Companies in Default/FSCS Claims - Picture, London Scottish, Twopart

pinknico

I'm still trying to work out how it takes a week for the information to get to the FSCS from Deloitte, do they use carrier pigeon?!

Spud63

Hello there,

Been lurking for a few days and trying to read and take in all the information on this thread.

My husband and I have also Picture Loan we took it out in 2006 for a very large amount and PPI totalling £20K added to the loan as a single premium.

~ we were not made clear that buying the PPI was optional

~ it was not explained that the policy would be added to the loan and attract interest.

~ at the time we took out the policy it was not explained that the policy would only last 5 years, the loan is for 20 years !

~ the features of the PPI would never explained and we were not made aware of the terms for cancellation

~ we believed it was life cover which would be transferable

As interest rates rose, our monthly repayment dramatically increased and we are currently paying in excess of £1,100.00 a month (a sum we can ill afford, our son was diagnosed with a disability in 2007 and I am not longer able to work fulltime as his registered carer). Unaware of the issue of PPI being missold I contacted Picture to ask for a settlement figure and to our horror found the outstanding balance to be huge as the PPI had been added, I asked if I could transfer the insurance but it was not possible. We had planned to re mortgage to take over the loan, in order to reduce the size of the repayments, but sadly with the PPI being added the final amount was too much for our mortgage company to agree too.

We also contacted Picture requesting that they reduce the interest rate we were being charged to make the repayment more affordable to us, especially as the Bank of England had reduced rates. But they weren’t interested.

On the 21st September 2009 I wrote to Picture complaining about the PPI (using Martin’s letter) and had a reply from them dated the 25th September saying they have passed my letter onto Norton Finance as they were the introducer and that this letter is their “Final Response”

Until reading this forum I had no idea that Picture were in Administration, does this make our claim even more risky ?

So sorry this is such a long post, but appreciate if you have read so far and wondered if you could help with a couple of queries I have ?

Should I still be making my monthly repayments to Picture ?

Has anyone else been referred back to Norton Finance?

As Picture state this is their “Final Response” does that mean I can now take my claim to the Ombudsman?

Any advice would be received with much gratitude. I am horrified that so many people have been mislead by these Finance companies who quite clearly have taken advantage of people. Many I wish you much luck with your quests.
Clare

marshallka

Spud63 wrote: »

Hello there,

Been lurking for a few days and trying to read and take in all the information on this thread.

My husband and I have also Picture Loan we took it out in 2006 for a very large amount and PPI totalling £20K added to the loan as a single premium.

~ we were not made clear that buying the PPI was optional

~ it was not explained that the policy would be added to the loan and attract interest.

~ at the time we took out the policy it was not explained that the policy would only last 5 years, the loan is for 20 years !

~ the features of the PPI would never explained and we were not made aware of the terms for cancellation

~ we believed it was life cover which would be transferable

As interest rates rose, our monthly repayment dramatically increased and we are currently paying in excess of £1,100.00 a month (a sum we can ill afford, our son was diagnosed with a disability in 2007 and I am not longer able to work fulltime as his registered carer). Unaware of the issue of PPI being missold I contacted Picture to ask for a settlement figure and to our horror found the outstanding balance to be huge as the PPI had been added, I asked if I could transfer the insurance but it was not possible. We had planned to re mortgage to take over the loan, in order to reduce the size of the repayments, but sadly with the PPI being added the final amount was too much for our mortgage company to agree too.

We also contacted Picture requesting that they reduce the interest rate we were being charged to make the repayment more affordable to us, especially as the Bank of England had reduced rates. But they weren’t interested.

On the 21st September 2009 I wrote to Picture complaining about the PPI (using Martin’s letter) and had a reply from them dated the 25th September saying they have passed my letter onto Norton Finance as they were the introducer and that this letter is their “Final Response”

Until reading this forum I had no idea that Picture were in Administration, does this make our claim even more risky ?

So sorry this is such a long post, but appreciate if you have read so far and wondered if you could help with a couple of queries I have ?

Should I still be making my monthly repayments to Picture ?

Has anyone else been referred back to Norton Finance?

As Picture state this is their “Final Response” does that mean I can now take my claim to the Ombudsman?

Any advice would be received with much gratitude. I am horrified that so many people have been mislead by these Finance companies who quite clearly have taken advantage of people. Many I wish you much luck with your quests.
Clare

So they are saying you actually used a broker for the loan then? If this is the case then its the broker you make the complaint against. You will have to start over again with your complaint to Norton and then give them 8 weeks for a full and final response. Send by recorded delivery also.

Good luck

pinknico

I would still make your payments to Picture as your house is at risk if you don't.

Norton Finance should get back in touch with you within 8 weeks, if they dont then go to the FOS.

The claimants on this thread were all sold their PPI by Picture which is why we have to go to the FSCS. If Norton are liable I would expect them to have to repay you.

pinknico

On the 21st September 2009 I wrote to Picture complaining about the PPI (using Martin’s letter) and had a reply from them dated the 25th September saying they have passed my letter onto Norton Finance as they were the introducer and that this letter is their “Final Response”

They shouldnt have to write again.

Spud63

Many thanks for your replies, Norton just passed me to Picture, they "Sold" me nothing, personally I feel its Pictures fault and they seem to be trying to pass the buck. Think I will write to Norton and see what they have to say.

Think this is the start of a long and rocky road !

pinknico

If Norton Finance say its not our problem, ring the FOS and they will sort it.

dialysis

pinknico wrote: »

I'm still trying to work out how it takes a week for the information to get to the FSCS from Deloitte, do they use carrier pigeon?!

Tee Hee :rotfl:I cant understand that either I would have thought theyd have faxed everything accross it takes minutes.another stalling tactic i think:mad:oh and what a suprise no cheque today

Longword

Hi All,

I am pleased Spud63 brought this to my attention.

I think my loan with Picture was through Norton Finance also and I wasn't sure where the claim should be directed! So I have already contacted the FSCS regarding the mis-sale of the single premium PPI with Picture and they have told me just recently that they are looking into my case but I still haven't received a complaints form yet (nearly 4 weeks now!).

Therefore do you think it's worth trying Norton Finance first even though the actually PPI was only ever discussed with Picture? I am not sure where this leaves me and whether many people of had much success claim against brokers under these circumstances?

Any help would be greatfully received.

Many thanks,
Longword

Spud63

Sorry really really new to this ......FOS = ?