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

di3004

chriscoop wrote: »

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.

Hello & welcome

That is correct, and with Picture already in default, the case should not take that long now either.
Wishing you luck and please keep us posted, good luck.;)

sal7

Hi all,
I have lurked on this thread forever and love to see the success people have with their reclaiming even when it is slow and difficult.

I was wondering if anyone can throw any light on the fact that my Picture account has been taken over by a company called Webb Resolutions?
What I find strange is that the post code and the name on the letters are the same as Picture. Just a diifferent PO Box.
I thought I would try and find out before paying monthly sum into the new account number and sort code I have been given.
Any info would be gratefully received.Thanks.:)

di3004

sal7 wrote: »

Hi all,
I have lurked on this thread forever and love to see the success people have with their reclaiming even when it is slow and difficult.

I was wondering if anyone can throw any light on the fact that my Picture account has been taken over by a company called Webb Resolutions?
What I find strange is that the post code and the name on the letters are the same as Picture. Just a diifferent PO Box.
I thought I would try and find out before paying monthly sum into the new account number and sort code I have been given.
Any info would be gratefully received.Thanks.:)

Hi there

I am not too sure, but maybe someone will know and clarify on this, but otherwise maybe you could write to them and make sure on this, or maybe the FSCS will be able to confirm.

Good luck.

sal7

Apologies if I should not have posted here as it is just about PPI claims. IF anyone knows of a thread about Picture that I can post on I am happy to be redirected. Still very new to this posting lark. Thanks.

di3004

sal7 wrote: »

Apologies if I should not have posted here as it is just about PPI claims. IF anyone knows of a thread about Picture that I can post on I am happy to be redirected. Still very new to this posting lark. Thanks.

Hi there

That is fine, basically people who have had reclaims through Picture have had to make a claim through the Finanical compensation scheme (FSCS) as the business are in default.
More on FSCS here.
http://www.fscs.org.uk/

sal7

Ok. Having talked to them I was told that it is basically the same company under a different name. I think I already worked that out seeing as the letters are signed by same person and post code is the same.
I know Picture isn't trading anymore, so does anyone get letters from Picture or are they all now Webb Resolutions?

di3004

sal7 wrote: »

Ok. Having talked to them I was told that it is basically the same company under a different name. I think I already worked that out seeing as the letters are signed by same person and post code is the same.
I know Picture isn't trading anymore, so does anyone get letters from Picture or are they all now Webb Resolutions?

Hiya Sal
Glad you worked that out then.:D;).

I did not deal with Picture myself, but hopefully someone who have had dealings with them will post up in regards of your query via letters etc.

Good luck.

Fred_Funk

Hi guys! It's like this...

On the FSCS it says they're unable to look at claims for mis-sold PPI dating from before January 14, 2005 [when PPI sales were first regulated by the FSA].

However, I was wondering whether this remains the case given: [1] The FSA website states that the codes of the Association of British Insurers and, from 2001-2005, the General Insurance Standards Council were applicable to sales of PPI; and moreover [2] the judicial review brought by the BBA has now upheld this approach by the FSA.

If the rest of the banks were to go the same way as Lloyds and decide not to challenge this judgement would this open the way for the FSCS to look at mis-sold PPI claims dating from before January 14, 2005?!

Thoughts please.

Thanks in anticipation
Fred_Funk

di3004

Hi Fred

I am not absolutely certain, but what I do understand is, the Financial ombudsman service (FOS) may suggest the underwriter/insurer direction of the lender instead, as they have done with many, even myself, because one of mine was not regulated with the broker/lender.
However, its still ongoing, and it may take some time, but its another direction where they will connect the insurer with the broker in relation of the insurance.
And with them being a underwriter/insurer they would have been regulated.

You could ring the FOS on this as a general query tomorrow.

What I was told to do was write to the lender for the policy, not to worry about the broker, as the lender will comply, and request for a copy of the PPI policy document, the FOS will suggest you pursue them, and if they reject, they will take the complaint on and look into this matter for you, but see what they say first.

Or meanwhile see if anyone else comes up with something in regards of your query, good luck.

leesykoi

Hi,

I took out a secured loan with FirstPlus (brokered through Help Personal Finance) in Sept 2007. The loan was the typical one whereby it was over 10yrs with PPI only covering the first 5yrs and the No Claims cashback offer after 5yrs.

Well it was surely a mistake taking this out (in hindsight) and i have contacted FSCS after an initial brush-off from FirstPlus and finding out that Help Personal Finance are no longer trading.

My case was referred to Deloitte as HPF are now classed as in default.

Cash loan was £35k with PPI of £8,571

Just received a letter from FSCS offering compensational loss of £2,456.68 (cheque received for £2,211.09 - 90%)

This is great news but i have a question !!!!!

In the FSCS letter it states £8,571 as a elligible benefit (ie a no claims discount) and that 'if you choose to cancel your protection insurance within 90 days of the date of the letter we may be able to refund to you the amount of No Claims Bonus we have deducted'.

My question is - has anyone done this with Firstplus and FSCS ie trying to get refunded the no claims bonus ??? If you have how have you gone about it ???

Obviously it would great to recoup the £8,571 or as much of this as possible so i look forward to any info and apologies over the long post however thought it worthwhile to present all the facts.

Thks.

Lee.