help with explaining PPI recovery

eddieace

hi all

ok i've heard now and again about this PPI missold for a while but never taken much notice of it. and yesterday i had a call from some company claiming they can wipe off all the debt if the PPI was missold etc etc, then she mentioned the £199 fee for checking it all out, i declined there services at that point. this got me thinking about my PPI and whilst working on nights shift i had 12 hours to run it through my mind lol.

basically i took out a £40,000 secured loan through button finance (picture) and they added the PPI onto it up front which is 9980, after looking into a little more and reading other threads mine is only covered for 5 years. so thats 2 grand a year for PPI looking at that now is awfull how could i let that happen!

i've been looking through the paperwork and i have noticed they have put in a phrase that i think would stop me from doing anything about it.

"N.B button payment protector insurance is optional and the granting of the loan is not dependent on it being purchased."

i took the loan out in april 2007.


going back to the phone call about checking my PPI how could she wipe off the whole debt over just the PPI? or was this bull to get me to pay the £199 to them.

di3004

eddieace wrote: »

hi all

ok i've heard now and again about this PPI missold for a while but never taken much notice of it. and yesterday i had a call from some company claiming they can wipe off all the debt if the PPI was missold etc etc, then she mentioned the £199 fee for checking it all out, i declined there services at that point. this got me thinking about my PPI and whilst working on nights shift i had 12 hours to run it through my mind lol.

basically i took out a £40,000 secured loan through button finance (picture) and they added the PPI onto it up front which is 9980, after looking into a little more and reading other threads mine is only covered for 5 years. so thats 2 grand a year for PPI looking at that now is awfull how could i let that happen!

i've been looking through the paperwork and i have noticed they have put in a phrase that i think would stop me from doing anything about it.

"N.B button payment protector insurance is optional and the granting of the loan is not dependent on it being purchased."

i took the loan out in april 2007.


going back to the phone call about checking my PPI how could she wipe off the whole debt over just the PPI? or was this bull to get me to pay the £199 to them.

Hi there

I would not pay a penny on this hun, this can be done all free by following the reclaiming procedures here and if this is not successful you have always the financial ombudsman service who also investigates free afterwards, so no need to spend anything here only a price of a stamp or 2 in this case.

Let me know if you want a hand or any help with this and you feel you were mis sold ppi in any way let us know thanks.;)

Also by using the company you said about, even though I have never bothered with them, you may find some posts on these threads where many have lost there money, so please be aware of using companies that charge upfront X

petermb_2

eddieace wrote: »

hi all

ok i've heard now and again about this PPI missold for a while but never taken much notice of it. and yesterday i had a call from some company claiming they can wipe off all the debt if the PPI was missold etc etc, then she mentioned the £199 fee for checking it all out, i declined there services at that point. this got me thinking about my PPI and whilst working on nights shift i had 12 hours to run it through my mind lol.

basically i took out a £40,000 secured loan through button finance (picture) and they added the PPI onto it up front which is 9980, after looking into a little more and reading other threads mine is only covered for 5 years. so thats 2 grand a year for PPI looking at that now is awfull how could i let that happen!

i've been looking through the paperwork and i have noticed they have put in a phrase that i think would stop me from doing anything about it.

"N.B button payment protector insurance is optional and the granting of the loan is not dependent on it being purchased."

i took the loan out in april 2007.


going back to the phone call about checking my PPI how could she wipe off the whole debt over just the PPI? or was this bull to get me to pay the £199 to them.

Mis-selling is only one issue where you can challenge the PPI issue. There are others that will increase the amount you get back from the lender and take away the hit and miss nature of mis-selling.

There is only one agency that I know of that is tackling these issues and offering a free service at the same time. There used to be two but one of them joined the throng of other companies out there that are charging an upfront fee.

pinknico

Please be aware that button may well be in liquidation.

di3004

Hi again

I will post anyway in case, start by checking out this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful PPI information on mis selling and reasons of why people should try to reclaim on this, there is a letter template you can use to help you but try to write in your own words not to forget to mention the 8 weeks they have to respond in full.

Post by recorded delivery and add any other reasons if they are not added on the list and the reasons that occur to you.

If you've not made a claim for any reason for eg for unemployment etc then that is fine.

Another letter maybe required if not successful first time round, or until you exhaused the company's complaints procedures, in the final response you should receive information on who else to complain to such as the financial ombudsman service (FOS) a leaflet should be enclosed with the complaints procedures.

Let us know how you get on and we shall take it from there and if any help is required let us know. Good luck.;)

I take it you still have the paperwork for this, such as the Agreement.

Di
X

Just edited to come back in and realise this is Picture finance (Button) you said about, they have gone into liquidation as Pinknico confirmed above, but this may have to go forward to the financial compensation scheme, (FSCS) where they are currently dealing with this company as an ongoing investigation, I am sure Pinknico will be able to fill you in on the details with this company, good luck.

eddieace

pinknico wrote: »

Please be aware that button may well be in liquidation.

funny you should say that because a few months ago i was "switched" to picture.

eddieace

di3004 wrote: »

Just edited to come back in and realise this is Picture finance (Button) you said about, they have gone into liquidation as Pinknico confirmed above, but this may have to go forward to the financial compensation scheme, (FSCS) where they are currently dealing with this company as an ongoing investigation, I am sure Pinknico will be able to fill you in on the details with this company, good luck.

right what does that mean for me then? i dont know much about luiquidation of companys at all. does this mean i may struggle to get the PPI recovered? or even am i protected at all by it?

di3004

eddieace wrote: »

right what does that mean for me then? i dont know much about luiquidation of companys at all. does this mean i may struggle to get the PPI recovered? or even am i protected at all by it?

Hi there

The FSCS are a compensation scheme, if a company goes into liquidation with no money left in the kitty to fund for compensation etc, if the company are listed with the FSCS then these take over.

As I said in my above post and what Pinknico has posted the companies have gone into liquidation, so now you should ring the FSCS, and let them know your situation, they will arrange then to post a form through the post for you, Pinknico has her Picture claim within the FSCS now and just awaiting for the outcome of this.

Here are details of the FSCS below, give them a call hun and you will find they are quite helpful and will let you know there and then.
http://www.fscs.org.uk/contacts/

Please let us know how you get on and if you need any help with the forms, also please let us know, good luck.;)

eddieace

hmm interesting.

i've called the FSCS, thanks di3004.

they've said that picture havent yet defaulted and i take up my concerns with them and if they do go into defualt i then have to file a claim through the fscs.

slighlty worrying now then!

di3004

eddieace wrote: »

hmm interesting.

i've called the FSCS, thanks di3004.

they've said that picture havent yet defaulted and i take up my concerns with them and if they do go into defualt i then have to file a claim through the fscs.

slighlty worrying now then!

Hi hun, not a problem, your very welcome.

Didn't they not offer to send you a form out yet?

I would not worry because if the money cannot be funded with the company then the FSCS will direct you with this and the compo is paid through them.

In regards of Picture Pinknico will update you on this situation I expect.

I have one in with the FSCS as well but about a different company that luquidised last year, waiting for the company to go onto default, it takes some time though, but yet if complaints are being dealt with the the financial compensation scheme - right now their volumes of complaints of PPI are sky high, so it is probably the same in timescales.

I'm sure it will all work out okay in the end.;)

pinknico

No nothing to worry about, as Di says if Picture cant pay out any compensation due then the FSCS can.

I also am surprised they have told you to go to Picture first as someone on another site got forms sent out. Either way write your letter, send to Picture and go from there.