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

di3004

blakeney wrote: »

need advise my broker was norton for the picture loan so can not go down the fscs line have been in contact with the fos but over 25,00 it is not regulated so my ppi not sure what to do norton says no missell but usual things only one of us covered not told we can get ppi at a fraction of the cost and that intrest was for life of loan not the 5 years it last any one no where to go now sue

Hi blakeney

What they mean is they were not regulated/governed by GISC/the FSA taken over in Jan 2005, this is nothing to do with the amounts, I know what your saying though, due to the amount being over £25K they are not regulated, but this is not what they mean, they mean this in regards of them not being governed at the time of when you taken out the loan.

Many of us have been caught out in this position, so the last year or so, due to this the FOS are also now trying to make the insurer responsible, one of mine is with the FOS now waiting to be passed on to an adjudicator.
The FOS will be able to investigate cases who were governed/covered by the above regulators.
The FSCS like the FOS can only investigate companies who are listed with them and who were governed.

What I would do now in your case is try to find out who the insurer was, and write to them, if they come back and say no, then at least you can go the FOS direction, as stated above the FOS are suggesting people do this as insurers would have been governed, unlike all lenders/brokers a few years back.

Check the policy, if you do not have these, write to the lender for them and request they send you through the post by 14 days, then the insurer details should be shown on them.

Another way is to contact the FOS and ask if they would know who the insurers were to Norton, on when you taken this out.
They should check this for you, you could even request for the FOS to write to them on your behalf.

Good luck, and do not give up on this one yet.;)

blakeney

i took loan out in 2006

di3004

blakeney wrote: »

i took loan out in 2006

Arh right, in that case there should not be a problem, I would defo contact the FOS again here as these would have been regulated, they should not turn you away just because of the amounts not being non or regulated, this makes no difference, so do give the FOS a ring on this again.
http://www.financial-ombudsman.org.uk/contact/index.html
They will check this out for you.

Tell them you taken this out in 2006 and the business were covered/governed.

Please let us know how you get on, cheers.

blakeney

have just rang the fos they said the information the girl gave me was incorrect i can take it up with them they are sending me a form and i have to send them the letter from norton she said all she could think that the girl thought i was complaining about the loan and not the ppi this is all down to this sight i would have not gone any further after being told that but asking your advise prompted me to make another phone call many thanks sue

di3004

blakeney wrote: »

have just rang the fos they said the information the girl gave me was incorrect i can take it up with them they are sending me a form and i have to send them the letter from norton she said all she could think that the girl thought i was complaining about the loan and not the ppi this is all down to this sight i would have not gone any further after being told that but asking your advise prompted me to make another phone call many thanks sue

This is great, well done and your welcome.;)

If you need any further help then give us a yell.
di
X

Mbones

Hi all,

I am very new to this reclaiming lark, but am pleased to say that 2 years after we sent our letter to FSCS re PPI we were mis-sold by Picture, we have recieved a cheque back for £8000+!

I just have one question though, it says in my letter that this is to compensate for costs/interest we have incurred up until now....I've worked out that if we had decided to keep this running it would have cost us around £20,000.

If I cancel the PPI with Picture now, as the FSCS advise I can do, what happens to the PPI interest charges? Am I likely to be paying these until the loan is repayed? Or do they recalculate the loan again taking off the whole PPI & interest? Picture say it will only make a £3 difference to my payments? I am very confused! :-(

busbyh

Mbones wrote: »

Hi all,

I am very new to this reclaiming lark, but am pleased to say that 2 years after we sent our letter to FSCS re PPI we were mis-sold by Picture, we have recieved a cheque back for £8000+!

I just have one question though, it says in my letter that this is to compensate for costs/interest we have incurred up until now....I've worked out that if we had decided to keep this running it would have cost us around £20,000.

If I cancel the PPI with Picture now, as the FSCS advise I can do, what happens to the PPI interest charges? Am I likely to be paying these until the loan is repayed? Or do they recalculate the loan again taking off the whole PPI & interest? Picture say it will only make a £3 difference to my payments? I am very confused! :-(

Hello and welcome,and a big :j:jcongratulations :j:j
As for the ppi interest, the fscs are correct. If you choose to keep the cash and not pay it back to PICTURE you will still be paying interest on the amount, as they have given you the option to do with it as you please. They are also correct in saying if you cancel ,your payments will only reduce slightly. The loan will only be recalculated if you paid off the compensation amount off it, otherwise if they reduced it withoutyou paying anything back , you would in effect be getting double the amount of PPI back which unfortunately is highly unlikeley.
We cancelled our ppi before we remortgaged the picture loan. Our payments were reduced by about £2pm and I think abut £800 was taken off the balance of the loan, as a so called rebate!!
Personally, If your loan is still with them I would be tempted to carry on with the PPI for the five years, that's if you haven't defaulted on your payments as you will receive the three lots of NCB back, which will be worth a lot more than the rebate you receive if you cancel.

How long has the loan been running.

As this is a SINGLE PREMIUM POLICY the PPI has just been added to the loan, therefore making it just one loan - so therefore you will carry on paying interest on the whole amount until it is settled.
Have a good think about it before you decide what to do.
Good luck

di3004

Mbones wrote: »

Hi all,

I am very new to this reclaiming lark, but am pleased to say that 2 years after we sent our letter to FSCS re PPI we were mis-sold by Picture, we have recieved a cheque back for £8000+!

I just have one question though, it says in my letter that this is to compensate for costs/interest we have incurred up until now....I've worked out that if we had decided to keep this running it would have cost us around £20,000.

If I cancel the PPI with Picture now, as the FSCS advise I can do, what happens to the PPI interest charges? Am I likely to be paying these until the loan is repayed? Or do they recalculate the loan again taking off the whole PPI & interest? Picture say it will only make a £3 difference to my payments? I am very confused! :-(

Brilliant, Well done and Congratulations.
:beer::j:T:beer::j:beer::T

I see busbyh have given you good info and advice on how this is dealt with.:beer:

showergirl

Still have not heard anything, and it will be 2 weeks tomorrow since FSCS requested figures from Target. Will give them a ring tomorrow on my day off to see how things are going.

Wish me luck

di3004

showergirl wrote: »

Still have not heard anything, and it will be 2 weeks tomorrow since FSCS requested figures from Target. Will give them a ring tomorrow on my day off to see how things are going.

Wish me luck

Good luck Showergirl - here's hoping they will have some good news for you by tomorrow - fingers crossed.:beer:XXX