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

Brassica

Thank you di3004! You've been so encouraging.

Now that its arrived I feel a bit deflated because I seriously thought I wasn't going to get anything because it took so long. But I'll bank it tomorrow (£2k) and be thankful it's there :-)

di3004

Brassica wrote: »

Thank you di3004! You've been so encouraging.

Now that its arrived I feel a bit deflated because I seriously thought I wasn't going to get anything because it took so long. But I'll bank it tomorrow (£2k) and be thankful it's there :-)

Its my pleasure hun, so relieved and happy for you, well done and enjoy! :A:beer: XX

riccardo1888

Hi,

I sent my claim away at the start of January to Welcome Finance and had to call to chase it up !!

Now been told that fscs will compensate me ''''upto'''' 90% which means it will probaly be pennies.

Guy at fscs says he will only put refund onto my account so balance drops even though I have paid for it ! Is this legal as I was expecting a cash refund !

Also now Welcome have went into default, are there anyway of getting my ever growing debt down with them ?

Thanks in advance

di3004

riccardo1888 wrote: »

Hi,

I sent my claim away at the start of January to Welcome Finance and had to call to chase it up !!

Now been told that fscs will compensate me ''''upto'''' 90% which means it will probaly be pennies.

Guy at fscs says he will only put refund onto my account so balance drops even though I have paid for it ! Is this legal as I was expecting a cash refund !

Also now Welcome have went into default, are there anyway of getting my ever growing debt down with them ?

Thanks in advance

Hi there

I am not sure about these actual issues to be honest, so basically they are stating that any refund will be awarded towards the balance of the loan then?

riccardo1888

di3004 wrote: »

Hi there

I am not sure about these actual issues to be honest, so basically they are stating that any refund will be awarded towards the balance of the loan then?

Yip basically, although when I called 2 weeks ago a welcome consultant told me it would be put straight into my bank !

So fed up with these cowboys and wish I could turn back the years :mad:

When they go into adminastration does anyone think the debt will / can be cut ?

Thanks

di3004

riccardo1888 wrote: »

Yip basically, although when I called 2 weeks ago a welcome consultant told me it would be put straight into my bank !

So fed up with these cowboys and wish I could turn back the years :mad:

When they go into adminastration does anyone think the debt will / can be cut ?

Thanks

Hiya

Well for the inconvenience of being misold you should be compensated in my opinion.

lawless263

Hi everyone
Just to say thanks i will be facing redundancy pretty soon so decided to check i was all covered on my loan and mortgage when i started reading the details regards Picture i couldnt beleive how stupid i felt that my reccomended perfect protection was only for 5 years not the full term and that actualy the cost wasnt just £11726 as stated but £27000+ with interest theres no way i would have accepted if i had been told more details rather than just about the no claims refunds.
So i searched the internet to see if anyone else had fallen for it and found you guys its made me feel a lot better knowing its not just me and intend to contact the FSCS immediately.

One question is i actualy had 2 other picture loans which i paid off early and topped up should i therefore make 1 claim or 3 ?
Thanks

di3004

lawless263 wrote: »

Hi everyone
Just to say thanks i will be facing redundancy pretty soon so decided to check i was all covered on my loan and mortgage when i started reading the details regards Picture i couldnt beleive how stupid i felt that my reccomended perfect protection was only for 5 years not the full term and that actualy the cost wasnt just £11726 as stated but £27000+ with interest theres no way i would have accepted if i had been told more details rather than just about the no claims refunds.
So i searched the internet to see if anyone else had fallen for it and found you guys its made me feel a lot better knowing its not just me and intend to contact the FSCS immediately.

One question is i actualy had 2 other picture loans which i paid off early and topped up should i therefore make 1 claim or 3 ?
Thanks

Hi and welcome

Yes you can make a reclaim on all you were mis sold the ppi with, so if Picture arranged them all you can go through all this with the FSCS.
I would ring them in office hours and explain you have 3 separate cases, so they can arrange to send separate forms.
http://www.fscs.org.uk/contact-us/

Good luck and please keep us posted, cheers.;)

amersall

riccardo1888 wrote: »

Yip basically, although when I called 2 weeks ago a welcome consultant told me it would be put straight into my bank !

So fed up with these cowboys and wish I could turn back the years :mad:

When they go into adminastration does anyone think the debt will / can be cut ?

Thanks

When you get your compensation, let them take this off your loan, this will reduce the debt and also interest.This is a good thing in the long run.

chriscoop

We did take a picture loan in 2007 and they where very smooth talkers. We where is distress in that time because the debt was to much. They offered even cash back. We thought that is great with realizing that they added more then £10k to the loan as a PPI. Found out later that is was only covered for 5 years.

Then I was watching on the BBC the high court ruling for mis sold PPI. I checked with the national ombudsman how the claim PPI back. I was told that picture loans was in default since 2009. I didn't know this and we are already 2 years later.

He advised that i had to contact fscs and they will deal with the claim. I called them 2 days ago and he told me to submit the claim online.

So i need to wait now and see what will come out of this.