picture finance gone bust wheres my ppi???

busbyh

Debt_Free_Chick wrote: »

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.

I have just being looking through the copy that picture sent me last week, the one that differs from the original., The copy gives total amount to be paid on PPI. which the original doesn't. it says "if you wish to register a complaint We are covered by the FSCS.You may be entiled to compensation from the scheme if we cannot meet our obligations, depending on the type of business and circumstances of the claim.Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim, without any upper limits" Another part of copy states Those covered can be found on Certificate of Insurance - what cert. Never rcd one.!!

busbyh

Debt_Free_Chick wrote: »

Wonder what the situation with Picture is?

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 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

I have checked out the copy again that picture sent .The one that differs from the original. Apart from the copy stating the full amount to be paid on the PPI. which the original didn't they have also added an extra section under IMPORTANT INFORMATION, regarding complaints. It says"We are covered by the FSCS .You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and circumstances of the claim.Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim, without any upper limits. They must now have ceased trading if all claims are now referred to fscs, so it's only a matter of time before they go into default

busbyh

Debt_Free_Chick wrote: »

Wonder what the situation with Picture is?

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 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

A company called APAX are supposedly taking over the loan side of Picture

dobbie82

right, if a company goes bust owing staff wages or customers orders or like zoom took money and no flights, its tough. They dont have to pay anything.

If a loan company goes bust shouldnt customers be able to say tough to them? (I havent got a loan with one but just a thought)

ALIBOBSY

Surely if a company takes over the loans, they should take on the responsibilities of those loans i.e the PPI refunds. Worth a try?

Another forum I go on most people are ignoring the ombudsman and going straight to court action for the PPI claims. Like the bank charges these seem to be being settled prior to court action. You can also claim for those accounts not covered by the ombudsman.

Not sure if I am allowed to mention the forum by name, but it is closely associated with MSE and was originally just for bank charges, but now covers all consumer issues. They are definately alot more litigeous than on here tho lol. Might be worth a read?

good luck
ali x

Debt_Free_Chick

busbyh wrote: »

A company called APAX are supposedly taking over the loan side of Picture

APAX is a private equity firm - they in businesses.

I thought they owned Picture and were looking to sell it.

busbyh

Debt_Free_Chick wrote: »

APAX is a private equity firm - they in businesses.

I thought they owned Picture and were looking to sell it.

Not sure about that. but I think picture were owned by more than one firm . The article did say they were taking over the loan side. I think I read it on the WALES ONLINE site.
I;ve been into that many sites i'm not to sure

busbyh

Hi DEBT FREE CHICK
Searched but can't find out where I got the info from re APAX. There is another site that might be of some interest. FINACE AND LEASING !!!.(FLA) gives the lending codes that are supposed to adhere to!!

busbyh

mthead wrote: »

hi all i put a claim in for reimbursement of ppi paid on a loan from picture finance,this was started in oct 2007,all letters of this site etc were sent then it went to the financial ombudsman,they received it in feb 2008,i was passed on to 3 different people within ombudsman who were dealing with the case,i received a letter stating picture should reimburse be,as i had a strong case,then on 14 aug 2008 i recieve a letter stating picture have basically gone bust and cant pay and stopped trading!!!now my claim goes to financial services compensation scheme,this is gonna start the process all over again and i was advised it would take 6-9months to get a decision if i will get anything back,will i get anything back and why has it took ombudsman so long??they must have an idea of a "struggling company"who may be in financial difficulty and may not be able to trade,or maybe im just too suspicious????????????????????????????????

Hi , be interested to know what the reason was for your for the mis sell. I have several, as I have said previously i.e .difference in contracts, pre-existing medical conditions

busbyh

Just had notification from Picture. They are now trading under :
Picture Home Loans(No1)Ltd Trading as "Picture"I assume this is for existing customers payments.
I have just spoken to them and they say all claims for PPI mis sell are being dealt with by FSCS
Although the present owners are trading as "Picture" it says the company is unrelated tp the previous owner Picture Financial Services Plc and Target Loan Services will be administering the loan.
Just a bit more info, though not saying it is very usefu!!