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

dialysis

beaniebabe wrote: »

You are so kind Pinknico :A
I hope you are right;)
As soon as I hear a thing my first priority is to log onto the thread and let you all know!!:T

me too beaniebabe glad you got sorted with Picture it is a little odd about Picture I think the new company are finding hard too by all accounts balancing the books and stuff. I think most of the original Picture staff lost their jobs too so Target/Picture Home Loans might not have many staff anyway, unless they are all sorting our loans out:D

pinknico

Thats it dialysis, all Picture staff are now employed to get our statements in order and sent to Deloitte:D

Ever the optomist me:rotfl:

dialysis

pinknico wrote: »

Thats it dialysis, all Picture staff are now employed to get our statements in order and sent to Deloitte:D

Ever the optomist me:rotfl:

yeah thats right Pinknico and we are all going to get our cheques by the end of the week, ha ha:rotfl::rotfl:

dialysis

Hi all just found this on a website www.life-assurance-bureau.co.uk/familyfinance
The bloodbath in the loans market has meant that many of the small and medium sized loans companies that once sold loans have gone bust or dissolved, particularly those that sold to people with impaired credit.
The result is that many clients who make a claim because they believe they were mis-sold payment protection insurance cannot reclaim against the business that sold the loan to them, because it no longer exists. Instead they are appealing for refunds from the Financial Services Compensation Scheme.
Take Picture – they were a specialist lender whose PPI premiums for a five year loan often amounted to 50% of the initial loan value. The problem is that Picture went into liquidation last year so any customer that makes a claim is re-directed to the Financial Services Compensation Scheme. And under that process, compensation can easily take 12 months to come through.
There are suspicions that some of the lenders have dissolved themselves to avoid the mis-selling liabilities that stood on their books. In our view, if that can be proved, then lawyers should find ways to hold the Directors personally responsible for the company’s mis-deeds.:D

marshallka

dialysis wrote: »

Hi all just found this on a website www.life-assurance-bureau.co.uk/familyfinance
The bloodbath in the loans market has meant that many of the small and medium sized loans companies that once sold loans have gone bust or dissolved, particularly those that sold to people with impaired credit.
The result is that many clients who make a claim because they believe they were mis-sold payment protection insurance cannot reclaim against the business that sold the loan to them, because it no longer exists. Instead they are appealing for refunds from the Financial Services Compensation Scheme.
Take Picture – they were a specialist lender whose PPI premiums for a five year loan often amounted to 50% of the initial loan value. The problem is that Picture went into liquidation last year so any customer that makes a claim is re-directed to the Financial Services Compensation Scheme. And under that process, compensation can easily take 12 months to come through.
There are suspicions that some of the lenders have dissolved themselves to avoid the mis-selling liabilities that stood on their books. In our view, if that can be proved, then lawyers should find ways to hold the Directors personally responsible for the company’s mis-deeds.:D

Dialysis, this happens all the time whereby they have other companies open just before closing their one that they are getting loads of claims against. They then set up with the same directors and its wrong. I spent so much time helping Di on one with Click finance who had done this (closed one company and opened another with the same directors) when she joined the forum. The FSA and likes (regulators) watch forums like this one you know with interest.

dialysis

Hi everyone Thanks for that Marshallka I hope they do read this and see what effect this waiting and the corruption of these companies is having on all of us, its just not right.
Has anyone heard anything yet?:D

pinknico

http://www.fscs.org.uk/Download.ashx?id=550

Just a little light reading while we wait, explaining the different roles of the FSA,FOS and FSCS.

dialysis

pinknico wrote: »

http://www.fscs.org.uk/Download.ashx?id=550

Just a little light reading while we wait, explaining the different roles of the FSA,FOS and FSCS.

Thanks for the light reading:jPinknico I am ecstatic about it lol The thing I think is wrong is the bit where the FOS can compensate for distress etc whilst the FSCS dont. I think this is wrong when our claims have been upheld by the FOS in the first place, I hope you understand it isnt our fault that Picture went bust and our complaints have had to be passed on. It makes you slightly suspicious that Picture knew the outcome of all this so they went in liquidation on purpose. :mad: I hope you understand where I am coming from.

busbyh

Just doing a little browsing myself on the fscs site. searched for deloitte and came up with this little bit of info


Other activities

QPU is also involved in the delivery of the internal audit programme with Deloitte, FSCS' internal auditors. During the financial year 2007/08 this included audits of our data protection and storage procedures; treasury management, processing of compensation payments and general ledger; manpower planning; case management process flow; the work of QPU; auditing of third party claim handlers (Insurance); and IT project implementation.

It appears FSCS have been using Deloitte for somw time. This was not something I was aware of.

busbyh

This is the whole section.

Quality Programme Unit

The Quality Programme Unit (QPU) is the team at FSCS responsible for carrying out independent appraisals aimed at checking and verifying the Scheme's standard of quality and improving its effectiveness through sound internal control.
QPU's main function is to perform quality assurance reviews of work done by the various claims processing teams. This is primarily achieved by reviewing a sample of each team's claims files.
QPU's activities are designed to provide assurance that policies, procedures and rules are being correctly followed and that management decisions are based on accurate information. Each file that is reviewed by QPU is given a quality grading, and any issues noted during the review are discussed with relevant members of staff. If a material error is discovered, steps will be taken to correct it.
Claims Managers, the Chief Executive and the Audit Committee are all provided with regular reports setting out how each of the claims teams is doing.
Other activities

QPU is also involved in the delivery of the internal audit programme with Deloitte, FSCS' internal auditors. During the financial year 2007/08 this included audits of our data protection and storage procedures; treasury management, processing of compensation payments and general ledger; manpower planning; case management process flow; the work of QPU; auditing of third party claim handlers (Insurance); and IT project implementation.