no comeback but Magic Loans are also listed as defaulted on the FSCS website so I think a claim can still be upheld.The guy at Picture stated that I was mis-sold policy and should claim from Magic Loans via the FSCS.

Looking at the link it appears that the majority of people are getting some or all money returned which I would like to put towards paying off some of the loan from Picture..

 

Glad the link helped. Good luck with your claim ;)

 

There are other caggers in the same boat I am sure they will offer advice along the way.:D

 

aa


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Share this post


Link to post
Share on other sites

Hi there....

Has anybody heard of Webb Resolutions ?

I have a secured loan on my house orginal with Picture , they collasped and I got a payout from the FSCS.

 

 

Loan now with Target Finance collecting on behalf of Picture been with these about two years paying on time

got a letter today stating that loan is now with Webb Resolutions nothing has changed DD the same as is the payments...

 

Is this legal can this be moved to another lender without prior consent ? :-x

Share this post


Link to post
Share on other sites

Hi, yes i heard of them, yes its legal and no it does not affect your terms and conditions i hope you used your FSCS money to clear some of your loan balance though otherwise you are still paying for the policy!!

 

EDIT and you loan has already been moved from Picture Financial PLC to Picture homeloans No.XXX so this is the second move

Share this post


Link to post
Share on other sites

OH Yes certainly did sooner I can get rid of this loan the better...my concern is this new lot will start messing around with my payments or upping the interest rate in a bid to get me to default.I cant imangine they want a loan for the next amount of years hanging around their necks whereas a forced respossesion and a quick buck may suit them more...

Share this post


Link to post
Share on other sites

Hi, I am in the same boat. Had secured loan with Picture then they sold off to (or changed to) Picture homeloans and now WEBB. They sent through their new terms and conditions and fees today.

They are astonishing and I find totally unacceptable.

They want £300.- in fees if I change my main mortgage provider, they will charge over £100.- if one of their advisors needs to come and visit us at home to discuss payment options (in case of arrears or payment problems I suppose) and so it goes on.

Can they change the terms and conditions like that ? I never agreed to those but only to the ones with Picture when I originally took out the loan.

Can they just change the terms like that ?

Share this post


Link to post
Share on other sites

I have been doing some research on the net regarding this company and this is what i found,Webb are an umbrella company of investors who use the company (webb) as a collection arm They are not licenced by the F.S.A however they collect mortgage payments and home loans thriough a company called Crown Mortgages who are licenced,Crown in turn use Target to collect.Webb are basically unauthorised investors using unautherised companies to make a profit on your loan.

Share this post


Link to post
Share on other sites

P.S " your terms and conditions will remain the same on transfer to Webb Resoloutions" this quote taken from their web site.

Share this post


Link to post
Share on other sites

Yes, it states that in their letter, I got confused with their own rehashed charges they intend to levy for everything including sneezing too loudly.

It was a charges leaflet not new terms and conditions. Sorry for jumping the gun here.

I also don't want to hijack the thread.

I will open one myslef, as I am also very concerned about the interest rates charged.

With them at an all time low including LIBOR, none of these reductions were passed on, we are still paying around 9% interest.

I am worried once the interest charges go up though, so will the rate on the loan.

I.e. not passing on any reductions but passing on every increase.

I have read somewhere you can complain to the FSA now about interest rates that are too high ?

Share this post


Link to post
Share on other sites

Gets better!! Webb bought the loans and mortgages from a company called Scanning financial l.t.d in Oct 2010,but wait for it,there is another company involved here S.M.F corporate services who are tied up with Webb.

Share this post


Link to post
Share on other sites

All these secondary mortgage companies like Picture going bust and trying to shift their portfolio.

It's going from one to the next, all in for the quick profit and selling on again.

I can see this debt being passed around a few more times yet.

Share this post


Link to post
Share on other sites

I dont know what these companies will do from 2012 when the F.S.A rules come into force that even intermederies have to be licenced .

Share this post


Link to post
Share on other sites
Hi there....

Has anybody heard of Webb Resolutions ?

I have a secured loan on my house orginal with Picture , they collasped and I got a payout from the FSCS.Loan now with Target Finance collecting on behalf of Picture been with these about two years paying on time got a letter today stating that loan is now with Webb Resolutions nothing has changed DD the same as is the payments...

Is this legal can this be moved to another lender without prior consent ? :-x

 

Hi, Had exactly the same letter today, but interested in your payout from the FSCS after the collapse of picture, is that something i can claim for as well, don't quite understand what was clamed for as we haven't actually lost anything, or have we?

Share this post


Link to post
Share on other sites
Hi, Had exactly the same letter today, but interested in your payout from the FSCS after the collapse of picture, is that something i can claim for as well, don't quite understand what was clamed for as we haven't actually lost anything, or have we?

 

It's interersting to see other people in the same boat and I welcome all comments on here even if you have not started your own thread :-D

I dont like the idea of mutilpe companies owning one debt but I guess at least if they decide to pull the plug the FSA might be willing to do something as there must be some sort of protection here for secured loans..

 

In answer to the compensation scheme I got back £8k due to the fact Magic Loans went under who were the brokers for my loan with Picture, therefore Magic loans could no longer meet it's obligation or protection to picture customers.Basically Magic folded back around June 2009 I belive.I went to the FSCS website select the what we cover part and search for a firm.So even though I used a third party broker I still got compensation.Picture offically folded on 8th July 2009.

My advice give them a ring Im sure you will be entitled to compensation.In my case Magic loans could not pay any insurance claims because they went bust..

If you have things such as PPI or insurance with Picture they won't be able to meet a claim.

Took me about four months in total from the first letter to the FSCS to final payout.

 

The FSCS protects the following:

Share this post


Link to post
Share on other sites

I got the same thing from Webb. Not happy at all with the leaflet telling me i'll owe them my left leg if I fart too loudly. If this company is UNauthorised, does that mean I can stop paying my secured load to Picture, tell Webb to go fk themselves and all they can do is send a couple of Unlicensed bears around to beat me up?

Share this post


Link to post
Share on other sites
I got the same thing from Webb. Not happy at all with the leaflet telling me i'll owe them my left leg if I fart too loudly. If this company is UNauthorised, does that mean I can stop paying my secured load to Picture, tell Webb to go fk themselves and all they can do is send a couple of Unlicensed bears around to beat me up?

 

Like your thinking !! wonder if there is a rule on the actual enforcement of this debt now Picture no longer own it ..yes it is secured but orignally with another lender.

As a side note Picture/Webb are now getting arsey..I sent a SAR request last week and got a reply stating unable to comply unless I send two forms of ID ? not sure that's true also asked them to remove the PPI and got a snotty letter saying your would only save 70p a month oh and a refund of £140 which would go to paying off the loan..I know there is about £7 of PPI on here so not sure what sort of magic caclulator they have...either way Im going for it with them

Share this post


Link to post
Share on other sites

aye, I've said in a different thread that when I applied for my SAR, they did the same - wanted 2 forms of ID plus a tenner AND for me to fill in the attached form explaining why you want the info. I sent them a postal order for a tenner, a copy of 2 forms of ID and told them that the reason I wanted the info for was none of their feckin business.

 

40 days later, I received a CD in the mail and a couple of days later a letter with the password for the CD. CD contained scanned copies of my agreement, copies of the letters I had sent over the past few years to Picture, and a few internal memos from employees of Picture (or whomever) asking if they thought they'd be succesful if they went for repossesion of my house.

 

What I want to do is stop the Direct Debit, write a letter to them telling me that I've lived in Hell for 5 years already, give them every penny I earn and I'm not prepared to do it anymore. I'll then offer them a square go in the parking lot.

Share this post


Link to post
Share on other sites
aye, I've said in a different thread that when I applied for my SAR, they did the same - wanted 2 forms of ID plus a tenner AND for me to fill in the attached form explaining why you want the info. I sent them a postal order for a tenner, a copy of 2 forms of ID and told them that the reason I wanted the info for was none of their feckin business.

 

40 days later, I received a CD in the mail and a couple of days later a letter with the password for the CD. CD contained scanned copies of my agreement, copies of the letters I had sent over the past few years to Picture, and a few internal memos from employees of Picture (or whomever) asking if they thought they'd be succesful if they went for repossesion of my house.

 

What I want to do is stop the Direct Debit, write a letter to them telling me that I've lived in Hell for 5 years already, give them every penny I earn and I'm not prepared to do it anymore. I'll then offer them a square go in the parking lot.

 

Wow cheeky B****ds going for a repossession of youy house I cant belive that :shock: well mine should be interesting had three months arrears at one point so no doubt I may have something similar...did you claim back any charges on the account ?

TBH I dont trust any of this lot since Picture went belly up , in for a quick buck I keep thinking, mind when I spoke to Halifax my main mortgage provider they said no way Picture can take repossesion since Halifax are main name on the deeds and they were not prepared to let that happen...

SCREW YOU PICTURE/WEBB whoever....lol

Share this post


Link to post
Share on other sites

Hmm..that is encouraging then. My mortgage is with Nationwide so hopefully they will not let Webbed Picture repossess.

 

I haven't claimed anything back from Picture as I didn't take any PPI out with the loan. There have been some charges along the way, but as far as I can remember they have all been fairly reasonable. Think that might change now that these Webbers are involved and are plainly just paying Target to get as much profit for them as possible. I don't think anyone has a hard copy of my original loan agreement, but I'm sure my loan isn't covered by the Credit Agreement Act so I'm not able to find a way to prove it is unenforcable :(

 

I have 50K left to pay on my secured loan (another 800 amonth for 5 years) and I'll bet each of these feckin Webb investors spend more than that on booze and coke at the weekend. They should offer me the chance to cancel my debt by way of a dare. Or even a double-dare. I'd do it.

Share this post


Link to post
Share on other sites
Hmm..that is encouraging then. My mortgage is with Nationwide so hopefully they will not let Webbed Picture repossess.

 

I haven't claimed anything back from Picture as I didn't take any PPI out with the loan. There have been some charges along the way, but as far as I can remember they have all been fairly reasonable. Think that might change now that these Webbers are involved and are plainly just paying Target to get as much profit for them as possible. I don't think anyone has a hard copy of my original loan agreement, but I'm sure my loan isn't covered by the Credit Agreement Act so I'm not able to find a way to prove it is unenforcable :(

 

I have 50K left to pay on my secured loan (another 800 amonth for 5 years) and I'll bet each of these feckin Webb investors spend more than that on booze and coke at the weekend. They should offer me the chance to cancel my debt by way of a dare. Or even a double-dare. I'd do it.

 

I took the loan in 2006 bet the Credit Agreement is full of holes...

800 a month god thats steep..paying £280 but got 28k to pay back..if im lucky I could do a remortgage with Halifax and get rid of webbed feet for good....

Yes lets hope these investors dont die in a coke infused orgy strangled in a bizarre sex act gone wrong...that would be tragic... :madgrin:

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...