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

di3004

busbyh wrote: »

ROUGH DRAFT OF EMAIL TO PICTURE, WHAT DO YOU THINK
i
FAO SENIOR MANAGER- PRIORITY HIGH

It has come to light 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.

Also, 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 also been told, by Target staff, not advised, that this has to be paid back to Picture to reduce loan amount. Utter nonsense yet again.

If a Picture customer’s claim is upheld by FSCS and received 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 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.

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.

I will also be forwarding this correspondence to the FSA and FOS


I would hope this is looked into as a matter of urgency.

Wow this is absolutely fantastic hunni, well done to you.:T:T:T

This should put them in their place.:T

Fab.:j:j

Good luck with this hun. XXX

busbyh

di3004 wrote: »

Wow this is absolutely fantastic hunni, well done to you.:T:T:T

This should put them in their place.:T

Fab.:j:j

Good luck with this hun. XXX

Thanks di, I will go over it tomorrow and e mail it to them. If you can find the email address would you mnd posting it.

Off to bed now, catch up tomorrow.:beer:

di3004

busbyh wrote: »

Thanks di, I will go over it tomorrow and e mail it to them. If you can find the email address would you mnd posting it.

Off to bed now, catch up tomorrow.:beer:

Your welcome hun, I shall have another look and post up if I come across the email address, you have a good night and catch you tomorrow, sweet dreams.:AXXX:beer:

di3004

Damn Picture......:mad:, found the address for posting and the tel number but nothing on email yet...
http://www.pictureloans.co.uk/contact

Will keep checking this out for you.;)
In case there is a hidden one somewhere.

busbyh

di3004 wrote: »

Damn Picture......:mad:, found the address for posting and the tel number but nothing on email yet...
http://www.pictureloans.co.uk/contact

Will keep checking this out for you.;)
In case there is a hidden one somewhere.

Not to worry,I'm sure I will have it on a letter, just too tired to look at the moment

Defo going to bed now
Sweet dreams:D(of Picture) not:mad:

di3004

Don't know if this is any help in regards of Picture, found the TARGET details:
http://www.targetgroup.net/portal/ContactUs

Looks like you complete the form and they get back this way??

di3004

busbyh wrote: »

Not to worry,I'm sure I will have it on a letter, just too tired to look at the moment

Defo going to bed now
Sweet dreams:D(of Picture) not:mad:

lol, okay hun, well hope you find it.;)

:rotfl::rotfl:more like nightmares on that one hun......:rotfl::rotfl:.

I shall be here tomorrow, and hopefully we will all have some good news on the post.:beer:XXX

di3004

I cannot find the policy details tonight, put them away too safe again I expect, but did come across the Keyfacts.
Nemo Personal Finance Limited Secured Personal Loan Payment Protection Plan Policy Summary.
(Sold by Twopart ltd).

I know this does not affect me in any way, as this was settled by taking out a loan advance with the lender, we did not obviously cancel the policy on this one, it carried on, that was why they said we had to take it out again with the loan advance, but it would be interesting to know if they all work the same sort of way.

Type of Insurance and Cover:
The Payment Protection Plan Policy pays your loan repayments if your unable to work because of sickness, an accident or being made unemployed.
It will also provide benefit in the event of your death. Your credit agreement will show you the cover chosen.
If you do not make a claim under the policy, you may be eligible for the cash back benefit.
If you settle your Credit Agreement early, but within the 60 month duration of the policy, cover will remain in force until the expiry of the policy, with the exception of the cash back benefit which will no longer be in force.

It then goes on about significant features and benefits, (will not write them all, but something here about if you do not make a claim and your loan is still in force).

If we do not pay a claim under this policy and your loan is still in force when the policy naturally ends, we will pay to you 50% of the premium (excluding insurance premium tax) you paid for this policy. The maximum amount we will pay under this policy is £9,000.

Early settlement of your loan:
If your credit agreement ends before its natural end date, which is during the first 60 months of your policy, your policy will remain in force for the remainder of the 60 months.

If at any time you wish to cancel your policy prior to its natural 60 months term, you will be entitled to receive a refund of premium which will not be a proportionate amount of the premium you originally paid.
As an example, if you have a 5 year loan and you repay it after making 30 monthly repayments, you will receive 6% of your premium as a refund.
Please refer to the Early Settlement of agreement section of the policy booklet for more information.

Duration of the policy:
This policy will remain in force for 60 months from the date of the commencement and your premium is guaranteed for this period.
The policy is designed to cover your monthly loan repayment so you do not need to review the level of cover.
In the event that you redeem your Credit Agreement before the 60th month, cover with the exception of cash back benefit will continue for the term of the policy unless you ask for it to be terminated.

That loan above was taken out in November 2005, that was sold by Twopart and lender was Nemo, we then had a loan advance in July 2006.

pinknico

busbyh wrote: »

ROUGH DRAFT OF EMAIL TO PICTURE, WHAT DO YOU THINK
i
FAO SENIOR MANAGER- PRIORITY HIGH

It has come to light 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.

Also, 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 also been told, by Target staff, not advised, that this has to be paid back to Picture to reduce loan amount. Utter nonsense yet again.

If a Picture customer’s claim is upheld by FSCS and received 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 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.

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.

I will also be forwarding this correspondence to the FSA and FOS


I would hope this is looked into as a matter of urgency.

Brilliant busbyh.xxxxxxxx

busbyh

di3004 wrote: »

I cannot find the policy details tonight, put them away too safe again I expect, but did come across the Keyfacts.
Nemo Personal Finance Limited Secured Personal Loan Payment Protection Plan Policy Summary.
(Sold by Twopart ltd).

I know this does not affect me in any way, as this was settled by taking out a loan advance with the lender, we did not obviously cancel the policy on this one, it carried on, that was why they said we had to take it out again with the loan advance, but it would be interesting to know if they all work the same sort of way.

Type of Insurance and Cover:
The Payment Protection Plan Policy pays your loan repayments if your unable to work because of sickness, an accident or being made unemployed.
It will also provide benefit in the event of your death. Your credit agreement will show you the cover chosen.
If you do not make a claim under the policy, you may be eligible for the cash back benefit.
If you settle your Credit Agreement early, but within the 60 month duration of the policy, cover will remain in force until the expiry of the policy, with the exception of the cash back benefit which will no longer be in force.

It then goes on about significant features and benefits, (will not write them all, but something here about if you do not make a claim and your loan is still in force).

If we do not pay a claim under this policy and your loan is still in force when the policy naturally ends, we will pay to you 50% of the premium (excluding insurance premium tax) you paid for this policy. The maximum amount we will pay under this policy is £9,000.

Early settlement of your loan:
If your credit agreement ends before its natural end date, which is during the first 60 months of your policy, your policy will remain in force for the remainder of the 60 months.

If at any time you wish to cancel your policy prior to its natural 60 months term, you will be entitled to receive a refund of premium which will not be a proportionate amount of the premium you originally paid.
As an example, if you have a 5 year loan and you repay it after making 30 monthly repayments, you will receive 6% of your premium as a refund.
Please refer to the Early Settlement of agreement section of the policy booklet for more information.

Duration of the policy:
This policy will remain in force for 60 months from the date of the commencement and your premium is guaranteed for this period.
The policy is designed to cover your monthly loan repayment so you do not need to review the level of cover.
In the event that you redeem your Credit Agreement before the 60th month, cover with the exception of cash back benefit will continue for the term of the policy unless you ask for it to be terminated.

That loan above was taken out in November 2005, that was sold by Twopart and lender was Nemo, we then had a loan advance in July 2006.

Thanks di.:A
that is exactly how our policy should have read and it's very interesing still being covered for the duration on the five years if if loan has been repaid(although this would not apply to us)
On reading this I now recall many years ago when I tooK out a Nat west loan and pad it off early. I questioned the insurance and was told I would be covered for what would have been the remaing term of the loan.

I will have another read through and get back:T:T