PPI Reclaiming discussion Part III

di3004

gumbi wrote: »

Had a response back from FSCS basically saying we're still investigating the Solvency of Picture Finance here's my response:

Thanks for your speedy response. This is obviously a standard email which I of course understand given the unprecedented level of work the FSCS is currently landed with!

I have been in regular contact with Target Loans, (the company administering the Loan book of Picture Finance.) and have attempted to resolve this dispute directly with them only to be told on a number occasions that Picture Finance no longer exists and that all correspondence regarding this matter would need to be directed to the FSCS.


Several calls to the FSCS have resulted in the response that the solvency position of Picture Finance is under investigation and that this process could take several months...

It would appear that the information I am getting from the FSCS and Target Loans is contradictory and I am therefore confused on several fronts:

· Surely if Target Loans are correct and Picture Finance no longer exists then they can be declared ‘in default’ as a matter of course as they are no longer able to meet any of their obligations?

· However if the FSCS are correct and it has not been determined if Picture Finance are able to meet their obligations then I have been misinformed by Target Loans and I should be able to attempt to resolve this dispute directly with them thus saving the FSCS valuable time and resources?

The position of the FSCS and Picture are mutually exclusive as it is not possible for both to be correct and I am keen to clarify which is right as soon as possible so that I can consider my position and decide upon an appropriate course of action.

Hi Gumbi
Yep its all slow going with these isn't it?
Mine has been with the FSCS since July but not about Picture - but about Twopart limited that went into liquidation in May this year, I think due to all the other stuff going on such as with "Icesave" etc, its pushed the investigations back by not being able to go further with them right now.
I was also told that they were still investigating, this was I think in September......:rolleyes: .

Lets hope it will be soon hey.;)

di3004

Emailed the adjudicator again as its 2 weeks now when he said he should hear from the business, but not heard anything yet....... , to me it does not look good yet it could be that the adjudicator are dealing with so many claims at the same time......:rolleyes:

pinknico

gumbi wrote: »

Had a response back from FSCS basically saying we're still investigating the Solvency of Picture Finance here's my response:

Thanks for your speedy response. This is obviously a standard email which I of course understand given the unprecedented level of work the FSCS is currently landed with!

I have been in regular contact with Target Loans, (the company administering the Loan book of Picture Finance.) and have attempted to resolve this dispute directly with them only to be told on a number occasions that Picture Finance no longer exists and that all correspondence regarding this matter would need to be directed to the FSCS.


Several calls to the FSCS have resulted in the response that the solvency position of Picture Finance is under investigation and that this process could take several months...

It would appear that the information I am getting from the FSCS and Target Loans is contradictory and I am therefore confused on several fronts:

· Surely if Target Loans are correct and Picture Finance no longer exists then they can be declared ‘in default’ as a matter of course as they are no longer able to meet any of their obligations?

· However if the FSCS are correct and it has not been determined if Picture Finance are able to meet their obligations then I have been misinformed by Target Loans and I should be able to attempt to resolve this dispute directly with them thus saving the FSCS valuable time and resources?

The position of the FSCS and Picture are mutually exclusive as it is not possible for both to be correct and I am keen to clarify which is right as soon as possible so that I can consider my position and decide upon an appropriate course of action.

Brilliant Gumbie, I hope you get a proper answer back.

pinknico

Well had 2 emails back from the FOS, one gave me the address to complain about the FOS, regarding being mis informed and one was about the credit agreement with Redcats that is just waiting for an adjuticator.
I only emailed on Friday so their response time are getting quicker!!
And they weren't automated replies either.


How are you Proffessor Di?:D

di3004

pinknico wrote: »

Well had 2 emails back from the FOS, one gave me the address to complain about the FOS, regarding being mis informed and one was about the credit agreement with Redcats that is just waiting for an adjuticator.
I only emailed on Friday so their response time are getting quicker!!
And they weren't automated replies either.


How are you Proffessor Di?:D

Wow thats cool Pinknico........:T wish mine would get back to me.....:rolleyes: lol:D .

Not too bad thanks hun lol (proffessor Di) pmsl :rotfl: :rotfl: :rotfl: , you ?:A xx

marshallka

hayjamdan wrote: »

di3004 wrote: »

i was referring to wat max said to me. i was initially just claiming on my last loan but as they all had something to do with each other i decided to include them as well as i was told those loan had ppi as well so it started from when i got my first loan. but i dont really no if max is saying it will work in my favour or against me thanks

It can work in your favour if one was to pay off the other if this had to be taken to the Ombudsman service but if this is the case then I would put the date on the form of the complaint of the latest loan and ask them to look into all of them at the same time somewhere in the complaint explanation.

pinknico

Evening Marshallka, hope you are feeling better.


Hello Di, I am fine, still waiting.:D

marshallka

hayjamdan wrote: »

di3004 wrote: »

hi there will an sar help with the calculations as i just sent that request. barclays was explaining the second loan to me saying the amount was 160.01. £128 was for the loan and the rest which is 32 for ppi i paid this for 8 months my last loan is 224.01 i would be paying£179.31 and then the ppi is 44.69 and i have paid this 48 times so far the first one i had only for a couple of month so not to worried about that one i also asked for interest and the 8% as well thanks

When a PPI is a single premium even if you only have it for a few months you pay this as a lump sum with interest and when you pay the loan off early you are only rebated a small amount so really ALL these PPI's matter.

Nice that you added the 8% statutory interest and good luck..;)

marshallka

Littleluc21 wrote: »

Hello All!


Just to keep ypu updated with the GE Money saga........so I had a reply to my letter on Saturday saying "Thankyou for your evidence that you were at University but this doesnt prove you were not working in excess of 16 hours so we now request that you send us a copy of your National Insurance Report for October 2002".

Aaaaaaaaarrrrrrrrggggggghhhhhhhh so anyway I just called the National Insurance people to ask for a copy of my report. They said no problem but this takes 6-8 weeks for you to recieve eeeeeeeeekkkkkk! I am annoyed but am so not giving up - bloody GE Money are a nightmare! Just written them a lettr to say this report will be sent to them withing 8 weeks and that I was most dissappointed that on the FIVE occasions I have called them they told me they had all the info that they needed to investigate my complaint and would not need any more documentation. They really are a joke!

I dont know how many of you have read my previous posts regarding this but the other account I had with GE Money was initillay opened under another company so GE Money advised that any mis-selling would need to be investigated by them. I have written to the original company but interestingly when I queried that GE Money must have checked my agreement to ensure I was covered for their policy when they took over the account they advised that they would probably have never checked my agreement. This worried me so I requested that they sent me a copy of my credit agreement - just been told that they dont have one!!!!I am thinking oft going to my local MP regarding this - what do you think?

L xxxx

Lets hope that the National Insurance lot pull their finger out and get it to you quicker. Its not really up to you to prove anything, its up to them to prove it was not missold to you. They should have records of what they had you down as earning or working etc. I would just send them another letter again and tell them your complaint still stands.

marshallka

smudge2002 wrote: »

I've had a call back from First Direct this morning. They've said that as long as I repay the amount paid to me in the claim last year I will get a refund of the remaining PPI when I settle the loan. As a result I make a net gain of about £1800 which is more than I expected. So now a happy chappy again. Thanks to everyone who posted advice.

Thats good news for you then. Well done to you...:j