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

busbyh

chickpee wrote: »

Hi Busbyh

Yes it was a single premium policy and the main reasons for mis-sell were

a) they indicated that the policy would continue for the full term of the loan not for just 5 years

b) they only gave us a monthly repayment loan quotation figure which included the ppi so we weren't given the opportunity to compare the repayments without ppi at any stage of the loan process.

The FOS felt that the overall impact of of the policy was not made sufficiently clear and that Picture had a responsibility to ensure that we were able to make an informed choice as to whether or not to purchase it.

They did not consider that a 5 year policy resulting in over £8000 of additional borrowing with no refund on early cancellation was a suitable recommendation. Neither were they persuaded that a policy that pays less than its overall cost in terms of disability and/or unemployment benefit was a suitable recommendation.

The FOS stated that had the full implications of the ppi policy been properly explained at the point of sale then they doubt we would have purchased it.

That's a basic summary of it - hope it helps!

Hi chickpee:A
That helps loads as they are exactly the same reasons we have for the mis sell claim.

Our policy was for £8832:mad: and when we transferred the second charge to morgage after paying 30 months to them there was no rebate- mind you maybe that was probably due to the fact we cancelled the PPI a few months previously.

It does give me more hope that we have a valid claim if that is how the FOS see it.

Many thanks;)

I requested a statement off Picture and couldn't believe how much we had paid in interest alone. I think it was just under £9000 in 30 months. We were paying approx £305 initially and £350 at the end of the 30 months.
Not much off the capital. We still owed £42,000 or therabouts when it was paid off. .:mad::eek:

busbyh

pinknico wrote: »

The five year thing is a big thing with the FOS , that and the fact you dont get told the whole cost of the PPI with interest.

That must be the reason why they had to update the policy info. If you remember me saying when they sent me the requested copy it differed from the original. The copy did state the amount you could end up paying - depending on the interest rate, as it was variable.

The ppi on the copy was for £9000 plus and total cost showing was £16000 plus, at the current rate of interest at the time.:eek::mad:

This in itself must help our claims

dialysis

Hi all the adjudicator at the FOS told me the reasons for mis selling on our policy were

single premium policy that was to be paid for full term of loan but cover was on ly for five years and only for hubby and me for death only

he did not feel the policy was explained suffieciently on the medical side of things

would you believe our insurance policy has cost £21905 I cant imagine how much we would have paid over the 25 year term;)

Hi chickpee how are you we havent chatted in ages?

marshallka

dialysis wrote: »

Hi all the adjudicator at the FOS told me the reasons for mis selling on our policy were

single premium policy that was to be paid for full term of loan but cover was on ly for five years and only for hubby and me for death only

he did not feel the policy was explained suffieciently on the medical side of things

would you believe our insurance policy has cost £21905 I cant imagine how much we would have paid over the 25 year term;)

Hi chickpee how are you we havent chatted in ages?

I think you will be in for a nice surprise if you are due that plus the interest back dialysis. :eek:

dialysis

marshallka wrote: »

I think you will be in for a nice surprise if you are due that plus the interest back dialysis. :eek:

Hi marshallka I hope you are right we really need to get solvent again and a nice break would be great.;)

busbyh

dialysis wrote: »

Hi all the adjudicator at the FOS told me the reasons for mis selling on our policy were

single premium policy that was to be paid for full term of loan but cover was on ly for five years and only for hubby and me for death only

he did not feel the policy was explained suffieciently on the medical side of things

would you believe our insurance policy has cost £21905 I cant imagine how much we would have paid over the 25 year term;)

Hi chickpee how are you we havent chatted in ages?

our policy was only covered for the first named for sickness etc. and he wasn't asked about any pre-existing medical condition - which he had, so he would not have been able to claim anyway.

It doesn't bare thinking about how much it would cost over the 25 years. :mad: I've just roughly worked ours out and it would have cost about £20,000, that's if the interest stayed at 8.5% which would be very doubtful:rolleyes: think we have paid about £1900 over the 30 months. Probably more as there would have been more interest taken for the ppi in the first 12 months.
If fscs laise with the FOS regarding our compo payments,as the fscs advisor told me, I can't see how it would not come out in our favour - it has too:D going by what chickpee and yourself have been told.

busbyh

dialysis wrote: »

Hi all the adjudicator at the FOS told me the

single premium policy that was to be paid for full term of loan but cover was on ly for five years and only for hubby and me for death only

he did not feel the policy was explained suffieciently on the medical side of things

would you believe our insurance policy has cost £21905 I cant imagine how much we would have paid over the 25 year term;)

Hi chickpee how are you we havent chatted in ages?

Hopefully you will be in for a big pay out - I hope it will be very soon for you;)

busbyh

dialysis wrote: »

Hi all the adjudicator at the FOS told me the reasons for mis selling on our policy were

single premium policy that was to be paid for full term of loan but cover was on ly for five years and only for hubby and me for death only

he did not feel the policy was explained suffieciently on the medical side of things

would you believe our insurance policy has cost £21905 I cant imagine how much we would have paid over the 25 year term;)

Hi chickpee how are you we havent chatted in ages?

our policy was only covered for the first named for sickness etc. and he wasn't asked about any pre-existing medical condition - which he had, so he would not have been able to claim anyway.

It doesn't bare thinking about how much it would cost over the 25 years. :mad: I've just roughly worked ours out and it would have cost about £20,000, that's if the interest stayed at 8.5% which would be very doubtful:rolleyes: think we have paid about £1900 over the 30 months. Probably more as there would have been more interest taken for the ppi in the first 12 months.
If fscs laise with the FOS regarding our compo payments,as the fscs advisor told me, I can't see how it would not come out in our favour - it has too:D going by what chickpee and yourself have been told.

dialysis

busbyh wrote: »

our policy was only covered for the first named for sickness etc. and he wasn't asked about any pre-existing medical condition - which he had, so he would not have been able to claim anyway.

It doesn't bare thinking about how much it would cost over the 25 years. :mad: I've just roughly worked ours out and it would have cost about £20,000, that's if the interest stayed at 8.5% which would be very doubtful:rolleyes: think we have paid about £1900 over the 30 months. Probably more as there would have been more interest taken for the ppi in the first 12 months.
If fscs laise with the FOS regarding our compo payments,as the fscs advisor told me, I can't see how it would not come out in our favour - it has too:D going by what chickpee and yourself have been told.

Hi Busbyh I agree wuith you it has to go in our favour after all the FOS have upheld nearly all upfront PPI claims and I am sure the FSCS will take that into account. It doesnt bare thinking about the amount of interest Picture would have got from us I am sure I have read on here somewhere that it worked out about 900% that is extorinate. Ours only covered the first named for sickness etc, this we werent aware of I also have a pre exsisting medical condition which I had not suffered from for three years prior to taking the loan so I would have been covered if I was insured. what i think was wrong also was the fact we werent asked who was to be first named on the policy, which should happen in cases where there is a pre exsisting medical condition.

busbyh

dialysis wrote: »

Hi Busbyh I agree wuith you it has to go in our favour after all the FOS have upheld nearly all upfront PPI claims and I am sure the FSCS will take that into account. It doesnt bare thinking about the amount of interest Picture would have got from us I am sure I have read on here somewhere that it worked out about 900% that is extorinate. Ours only covered the first named for sickness etc, this we werent aware of I also have a pre exsisting medical condition which I had not suffered from for three years prior to taking the loan so I would have been covered if I was insured. what i think was wrong also was the fact we werent asked who was to be first named on the policy, which should happen in cases where there is a pre exsisting medical condition.

That is a good point you make - who should be first named. My daughter wasn't aware it only covered one of them.

But then I'm not sure she was even aware of what she was doing. She was actually being treated for post natal depression when she signed up for this rubbish This was her second episode in five years after two traumatic births, even if she :mad:had of been first named, she wouldn't be paid out anything as their medical history was not discussed.

The 900% is probably correct- very scary isn't it, what they get away with when people are at their lowest.:mad:

Do you know of any of the reasons when they were not upheld