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

[Deleted User]

Stupid_Question wrote: »

I thought that the argument was that a GISC regulated insurer shouldn't accept business from a non GISC source and that's when the insurer becomes liable, so if Bright Finance were under GISC at the time of the sale the insurers status becomes irrelevant?

The point, surely, is that if their PPI was indeed being mis-sold, it was as much the responsibility of the (regulated) insurer as the (unregulated) seller.

I'm open to correction on this...

valers_2

Hi,wondered if anyone could help me ,I managed to successfully reclaim ppi from picture a year ago ,then in August last year my five years of fifteen were up ,so I was no longer paying any ppi but my payments have stayed the same ,I was just wondering if this should be the case or am I looking at it all wrong ,thanks in advance ,Kelly .

magpiecottage

Stupid_Question wrote: »

I thought that the argument was that a GISC regulated insurer shouldn't accept business from a non GISC source and that's when the insurer becomes liable, so if Bright Finance were under GISC at the time of the sale the insurers status becomes irrelevant?

That was the original position of the GISC.

However, the Law Society took the matter to the court shortly after the rule was proposed successfully arguing that it amounted to a closed shop and was anticompetitive. The GISC therefore had to drop the rule as it was unlawful.

[Deleted User]

magpiecottage wrote: »

However, the Law Society took the matter to the court shortly after the rule was proposed successfully arguing that it amounted to a closed shop and was anticompetitive. The GISC therefore had to drop the rule as it was unlawful.

So, does anyone chasing A GISC regulated insurer where the lender was not regulated have any recourse or not?

-taff

valers wrote: »

Hi,wondered if anyone could help me ,I managed to successfully reclaim ppi from picture a year ago ,then in August last year my five years of fifteen were up ,so I was no longer paying any ppi but my payments have stayed the same ,I was just wondering if this should be the case or am I looking at it all wrong ,thanks in advance ,Kelly .

When you successfully reclaimed your PPI it sounds like you kept the money instead of using it against your loan. Therefore, your payments will stay the same.


Did you actually use the questionnnaire and ask for the loan to be restructured or did you just receive your PPI lump sum?

If you just received your PPI lump sum, make a complaint and ask for the interest associated to be returned and the loan restructured.

northend77_2

Hi all
I'm new to this thread but have just started on the course of trying to reclaim PPI paid on a Welcome finance loan for a car from June 2007. As the company has gone into default I emailed the link provided on the FSCS website regarding Welcome and am waiting to be sent a claim form. Unfortunately, I moved house since my loan finished (crashed car and paid loan off early) so never received the claim form that the FSCS said they sent out to all Welcome clients in 2011
Fingers crossed all goes well

dfwsometimesoon

Have posted elsewhere on the forum as Broker is in default tho (Regency Mortgage Corporation) thought maybe better trying here....

Any views or advice re this would be greatly appreciated..

I contacted the FSCS re a Broker who had sold me a mortgage in 2006, (had initially gone to the FOS who forwarded everything to the FSCS as Broker was in default). The claim/complaint I had was re the MPPI which I was advised must be taken out in order for the mortgage to go ahead. Anyway that was all fine.

I then received a letter from the FSCS requesting any mortgage documentation that I had, as they felt I had 2 cases....one for MPPI and one for what they referred to as 'Mortgage Advice'..... is this what would be classed as mortgage mis sold??

I now have 2 separate references one with Deloitte (MPPI) and the other with Capita (Mortgage Advice). Capita have recently contacted me and advised they are awaiting further info from the lender, which once received they will move on to finalise my claim (not really sure what this means however am willing for them to carry on lol)

To be honest I'm a bit lost re the 'Mortgage Advice' claim, initially when I sent the complaint for MPPI I had mentioned the Broker Fees which I felt were excessive that was really it tho, am assuming this is may be why they thought it may instigate a 2nd separate claim?

Have done a bit of googling and mis sold mortgage claims have come up a lot however not really with any success stories etc... has any one claimed similar and actually been successful with any claim?

This afternoon I have received a call from Deloitte advising they are awaiting info from the insurance company and claim will be finalised on receipt... not really sure if this is good or bad news lol they don't really give much away! am assuming (hoping) if there had been no claim I would have heard back long before now?? initial claim was submitted May 2012...am I clutching at straws here ?

amersall

Just hang on in there, you should receive the final result before too long if the info is received.

With reference to the mis sold Mortgage, it could be the excessive Broker charge, you will know what this means when you get the responses.

linnite

Hi, I've had a first letter from Deloitte saying the inital reviews are complete and the claim has been passed to the data gathering team.

This obviously sounds like some form of progress. But I realise it could, for example mean the decision that the claim is valid has been made, and the data gathering team gathers the data about interest rates we have paid etc etc.

Or, the initial reviews could be something more basic (though I can't think what) and the data gathering team gathers data to establish if the claim is valid.

Anyone know, with certainty, which it is?

Googling, and searching on here, haven't revealed an answer to this specific question.

Thanks in advance!

-linnite

linnite

Hi again, feels strange to be the only person in the country with a claim in with FSCS at the moment

After trying to be patient I finally cracked and phoned Deloitte today and was told "it is now at the review stage which is the final stage, just wait a short while now for a decision letter."

So, please, anyone know exactly what this means? Is it back with FSCS right now, or is it about to go there?

Reading back over the thread there has always been the assumption that if a lot of time passes and you don't hear anything, that is a good sign, meaning people who are rejected find out quickly. But did anyone wait the full normal amount of time for their decision, only to find out it was a 'no'.

Got all the same anxieties you original lot had in Aug 09!

Thanks if you can help!