PPI Reclaiming Discussion part 4

maxdp

Credit-Crunched wrote: »

"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.

Hi CC Thank you for that. Confusing you are quite right:D

di3004

Credit-Crunched wrote: »

"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.

Hi Credit Crunched, long time no see, how are you?;)

Credit-Crunched

di3004 wrote: »

Hi Credit Crunched, long time no see, how are you?;)

All good thanks, busy working and surfing!

Not at the same time obviously!

di3004

Credit-Crunched wrote: »

All good thanks, busy working and surfing!

Not at the same time obviously!

lol, that's good to hear, cool.:D

pinknico

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!!

Thanks for this information, will contact my MP, any advice on wording would be good thanks.

pinknico

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!

Just read this, WHOO HOOO, :T

Thank you for posting this you have made this lady VERY happy, light at the end of the tunnel!!!!!!!!!!!!!!!!!!

pinknico

Credit-Crunched wrote: »

"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.

Please dont tell the FSCS this:D

di3004

pinknico wrote: »

Please dont tell the FSCS this:D

lmao :rotfl: :rotfl: :rotfl:

lebowski111

Hi guys,

This is my 1st post and it may be a little long winded but I need help.

I'm in the process of reclaiming credit card charges from my partners egg card. When I got the statements out I noticed he had a yearly charge for 'card protection' totalling £150. This is different from PPI, its against the card being lost and stolen however he doesn't remember asking for it and didn't know it was there, therefore I thought I'd try and claim as being mis sold.

I adapted the template letter for PPI and here's exactly what I wrote:

" I have just received a transaction list I requested from yourself. Upon reading this I noticed a yearly payment entitled ‘card protection’. I phoned the telephone number on the statement to find out what this payment was for. I am unaware of any authorisation being given from myself for this service to be added to my account.
Please can you confirm to me on what authority this was put onto my account and also provide me proof of this as I believe I was mis-sold this for the following reasons:
Having looked at the paperwork for my credit card I now realise I have been paying for card protection that I did not know I had taken out so could not have been explained to me.
Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premium payments, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint. "

I have now received what I think is a fob off letter from Egg. One paragraph states that in my letter the information (template) I used is designed for a monthly Card Repayment Policy etc and in light of that they cannot uphold my complaint. Then they suggest FOS etc.

They've completely ignored my request for proof. What should I do now? Sorry its such a long post!

sue149

my husband has a credit card and thinks he cancelled a ppi pn it as he relised it was not use to him we have found an old bill its says repayment cover which he was being charged £75 is this the same as a ppi can anyone help