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picture finance gone bust wheres my ppi???

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  • wolfchick
    wolfchick Posts: 12 Forumite
    Ours is with Picture financial are they the same company.?
  • roger1973
    roger1973 Posts: 31 Forumite
    yes same company
  • di3004
    di3004 Posts: 42,579 Forumite
    Hi there

    I am in a similar situation with 2 of the companies where only one of these I can actually take take to the FSCS and have done just that, due to only one of these being regulated and covered by the FSA if when we had taken out the loan, I am however keeping on ar the other company because even though they dissolved in 2006, the same members are running another finance company even by the same name, but the name does not have to be the same.

    However folks I have added a few links at the reclaiming ppi forums about "phoenix firms", where the directors of these companies go into liquidation and yet start again as active members, I will also add a link here to give you an idea of this, but if the companies are dissolved and they were covered/regulated then you are eligible to go through the FSCS, the compensation scheme to reclaim this, although I am aware there is only a certain amount you can reclaim, here are some handy and useful links:;)

    http://www.moneymadeclear.fsa.gov.uk/news/firm/2005_archive/phoenix_firms.html

    http://www.fscs.org.uk/consumer/

    Hope this is of some help and good luck !;)

    Di.
    x
    The one and only "Dizzy Di" :D
  • Scousebird_2
    Scousebird_2 Posts: 811 Forumite
    roger1973 wrote: »
    got a loan with picture 3 years ago for £25500 being paying it and asked for a settlement figure which i received today for £33,133.01 can this be right?

    Yes-unfortunately so-your interest has been added-you won't of even started to pay the capital yet-the misery of loans...grrrr!!!!:mad:
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • cookie_monster
    cookie_monster Posts: 2,116 Forumite
    No wonder I haven't seen those crappy ads on telly anymore.

    "Yes I need £25,000, no I haven't got a job and can only pay £10 a month back"
    I hate migraines.
  • chickpee
    chickpee Posts: 206 Forumite
    roger1973 wrote: »
    got a loan with picture 3 years ago for £25500 being paying it and asked for a settlement figure which i received today for £33,133.01 can this be right?

    Roger, it sounds like you have ppi added to your loan which would account for the high settlement figure.
  • mthead
    mthead Posts: 18 Forumite
    exactly wot happened to me u r also paying the full amount of the ppi for the whole term,even though you are cancelling it,and it is not transferable onto another loan so basically you pay 7000 for them lending you the money,my circumstances were same,i got nowt!!sorry for news if missold ppi use templated letters but dont hold ur breath as ombudsman advised me picture in financial difficulty and my case has been passed onto fscs with 200+others,sorry for the news eddz
  • Silvafox
    Silvafox Posts: 321 Forumite
    roger1973 wrote: »
    got a loan with picture 3 years ago for £25500 being paying it and asked for a settlement figure which i received today for £33,133.01 can this be right?

    Your loan could well be being worked out with the Rule of 78. It's an old fashioned way of working out settlement figures used by lenders for years until more regulations came into force. If you took your loan out about 3 years ago it could well be that that's causing the high figure, along with the ppi etc.

    I got stung by it a few years ago too. Do a search on Rule of 78 and you'll get loads of stuff about it on this site. I 'think' it's been abolished now and isn't used anymore...
    PMA - Positive Mental Attitude

    It works for me - you try it!
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    roger1973 wrote: »
    got a loan with picture 3 years ago for £25500 being paying it and asked for a settlement figure which i received today for £33,133.01 can this be right?

    Unfortunately, you didn't just borrow £25,500. You borrowed that amount, plus interest on that amount and possibly the premium for the PPI and interest on that too.

    You need to look at the original credit agreement which will show the total amount you borrowed.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Wonder what the situation with Picture is? :confused:

    I'm not so sure that they've gone bust, but the owners were trying to sell in back in March. Since then half the staff, including most of the managment, have left/been made redundant.

    Press reports seem to have quiet for a while - but nothing to suggest they've gone out of business :confused: I understand that the loan book is actually owned by two investment banks - Merrill Lynch & Deutsche. They won't make any more money available to finance new loans, but they're still on the hook for the current ones.

    Wales Online seems to report quite a bit about them
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
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