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

busbyh

sappy wrote: »

hi everyone, if i have paid off the policy in full after 3 months - picture demanded this as i paid off the loan then does that mean the insurance policy was also cancelled?? any ideas on who the insurance company is??

Not really sure what you mean sappy. Do you mean you no longer have the loan. Basically you were just given one loan.
The insurers are London and general Insurance co Ltd

sappy_2

i took out the loan with picture and had the ppi on it but then found a better solution in remortaging the house, alot cheaper for us. So we paid off the picture loan but was told we had to pay the full ppi of 7k even though we had only had the loan and ppi for 3 months. If we did not pay they said interest would acru. I am trying to find out if that means because the insurance policy was paid in full would that policy still be valid or cancelled when the loan was paid back.

sappy_2

would anyone have a telephone number for this insurance company so i can call and check with them please?

busbyh

sappy wrote: »

i took out the loan with picture and had the ppi on it but then found a better solution in remortaging the house, alot cheaper for us. So we paid off the picture loan but was told we had to pay the full ppi of 7k even though we had only had the loan and ppi for 3 months. If we did not pay they said interest would acru. I am trying to find out if that means because the insurance policy was paid in full would that policy still be valid or cancelled when the loan was paid back.

We did the same and remortgaged at much cheaper rate and we had to pay back the whole amount to Picture, inc the PPI amount. This is where we were ripped off as it was a single premium policy.We cancelled the Insurance before we actually paid picture off and still had to pay it all back
This is what we are now claiming back through FSCS.

If you don't pay it back it is as though you have only made part payment off your loan.
As for the Insurance being valid, I don't see how it can be once the loan is paid in full. As their is no loan to cover with Picture. Quite confusing isn't it.
you have put a claim in with FSCS haven't you.

you should have got a rebate for the Insurance on your settlement figure. esp as you only had it for 3 months

busbyh

We had to pay back just on £9000:mad::mad::mad:

sappy_2

yes i have put my claim in, still awaiting to hear anything as with most people. It is all so very confusing, i argued over paying the full ppi to them as we had only had the loan for a short amount of time but you are made to pay the full amount when you pay off loan.

To be honest i am willing to give anything a go if it means i get something back. Deloittes were not aware i had paid loan off apprently even though it is all on my paperwork and he was looking at my info so more questions to be asked i presume. My claim was put through in january this year so i think i have a long time to wait still for anything

busbyh

sappy wrote: »

would anyone have a telephone number for this insurance company so i can call and check with them please?

I will check out my policy tomorrow and post it.

busbyh

sappy wrote: »

yes i have put my claim in, still awaiting to hear anything as with most people. It is all so very confusing, i argued over paying the full ppi to them as we had only had the loan for a short amount of time but you are made to pay the full amount when you pay off loan.

To be honest i am willing to give anything a go if it means i get something back. Deloittes were not aware i had paid loan off apprently even though it is all on my paperwork and he was looking at my info so more questions to be asked i presume. My claim was put through in january this year so i think i have a long time to wait still for anything

Was there a rebate on your settlement figure for the insurance

sappy_2

thank you, i paid them 7k for a 3 months worth of ppi. expensive insurance!! lol. no rebate they charged me the whole lot when i settled. i argued for months with them, i had to pay and then send a letter to say i would be pursuing the matter even though i had paid in full. nothing worked with picture

busbyh

You may not be waiting as long as you think, they are supposed to be aiming at completing all claims by January,thats not to say they will but the hold up for us was waiting for them to go into Default. Nothing could be done until that happened.