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

marshallka

If it were me (and sorry for butting in here:o) I would think you will all be OK without submitting anything else (which could hold up the claims) as they were simply single premiums full stop. They were very costly and that is the reason why most are upheld through FOS. ALso the fact of having no choice to buy a cheaper option and the main one, it only covered for the first 5 years of the loan.

Charliemac

Hi Folks, I have read this thread with interest, my wife and I took out a loan with Picture in November 2004 and we were also conned in to the single premium policy, we took out a loan of £25100 and they sold us the PPI as a single premium of £6262.45 a total loan balance of £31,362.45, we took the loan over 15 years paying £327.80 per month, admittedly a couple of payments were late however when we settled the loan early at the end of July 2007 we paid £31,420.33, which included a rebate of £690 for the insurance!
I made an attempt to claim against Picture and sent them one of the MSE letters, with no success.
I now understand that Picture Financial have gone bust, do I have a chance of claiming back what they owe me in respect of an insurance policy that I paid in effect £5572 for a period of 20 months!!

pinknico

Unfortunatly Marshallka the FSCS keep stressing they have different rules to the FOS so we cant take anything for granted. As busbyh says we have to be prepared to appeal just in case the FSCS say no claim.

Hope you are right though.

pinknico

http://www.fscs.org.uk/consumer/how_to_claim/general_insurance/


Contact the FSCS and they should send you a form or ask you to write to them.

dialysis

pinknico wrote: »

Only just realised looking at mine that it was joint life insurance but only husband covered for everything else. I wonder if I should let them know or if they have enough to go on?

Pinknico it seems to be the standard thing only one person covered but they never told us, I wouldnt worry about informing them I am sure they will know from everyone elses claim as they all seem to only cover one person for everything.

marshallka

pinknico wrote: »

Unfortunatly Marshallka the FSCS keep stressing they have different rules to the FOS so we cant take anything for granted. As busbyh says we have to be prepared to appeal just in case the FSCS say no claim.

Hope you are right though.

Arhh, OK. Are the rules anywhere in the FSA Handbook perhaps??

http://fsahandbook.info/FSA/html/handbook/COMP/4/2

dialysis

beaniebabe wrote: »

Our PPI was for approx 12.500. This was before any interest was added. :eek:The Insurance only covered my OH not me which we were not aware of. His work was not classed as permanent as he worked on a relief basis. (So the policy would not have covered him anyway) Picture were told about this.
He had pre existing medical conditions which no one explained to us / asked about.:mad:
He was not the main wage earner , so I would have thought the policy should have covered me if only one person was to be covered. We were not informed that the cover would only be for him. :mad:
They never mentioned if we were to default then we would not be able to collect the lump sums after the first 3 years.:mad:
They never mentioned the loan would be frontloaded, They never informed me of the total cost with Interest (Thats why I have no idea what would be on top of the 12.500).:mad:
They never explained to me that it would only cover the first 5 years.:mad:
I even remember saying I would prefer to extend my mortgage PPI which would cover us. Picture informed me that this was a one off offer, the best policy on the market at this time and I would not be able to get a cheaper one!!!:mad:
And to top it all off. Throughout the application they only ever spoke with me. My OH was never asked to speak with them. How can they insure a person and not talk to them !!!!!!!!!!!!!!!!!!:mad::mad::mad:
IT HAS TO GO IN OUR FAVOUR:T
Any idea what I would have paid in interest on the PPI over 24 months??

Beaniebabe ours is exactly the same my OH was covered for everything I wasnt and they never spoke to him either:mad: I think all these policies you get to cover you are naff basically we had insurance for our mortgage but when I tried to claim I wasnt covered as it was a pre exsisting medical condition. The small print did state though that you could claim if you hadnt suffered for two years, I hadnt but still couldnt claim on that either. It is s..t. Mot sure about the interest though sorry

busbyh

Charliemac wrote: »

Hi Folks, I have read this thread with interest, my wife and I took out a loan with Picture in November 2004 and we were also conned in to the single premium policy, we took out a loan of £25100 and they sold us the PPI as a single premium of £6262.45 a total loan balance of £31,362.45, we took the loan over 15 years paying £327.80 per month, admittedly a couple of payments were late however when we settled the loan early at the end of July 2007 we paid £31,420.33, which included a rebate of £690 for the insurance!
I made an attempt to claim against Picture and sent them one of the MSE letters, with no success.
I now understand that Picture Financial have gone bust, do I have a chance of claiming back what they owe me in respect of an insurance policy that I paid in effect £5572 for a period of 20 months!!

Definateley go for it. When the default announcement was made FSCS asked for anyone who thinks they may have a claim against picture to contact then for an claim form. You are in the same position as all of us, as with the single premium policy.
CHeck the FSCS website- Default info:beer:

dialysis

Charliemac wrote: »

Hi Folks, I have read this thread with interest, my wife and I took out a loan with Picture in November 2004 and we were also conned in to the single premium policy, we took out a loan of £25100 and they sold us the PPI as a single premium of £6262.45 a total loan balance of £31,362.45, we took the loan over 15 years paying £327.80 per month, admittedly a couple of payments were late however when we settled the loan early at the end of July 2007 we paid £31,420.33, which included a rebate of £690 for the insurance!
I made an attempt to claim against Picture and sent them one of the MSE letters, with no success.
I now understand that Picture Financial have gone bust, do I have a chance of claiming back what they owe me in respect of an insurance policy that I paid in effect £5572 for a period of 20 months!!

Hi Charlie and welcome I would contact the FSCS and ask for a claim form for compensation. They have a website so give it a go. Good luck;)

busbyh

Charliemac wrote: »

Hi Folks, I have read this thread with interest, my wife and I took out a loan with Picture in November 2004 and we were also conned in to the single premium policy, we took out a loan of £25100 and they sold us the PPI as a single premium of £6262.45 a total loan balance of £31,362.45, we took the loan over 15 years paying £327.80 per month, admittedly a couple of payments were late however when we settled the loan early at the end of July 2007 we paid £31,420.33, which included a rebate of £690 for the insurance!
I made an attempt to claim against Picture and sent them one of the MSE letters, with no success.
I now understand that Picture Financial have gone bust, do I have a chance of claiming back what they owe me in respect of an insurance policy that I paid in effect £5572 for a period of 20 months!!

You go for. You are in the same position as all of us here. When they were decalred in default FSCS didi state if anyone thought they had a claim against Picture to contact them for a claim form.
Check the FSCS website - Default info.:beer: