PPI Picture

Dizzychick_3

Hi guys just needs a little advice.

We currently have a loan with Picture. ( I also wasn't aware that that they were out of business is that true??)
We were sold insurance and not really given an option as we were desperate at the time so I suppose my fault was not checking it properly. So can I claim back the PPI? Feel it will never be a benefit to us as there are always clauses to everything and I get full 6 months if off sick.
So whats the story with claiming with them and has anyone had any success.
Obviously we still have the loan but the sooner we can get rid of it the better!!
Any advice would be appreciated how to go about it!!

di3004

Dizzychick wrote: »

Hi guys just needs a little advice.

We currently have a loan with Picture. ( I also wasn't aware that that they were out of business is that true??)
We were sold insurance and not really given an option as we were desperate at the time so I suppose my fault was not checking it properly. So can I claim back the PPI? Feel it will never be a benefit to us as there are always clauses to everything and I get full 6 months if off sick.
So whats the story with claiming with them and has anyone had any success.
Obviously we still have the loan but the sooner we can get rid of it the better!!
Any advice would be appreciated how to go about it!!

Hi there
And welcome.;)

Yes unfortunately this is true and now awaiting to go into default by the Financial compensation scheme - FSCS, you will have to contact the FSCS and request for them to send you a form through the post and complete this for your claim, after Picture are confirmed in default the FSCS will investigate your claims.

There are many others in the same situation as yourself, and some posts in the above reclaim and success thread about these, which will give you an idea.

Here is the tel number of the FSCS, call them and request for a form, good luck.;)
http://www.fscs.org.uk/contacts/

hairdresserA

Hi sorry to hear your story but take heart that there are many including myself out there in the same position. Contact fscs. We are waiting for Picture to go into default so it is a waiting game at present. Be prepared for a long wait though as we have been almost a year. Good luck!

petermb_2

Dizzychick wrote: »

Hi guys just needs a little advice.

We currently have a loan with Picture. ( I also wasn't aware that that they were out of business is that true??)
We were sold insurance and not really given an option as we were desperate at the time so I suppose my fault was not checking it properly. So can I claim back the PPI? Feel it will never be a benefit to us as there are always clauses to everything and I get full 6 months if off sick.
So whats the story with claiming with them and has anyone had any success.
Obviously we still have the loan but the sooner we can get rid of it the better!!
Any advice would be appreciated how to go about it!!

Picture may have gone out of business providing loans but someone is receiving your payments each month so someone will be benefiting.

I am a firm believer that Single premium ppi is more of a con than mis-sold. I therefore believe that every single policy is a potential claim as the alternative monthly policy will never have been discussed or suggested.

I will give you an expample. Loan of £28,000. PPI of £7000 added to the loan making a total of £35,000. The payments on this loan are £357 per month.
To pay a monthly premium to protect £357 per month is about £15 per month.

Over the term of the loan (12 years) that will cost £2160. Not only is the monthly cost a fraction of the single premium but also by buying a monthly policy you get cover for the term of the loan. With the single premium you will normally only get 5 years of cover.

And where does the resot of the money go? In the lender's and broker's pockets in the form of commission.

So back to Picture. Whoever is administering the loan will be resposible for repaying any money due or amending the loan balance accordingly.