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

SuzySu

Thanks for the quick response!!

I've just been reading my Optional(!!) PPI letter and realise that it is not in my name, but my partner's (being the higher wage earner). And it only covers us for 5 years and 1 day - I presume that is standard? Took out the loan in 2007. Problem here is that my partner is now working in HK and it takes an AGE to get mail there and back. I presume therefore that there's no point in me contesting this in my name?

I can get the application form and fill most of it in, but will need her signature to complete?

From what I read, the interest payable over the full term of the policy would be another £14,000 making the cost of the PPI a staggering £25,000 odd.

busbyh

SuzySu wrote: »

Thanks for the quick response!!

I've just been reading my Optional(!!) PPI letter and realise that it is not in my name, but my partner's (being the higher wage earner). And it only covers us for 5 years and 1 day - I presume that is standard? Took out the loan in 2007. Problem here is that my partner is now working in HK and it takes an AGE to get mail there and back. I presume therefore that there's no point in me contesting this in my name?

I can get the application form and fill most of it in, but will need her signature to complete?

From what I read, the interest payable over the full term of the policy would be another £14,000 making the cost of the PPI a staggering £25,000 odd.

Is the loan in joint names? The PPi is added to the loan, therefore making it just one loan. (this is how they dupe us into paying all this interest back to them over the term of the loan- called SINGLE PREMIUM) :mad::mad: Single premiums have now been banned by the FSA. If it is joint you won't have a problem completing the application. You carry on and get the claim underway.
If it is joint you will need both signatures on the claim form. The important thing is to get in touch with FSCS request a claim form and take it from there. The sooner the better.

You are correct also that it only covers for 5 years.
You can win this, don't let it go:):)

The first named on the policy is one of the reasons used for missell, also the five year cover ,yet paying for term of loan.
Another one is the SINGLE PREMIUM- ie the PPI not being a seperate policy.

It's scary when you realise just how much you could end up paying for 5 years worth of Insurance when we were not given the option to take it out elsewhere at a fraction of the cost.
Good luck

do_lally_tap

Hi everyone - back again after waiting over a month for the paperwork from fscs to claim against picture however I need some advise from anyone who can help!
I have found my original paperwork from picture and in the paperwork that was signed it did state the ppi was optional (obviously not told this when applying over the phone) was this the case with everyone? Also in the depths of the insurance details it states only covered for the 5 yrs. Am I simply getting cold feet?

busbyh

do_lally_tap wrote: »

Hi everyone - back again after waiting over a month for the paperwork from fscs to claim against picture however I need some advise from anyone who can help!
I have found my original paperwork from picture and in the paperwork that was signed it did state the ppi was optional (obviously not told this when applying over the phone) was this the case with everyone? Also in the depths of the insurance details it states only covered for the 5 yrs. Am I simply getting cold feet?

Don't worry do lally, no need.;)
All our paperwork stated the same and not told over the phone, and yes it does only cover for 5 years which is one of the reasons for the missell. We all panicked a litle when the read the ins and outs of the policy. Just get that claim form off ASAP - don't get cold feet, you've nothing to lose and everything to gain:D

do_lally_tap

Thanks busbyh!
I will carry on regardless and dream of being in the black and not the red!!
Regards.

SuzySu

busbyh wrote: »

Is the loan in joint names? - Yes, the loan is in joint names but the PPI information just has my partner's name and details on it.

The PPi is added to the loan, therefore making it just one loan. (this is how they dupe us into paying all this interest back to them over the term of the loan- called SINGLE PREMIUM) :mad::mad: Single premiums have now been banned by the FSA. If it is joint you won't have a problem completing the application. You carry on and get the claim underway.
If it is joint you will need both signatures on the claim form. Ok, I'll fill it out and take it with me when I go to visit her in 4 weeks' time.

The important thing is to get in touch with FSCS request a claim form and take it from there. The sooner the better. Will do this first thing tomorrow.

You are correct also that it only covers for 5 years.
You can win this, don't let it go:):)

The first named on the policy is one of the reasons used for missell, also the five year cover ,yet paying for term of loan.
Another one is the SINGLE PREMIUM- ie the PPI not being a seperate policy. Yes, all those things apply to us.

It's scary when you realise just how much you could end up paying for 5 years worth of Insurance when we were not given the option to take it out elsewhere at a fraction of the cost.
Good luck

Thanks - it is a hell of a lot of money and would pretty much clear all our debts. Scary few weeks ahead I think.

busbyh

do_lally_tap wrote: »

Thanks busbyh!
I will carry on regardless and dream of being in the black and not the red!!
Regards.

That's the way forward - keep positive, you will win:)

busbyh

SuzySu wrote: »

Thanks - it is a hell of a lot of money and would pretty much clear all our debts. Scary few weeks ahead I think.

The waiting is difficult, but look at my signatures, they are all the one's just from this site that have won.
I think FSCS have investigated, made a blanket decision it was a missell, and will just be working on the amount due as and when they receive them.
Just be sure you put down several reasons why you think you were missold.

SINGLE PREMIUM POLICY
ONLY COVERED FOR 5 YEARS YET PAYING FOR DURATION OF LOAN
NOT BEING ADVISED YOU COULD TAKE COVER ELSEWHERE AT A FRACTION OF THE COST.
ONLY COVERED FIRST NAMED If APPLICABLE
DID NOT COVER FOR PRE-EXISTING MEDICAL CONDITIONS- IF APPLICABLE

These are to name but a few!!!

SuzySu

busbyh wrote: »

Just be sure you put down several reasons why you think you were missold.

SINGLE PREMIUM POLICY
ONLY COVERED FOR 5 YEARS YET PAYING FOR DURATION OF LOAN
NOT BEING ADVISED YOU COULD TAKE COVER ELSEWHERE AT A FRACTION OF THE COST.
ONLY COVERED FIRST NAMED If APPLICABLE
DID NOT COVER FOR PRE-EXISTING MEDICAL CONDITIONS- IF APPLICABLE

These are to name but a few!!!

I will. They all apply except for the medical conditions as there weren't any.

Will keep you posted....

SuzySu

Just a quick update - phoned FSCS this morning and they don't send out blank application forms. I need to email them with a load of details eg date loan agreement signed, names on loan, reason(s) for mis-selling and (excitingly) who I would like the cheque made payable to!! Definitely sounds promising but as it's SUCH a lot of money I really don't want to get too excited too soon.

Thanks so much for your help thus far.....onwards and upwards

They must pre-fill the form and say it should take about 2 weeks for them to send out the form and estimate another 6 months before I hear back from them.