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

valers_2

Hi ,myself and my husband took out a picture loan directly from them in 2007 for 35,000 with ppi on top at 8,732,so total credit 43,732 pounds at interest rate of 10.9 ,for 15 years .Weve so far paid 474 pounds a month for 48 months ,recieving two checks off them ,one for 2130 and another for 1278 due in about two weeks time .Total mis sel of ppi policy ,not even told about it ,just sent the paper work to sign,only lasts for 5 years although the loan lasts for 15,husband is salaried ,therefore is entitled to full sick pay from work ect.
Just wondered if anyone can help me with the math side of things ,can not even try to work it out .
I will be putting my claim in as soon as my next cheque arrives ,thankyou very much for your help in advance.
P.S would anyone have any time scale on how long these claims take to sort out once i cotact the fcsc ?

di3004

valers wrote: »

Hi ,myself and my husband took out a picture loan directly from them in 2007 for 35,000 with ppi on top at 8,732,so total credit 43,732 pounds at interest rate of 10.9 ,for 15 years .Weve so far paid 474 pounds a month for 48 months ,recieving two checks off them ,one for 2130 and another for 1278 due in about two weeks time .Total mis sel of ppi policy ,not even told about it ,just sent the paper work to sign,only lasts for 5 years although the loan lasts for 15,husband is salaried ,therefore is entitled to full sick pay from work ect.
Just wondered if anyone can help me with the math side of things ,can not even try to work it out .
I will be putting my claim in as soon as my next cheque arrives ,thankyou very much for your help in advance.
P.S would anyone have any time scale on how long these claims take to sort out once i cotact the fcsc ?

Hi there
With the business already in default, then hopefully it shouldn't take too long, but they may ask for more information, so basically once this have been assessed by Deloittes (as the FSCS pass cases on to them now), if deloittes need further info they will write to let you know, then then calculate once they have all details required.

Afterwards, they pass back the completed application to the FSCS, they then check over what deloittes have done, and if agreed, it will be sent on to the cheque dept, something along those lines.

I would contact them every week and ask for updates, good luck.;)

liverpool1966

I still have not had a reply from dellotie which i sent the completed forms to at the end of april

di3004

liverpool1966 wrote: »

I still have not had a reply from dellotie which i sent the completed forms to at the end of april

Hi
Have you tried ringing them as well?
I know its a right pain, but when we had a case in with them we had to keep on a few times a week sometimes before we even got through, if not to Deloittes then ot the FSCS and ask for updates.

Hope you hear very soon, good luck.;)

potplantsally

Hi all,

I am new to this so please forgive any errors in protocol!

I have been using the Money Saving.com site in order to help me negotiate the minefield of trying to reclaim my PPI payment. Having been led around the garden a few times I received a letter from my loan company stating that it was nothing to do with them but a company called Loans.co.uk Ltd who I had never heard of and was never told anything about.

My research shows that this Loans.co.uk company may no longer be trading but from here I have drawn a blank. (There is no reply from the last mailing address that I have). I know that I can go through the FSCS but how do I find out who the administrator is if they have indeed stopped trading? Having spent months and months working on this and learning so much I am determined to see it through to the end - but I am currently stuck and becoming a little despondent. Any information would be gratefully received.

Finally, and just as an afterthought, if the company has indeed ceased trading - does this mean that, for the past five years, I have been paying PPI insurance to a company in administration?

di3004

potplantsally wrote: »

Hi all,

I am new to this so please forgive any errors in protocol!

I have been using the Money Saving.com site in order to help me negotiate the minefield of trying to reclaim my PPI payment. Having been led around the garden a few times I received a letter from my loan company stating that it was nothing to do with them but a company called Loans.co.uk Ltd who I had never heard of and was never told anything about.

My research shows that this Loans.co.uk company may no longer be trading but from here I have drawn a blank. (There is no reply from the last mailing address that I have). I know that I can go through the FSCS but how do I find out who the administrator is if they have indeed stopped trading? Having spent months and months working on this and learning so much I am determined to see it through to the end - but I am currently stuck and becoming a little despondent. Any information would be gratefully received.

Finally, and just as an afterthought, if the company has indeed ceased trading - does this mean that, for the past five years, I have been paying PPI insurance to a company in administration?

Hello there

I would ring the FSCS anyway who will guide you in the right direction, even if Loans.co.uk were the brokers, the lender will actually send you the details on request as they have hold of your details, the broker sends them on to the lender when the loan was completed.
However, is may be a case of requesting a Subject Access Request (SAR) from the lender, where you can request for all your data by 40 calendar days, there is a SAR template letter below if you want to us that one and if you do you then enclose £10 cheque or postal order for this request.
(I would ask first though if they would be kind enough to send you copies free of charge).

https://forums.moneysavingexpert.com/discussion/1475553

Meanwhile though contact the FSCS who will direct you too, good luck.

chriscoop

Received the check Friday for my PPI claim against Picture Loans Everything was done within 2 months.

Is it better to cancel the PPI with picture now we received the check? As many people mention it is only valid for 5 years and have only 1 year left.

Thanks for letting me know

di3004

chriscoop wrote: »

Received the check Friday for my PPI claim against Picture Loans Everything was done within 2 months.

Is it better to cancel the PPI with picture now we received the check? As many people mention it is only valid for 5 years and have only 1 year left.

Thanks for letting me know

Hi there

Well done and Congratulations!:beer:

If I recall this correctly I think that others cancelled after they received the cheque as well, did the FSCS suggest this on the letter as well?

jo-urney

chriscoop wrote: »

Received the check Friday for my PPI claim against Picture Loans Everything was done within 2 months.

Is it better to cancel the PPI with picture now we received the check? As many people mention it is only valid for 5 years and have only 1 year left.

Thanks for letting me know

hi there,

first of all congrats on your success with picture!!!!

could i ask how long it took from you sending off the form to go to deloittes, to receiving your cheque? we have waited 4 weeks already just for our initial enquiry to be put on the system with deloittes and hope for the application forms to arrive with us some time this week - it would be good to know rough turn around times for this specific bit of the process.

also, if you could give me some idea of how they worked out your redress it would be really useful - no need to put specific amounts you received - just what kind of formula they used to work it out would be really helpful to me no worries if you'd rather not post details. im wracking my brains trying to work out what we would potentially be owed, but it is difficult to see, what with the no claims bonuses you receive in yrs 3,4 and 5.

and one final thing(!) you say you have received a cheque - did they pay back the full amount to you, or has some of it come off your outstanding loan, as it seems the loan is still running (as is ours).

thanks in advance for any extra info you can provide!!!!

jo

amersall

di3004 wrote: »

Hi there

Well done and Congratulations!:beer:

If I recall this correctly I think that others cancelled after they received the cheque as well, did the FSCS suggest this on the letter as well?

Here you are :A phew :(