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

busbyh

moggy2009 wrote: »

thanks busbyh you get your hopes up then you feel down about it all again we will just be glad when we know where we stand then we can get on with everything:o

Did you say were pregnant moggy

busbyh

marshallka wrote: »

Well that suggests it was not to do with this latest Picture No 3 then

Date:14 October 2008 Issue Number:58851 Page number:15729 Publication Date: Tuesday, 14 October 2008
Notice Code: 2443
Appointment of Liquidators
Company Number: 05102088.
Name of Company: PICTURE FINANCIAL SERVICES PLC.
Nature of Business: Provider of Consumer Loans.
Previous Name of Company: Picture Financial Services Limited, De Facto 1117 Limited.
Type of Liquidation: Creditors.
Address of Registered Office: Hill House, 1 Little New Street, London EC4A 3TR.



Liquidators' Names and Addresses: Nicholas James Dargan and Nicholas Guy Edwards, of Deloitte & Touche LLP, PO Box 810, 66 Shoe Lane, London EC4A 3WA and Richard Michael Hawes, of Deloitte & Touche LLP, Blenheim House, Fitzalan Court, Newport Road, Cardiff CF24 0TS.

Office Holder Numbers: 008024, 008811 and 001310.
Date of Appointment: 06 October 2008.
By whom Appointed: Members and Creditors.

Think that's it marshallka, it says deloitte ans Touche on letter
Thanks

Pinknico didn't receive one so I assume it is only the ones with on -going loans or like us the ones who have not had a settlement yet

moggy2009

busbyh wrote: »

Did you say were pregnant moggy

hi busbyh yes im five months pregnant and also have a little boy 4 years old.:o

busbyh

moggy2009 wrote: »

hi busbyh yes im five months pregnant and also have a little boy 4 years old.:o

That's nice, you must take care of yourself though and try not to get too stressed out with all this. I'm sure it will all work out well, and you will be paid well before the little one is here:beer:

moggy2009

busbyh wrote: »

That's nice, you must take care of yourself though and try not to get too stressed out with all this. I'm sure it will all work out well, and you will be paid well before the little one is here:beer:

i hope so thanks for your kind words :rotfl:

netabc

quick update and will post full letter later but they have turned down my request to return the NCD !! :-(

what about you barloo ?

pengi

Arggghhhhh! got in and opened the big white envelopes and saw Deloittes at the top and nearly pooped my pants! Only to find it was a letter about creditors as the rest of you seem to have!

Busbyh give them a ring or mail and ask if they have info;).....yes I was scared, how silly is that??????


Moggy try not to get too stressed:o

busbyh

netabc wrote: »

quick update and will post full letter later but they have turned down my request to return the NCD !! :-(

what about you barloo ?

Post as soon as you can netabc:mad: will be interesting to see their reasons

busbyh

pengi wrote: »

Arggghhhhh! got in and opened the big white envelopes and saw Deloittes at the top and nearly pooped my pants! Only to find it was a letter about creditors as the rest of you seem to have!

Busbyh give them a ring or mail and ask if they have info;).....yes I was scared, how silly is that??????


Moggy try not to get too stressed:o

Hi pengi, the big white envelope was a bit of a let down:mad:maybe I will email tomorrow:o

netabc

Letter from FSCS following deduction of NCD from cheque and then followup letter asking why. apologies if there are typos but was scanned in and left the magic of HP to work out the rest..:-)

****************************************************

Thank you for your recent letter, received at this office on 10 November 2009, about your claim for compensation against Picture Financial Services Plc (Picture).
I am sorry that you remain unhappy with the amount of compensation paid to you. As you may be aware, the Financial Services Compensation Scheme (FSCS) is a fund of last resort which deals with claims for compensation against firms that are no longer trading, and cannot honour their own claims. We must consider all claims, and calculate any compensation payable, in accordance with our rules as made by the Financial Services Authority (FSA), and our policies (as agreed by our Board of Directors). We cannot deviate from these rules, however much we may sympathise with the position of an individual investor. Our rules appear in the FSA Handbook under COMP and are available to be viewed at www.fsa.govuk.
Whilst I have noted the comments made in your letter, I do not feel that, at this stage, you have raised any additional issues that would lead the FSCS to consider reopening your claim, or conducting a further loss assessment. We are satisfied that the compensation cheque issued with our decision letter dated 30 October 2009, for £9,854.20, correctly represents the compensation to which you are due under our rules and policies.
I can also confirm that the methodology we have used in calculating your loss will not be amended. Therefore, as we have no reason to believe that there is an error in the calculation, our offer of compensation will not be increased.
I trust that the following clarification will correct any misunderstandings with respect to the loss calculation process.
The table contained within the decision letter confirms the various elements that are included for ill! claimants with eligible Payment Protection Insurance (PPI) claims against Picture. I would wish to take this opportunity to remind you that you have made your claim on the basis that the PPI policy was mis-sold to you. Accordingly, when carrying out a loss assessment for an eligible claim we have to include all of the payments you have made to Picture under the contract, and then subtract all of the payments you have received to the date of calculation. This is referred to as a "monies in/monies out" calculation, and is the standard basis used by the FSCS for calculating a claimant's loss in cases such as these.
As the policy was not appropriate for your circumstances at the outset we cannot ignore any payments that you received in line with the terms and conditions of the contract, such as a No Claims Bonus (NCB), or a rebate paid on cancellation or which would be due to you if you were to cancel the inappropriate contract. To not include the "benefits" you have received under any policy within our calculation would, in effect, mean that you have received a double benefit.
Consequently, we remain of the view that the calculation undertaken is a fair and reasonable approach to take when assessing the actual loss suffered as a result of taking out the PPI contract with Picture, and also achieves our aim of placing you back in the position you would have been if you had not received the bad advice. Accordingly, unless there is an error in the calculation itself, which we do not believe to be the case, we will not be able to consider amending the offer of compensation made to you.
As you will be aware this contract commenced 27 April 2005. We have received confirmation from Target Group Limited (Target) that you have received a total of £4,508.05 in NCB payments prior to the date of our loss calculation. Therefore, as our loss assessment was carried out on 27 October 2009, it was appropriate to include that amount within the calculation.
I can confirm that if you had not qualified for a NCB, we would have obtained the rebate amount you would have received upon immediate cancellation of the contract and included that figure within the calculation.
Any further questions that you may have about additional NCB amounts, which may fall due under the terms and conditions of your contract in year five, should be raised directly with Target.
I trust that the above has clarified the position and that you will now feel able to bank the cheque issued with our decision letter, for £9,854.20, in full and final settlement of your claim for compensation.
Should you have any further questions, please contact our helpline on 020 7892 7300, or freephone on 0800 678 1100, and we will be happy to be of assistance.