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Companies in Default/FSCS Claims - Picture, London Scottish, Twopart
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Email them as well hun.;)
I did post their website on here the other day, think they also had an email address.
Depending if they get back to you by email though.
So yeah maybe worth a phone call also, good luck.;)
Just to let you know also we had post all week as normal but nothing at all today. Hope you hear something tomorrow or next week.
Hi Marshallka :j:j
Sorry to hear you've not been well......
Yes I did also post on the non ppi thread as well, as worried about you, so please get better quick. XXX
With pleasure Marshallka, I also posted and asked Tiggrae about you.;)
Just as long as your okay, that's the main thing, and rest is best is what they say.
It's good to see you back though.:beer:
Whatever you come down with Marshallka, I hope your recovering from it well.;)
These dark early nights don't help either do they?, and the clocks change over the weekend, I'm dreading it.:eek:
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FAO SENIOR MANAGER- PRIORITY HIGH- COMPLAINT
I have recently been made aware that members of your staff have been mis advising Picture customers who have had claims upheld with FSCS. Regarding miss sold PPI Insurance.
They are being told, should they be due or in receipt of a No Claims Bonus from their policy, this has to be paid back to the FSCS, This is in fact untrue, and is utter nonsense, as has been confirmed by the Financial Services Compensation Scheme.
If a customer chooses to cancel Insurance, the FSCS has advised the Insurer how much rebate the customer is to be paid. The customer has been told, not advised, by Target staff that this has to be paid back to Picture to reduce loan amount. Where on the Terms and Conditions does it state this. It does state any No Claims Bonus due will be paid direct to the customer. Payments made for redundancy or hospitalisation will be paid to Picture to reduce the loan balance, with no mention of the rebate being paid of the loan balance.
If a Picture customer’s claim is upheld by FSCS and they receive a rebate or NCB from Insurer it is their decision and their decision alone, how they choose to use these funds. It has nothing whatsoever to do with Picture or Target Loans as the case may now be.
I strongly recommend you discuss this area of concern with your advisors to ensure they are giving out the correct information to customers. The advisors are seriously misleading customers.
Apparantley they are now advising customers it would be in their best interest to cancel the Insurance. Now why would that be? Could it be if they cancel they will lose out on their NCB, would this have anything to do with it costing less to be paid out on a rebate than it would having to pay back 50% of the Policy after the 60 months! In other words, it is to your advantage, not the customers' to cancel, as you now know that the No Claims Bonus, as instructed by the FSCS does not have to be paid back off the loan, and the Insured is still able to make claims against this policy.
I assume you thought if the claim was upheld by the FSCS this would automatically mean customers would have to pay the award back to you off the settlement figure. How disappointing for Picture/ Target that this is not the case. Excellent news for the customer that the FSCS have left the decision up to them, how they choose to use this payment.
Surely lessons have been learned from past mistakes regarding the bad advice given with the sale of PPI. Yet you continue to give out the wrong advice!
I intend, where possible to ensure all Picture customers are aware of their rights. I will take it to the press if necessary. I also suggest you ensure you are giving out the correct information. Obviously you are attempting to claw back as much as possible, by going against what the FSCS have instructed.
Also, can you explain why we do not have a POLICY REFERENCE NO. Surely as we are paying thousands of pounds out in Insurance, we should have this .The only reference we have is a loan reference.
I will also be forwarding this correspondence to the FSA and FOS
I trust this complaint will be looked into as a matter of urgency and look forward to an early response
Regards
Lovely to hear from you marshallka, was quite concerned, sorry you haven't been too well. Hope you will soon be ok.:beer: