PPI Reclaiming Discussion part 4

di3004

gumbi wrote: »

Calling anyone trying to reclaim PPI from Picture Finance!

I've now been waiting for over a year for the FSCS to determine the defualt status of Picture Financial and for most of that time all enquiries have recieved the reply that the investigation is in its closing stages..

FSCS have been as helpful as possible but I'm still none the wiser as to where we are. I have requested to see copies of the correspondence between FSCS and Picture, (or their administrators Delliote) but have have this request refused.

I have eventually contacted my MP to push for this information to be available so that we can determine where the delay is. My feeling is that the administrators are employing delaying tactics by using the very procedures set up to protect the consumer.

My MP has responded and said that he agrees with my position and will contact the head of the FSCS to push the case...and this gave me an idea.

I know that many on this portal have a similar issue and so I ask that anyone as frustrated as I with the lack of information available on the situation with Picture Financial contact their MP as well. maybe this way we can push Picture up the list of priorities within the FSCS.

I myself am waiting on the resolution of a claim for miss selling of a £11,000 single premium PPI and would very much like to to get this sorted!!

Hi there hun
And good for you and also good luck.;)

There are like you said many on here in the same situation, I also have a case with the FSCS and still waiting for a response, the company in question are a different company, and they went into liquidation to what I know of before Picture, it all seems to be going slow, and yet when I contact the FSCS, they just say its best not to keep contacting them as it slows them down......:eek: .

Great tip you left here hun and I'm sure this will help others in the same situation, well done.:T

In regards of your PPI reclaiming you go for it and if you need any help, please post up anytime, good luck.;)

Di
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di3004

aligerdie wrote: »

Hi all

I need to send off an SAR regarding a credit card account.

The £10 you include with the letter - can this be by way of a postal order, or does it have to be a cheque?

Sorry for the stupid question, it would just be a little easier on my budgetting if I could do it by postal order!

Hi there

You have a choice of postal order or cheque payment.;)

For the copy of the agreement only its £1 postal order or cheque payment,this you should receive within 12 days of request and £10 postal order or cheque payment for a full SAR request this one they have 40 days to comply and the SAR letter template on the thread with details, I see our helpful Rosemahairy have already replied also, good one hun.:D

Good luck
Di
X

gumbi

Thanks for the support...

I think this is something that Martin could get his teeth into....he always appears up for a fight and let's face it we wouldn't be lacking public support at the moment with everybody looking to bash the banks!

I wander what would happen if every mortgage holder in the UK refused to make their April payment as a protest against the banking sector's under contempt for the little guy!

Billions in bailouts and they still try to stiff us at every turn....

Here's something to think about....Would it have been cheaper for the government to pay off everyone's mortgage rather than give the banks billions of our cash?

di3004

gumbi wrote: »

Thanks for the support...

I think this is something that Martin could get his teeth into....he always appears up for a fight and let's face it we wouldn't be lacking public support at the moment with everybody looking to bash the banks!

I wander what would happen if every mortgage holder in the UK refused to make their April payment as a protest against the banking sector's under contempt for the little guy!

Billions in bailouts and they still try to stiff us at every turn....

Here's something to think about....Would it have been cheaper for the government to pay off everyone's mortgage rather than give the banks billions of our cash?

Hi hun

Good luck.

You have made a very good point here.
Well done.:T
I do see your point.;)

Di
X

gumbi

Hot off the press..!!

Have had a long chat with very helpful guy at the FSCS who explained the following:

The current status of Picture Financial is officially PENDING DEFUALT. This means that they are essentailly satisfied that they've gone tits up and can't cover any claims , however they are awaiting a few final procedural boxes to be ticked.

I have had word that there are curently in excess of 600 outstanding claims for missold PPI's sold through Picture and that the FSCS is primed and ready to go once the final Default status has been confirmed.

The delay and confusion has been caused by the 'unique' structure of Picture. The loan arm and insurance arm were actually 2 seperate companies, with the loan arm being little more than brokers which means that the FSCS had to ensure that both entities were investigated in full to make sure there was no chance of any 'phoenix companies' rising from the ashes and getting away scott free!

It great to finally get some concrete info and this is obviuosly good news for all those like myself waiting for this to get sorted. :money:

They have responded to my MP's enquiry and explained that the workload at the FSCS is roughly 10 times that of 18 months ago, hence the delays but I have been assured that they are changing their systems to be more focused on the consumer and make sure that we're all kept informed.

Watch this space if you're dealing with the FSCS!

di3004

Message from Turbo, for anyone in need of calculations/figures, please feel free to post up if calculations need looking over, Turbo is a little busy right now, but will be back as soon as he can, thanks for your patience folks.;)

This also goes for any ongoing also.
Turbo will be back as soon as he can.

Cheers

Di
X

di3004

gumbi wrote: »

Hot off the press..!!

Have had a long chat with very helpful guy at the FSCS who explained the following:

The current status of Picture Financial is officially PENDING DEFUALT. This means that they are essentailly satisfied that they've gone tits up and can't cover any claims , however they are awaiting a few final procedural boxes to be ticked.

I have had word that there are curently in excess of 600 outstanding claims for missold PPI's sold through Picture and that the FSCS is primed and ready to go once the final Default status has been confirmed.

The delay and confusion has been caused by the 'unique' structure of Picture. The loan arm and insurance arm were actually 2 seperate companies, with the loan arm being little more than brokers which means that the FSCS had to ensure that both entities were investigated in full to make sure there was no chance of any 'phoenix companies' rising from the ashes and getting away scott free!

It great to finally get some concrete info and this is obviuosly good news for all those like myself waiting for this to get sorted. :money:

They have responded to my MP's enquiry and explained that the workload at the FSCS is roughly 10 times that of 18 months ago, hence the delays but I have been assured that they are changing their systems to be more focused on the consumer and make sure that we're all kept informed.

Watch this space if you're dealing with the FSCS!

Thank you Gumbi your a star and I know this will be appreciated by many who are in the same situation as yourself within this company.

I also know that Pinknico will be very happy to hear of this news, so a Big thanks to you for all your help and your info, this is wonderful.:T

Di
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rosemahairy

di3004 wrote: »

Message from Turbo, for anyone in need of calculations/figures, please feel free to post up if calculations need looking over, Turbo is a little busy right now, but will be back as soon as he can, thanks for your patience folks.;)

This also goes for any ongoing also.
Turbo will be back as soon as he can.

Cheers

Di
X

oooohh is he an expert in the calculation of ppi refunds? Can he tell me if i am correct in assuming that the ppi refund of 8% statutory interest should be applied on a compund interest basis as i have used? There are 2 methods to calculate and am using compund interest basis is this right?
Thanks

maxdp

rosemahairy wrote: »

oooohh is he an expert in the calculation of ppi refunds? Can he tell me if i am correct in assuming that the ppi refund of 8% statutory interest should be applied on a compund interest basis as i have used? There are 2 methods to calculate and am using compund interest basis is this right?
Thanks

Hi No it is simple interest and not compound interest:D

Credit-Crunched

"The delay and confusion has been caused by the 'unique' structure of Picture. The loan arm and insurance arm were actually 2 seperate companies, with the loan arm being little more than brokers which means that the FSCS had to ensure that both entities were investigated in full to make sure there was no chance of any 'phoenix companies' rising from the ashes and getting away scott free!"

This is not totally correct the actual makeup is far more complex with at least 5 holding companies, some offshore accounts and some major american backers.

The 'company' of Picture was folded, however the office is still there employing people as the book was take over by Target Loan servicing. This book still belongs to the venture capital company that first input the money into the company Merryl Lynch. However the book is owned by Merryl Lynch, serived by Target but written by Picture.

Confused, you should be ;-)

So i am not sure how they can be declared defaluted until all loans on the books have been settled / written off, which will take many many years.