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

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.

Di, if this cancellation figure applies in general , we should have received £524. on cancellation being 6% of the PPI

yet we received nothing

di3004

Its wrong Busbyh......

I find this very confusing.

marshallka

busbyh wrote: »

Di, if this cancellation figure applies in general , we should have received £524. on cancellation being 6% of the PPI

yet we received nothing

My terms and conditions (the ones that FP say were ours anyway) never had ANY example of refunds due back and that is why its thought of as wrong.

busbyh

marshallka wrote: »

If your complaint relates to how your Picture loan was sold, or to the service you received prior to 25th June 2008, these should be referred to Picture Financial Services Plc. Please write to its registered address which is 20 Greenlands Business Centre, Studley Road, Redditch, Worcestershire, B98 7HD.
http://www.pictureloans.co.uk/faqs#faq5

thanks marshallka:beer:

busbyh

marshallka wrote: »

My terms and conditions (the ones that FP say were ours anyway) never had ANY example of refunds due back and that is why its thought of as wrong.

On my copy it states 13% after 12mths, 10% after 24mths. Thats it nothing tht would apply to ours
Yet on my original it states non of this.

It does say for independant advice re Insurance complaints ring FOS

Old_Wulf

busbyh wrote: »

PINKNICO, I HAVE ADDED A BIT MORE RE- THEM ADVISING ON CANCELLING THE POLICY.

AS I HAVE NO LOAN WITH THEM AND OUR POLICY IS NOW CANCELLED, DO YOU THINK THEY MAY DISREGARD THIS EMAIL, AS I HAVE NOTHING TO GAIN FROM THEM
wOULD IT BE BETTER COMING FROM SOMEONE WH STILL HAS A CURRENT LOAN MAYBE FROM LIAN OR OLD-WULF AS THEY WERE THE ONE'S WHO RANG PICTURE YESTERDAY. I'M SURE THEY WILL POST OVER THE WEEKEND AND LET ME KNOW WHAT THEY THINK

I think that after highlighting the issue with FSCS myself and presumably Lian doing the same the FSCS should be taking the issue up direct with Picture. Personally I am not 100% sure which way to go in regards to cancelling the policy or leaving it in place and I am sure everyones circumstances are different and some may want to cancel and some may want to keep the policy. The issue of Picture giving wrong information (AGAIN) has now been highlighted to the authorities and personally I think we should let them deal with the issues.

Old_Wulf

One other bit of info that came to light is that our policy is with "TWG" so it may also be that we have different insurers as well. I also got the impression that the NCB came from the insurer not Picture.

Old_Wulf

Lian1969 wrote: »

thing.


Thanks a lot for the suggestion.
I will do this to help us all, i was really mad last night with the whole thing
Let me know where i have to send it. I will do this from work Monday.
YOU ARE GREAT BUSBYH XX

Sorry - only just saw this post - Lian I dont mind being added to it - but we should CC the FSCS.

Abd thanks too from me to BUSBYH.

busbyh

Old_Wulf wrote: »

I think that after highlighting the issue with FSCS myself and presumably Lian doing the same the FSCS should be taking the issue up direct with Picture. Personally I am not 100% sure which way to go in regards to cancelling the policy or leaving it in place and I am sure everyones circumstances are different and some may want to cancel and some may want to keep the policy. The issue of Picture giving wrong information (AGAIN) has now been highlighted to the authorities and personally I think we should let them deal with the issues.

everybody's circumstances are different Old-Wulf, and we all do what is best for us, couldn't agree mre with thaty.
We did cancel our PPI after 32 months. we remorgaged after 36mths, thank God and got rid of pICTURE.
On cancellation of the Insurance we received no rebate, just a reduction of £2 per month in the repayments, so in effect we rcd £6 rebate:mad:
Edit

the only thing in waiting for fscs or the like to do anything is, there are Picture customers who are not aware they have a choice in this, and will just do as picture say, and this is just not right. We are lucky with this site or we we know very little aboutwhat is going on. But I do appreciate where you are coming from
:beer:

The main arguement I have is that customers are not receiving the correct information, they are not told they have a choice from what I can gather . They should be told of their options and allow them to make a choice.

your are correct saying the FSCS should take this up with Picture but I don't think this is within their remit. Maybe the FOS.
Did they say they would take it up when you spoke to them as I dounbt very much if anything would be done, unless it is in writing, as any formal complaint has to be:beer:

busbyh

Old_Wulf wrote: »

One other bit of info that came to light is that our policy is with "TWG" so it may also be that we have different insurers as well. I also got the impression that the NCB came from the insurer not Picture.

yes , the NCB does come from the Insurer old-Wulf, have just read that on my policy. Who are TWG:o