FSCS - Compensation

busbyh

honey2 wrote: »

Has anyone tried to claim that the whole Picture loan was mis sold? :mad:

Honey 2 x

Not yet, but we have discussed it on the other thread. Need to get the PPi sorted before we can do anything else;)

dialysis

busbyh wrote: »

Not yet, but we have discussed it on the other thread. Need to get the PPi sorted before we can do anything else;)

Hi Honey as busbyh said there are some of us who have discussed this and that is our next step once the PPI is sorted so keep watching the other thread:A

honey2_2

Just a thought!:j

Honey2 x

dialysis

honey2 wrote: »

Just a thought!:j

Honey2 x

Honey there are a lot of us who have issues with the loan itself, I for one, and I am sure that there is a way to tackle this after the PPI is sorted hun:A

busbyh

Hi honey2
Just been speaking to my son in law regarding telephone conversation for the loan.






He says

• They did not mention policy was for 5 years.
• never asked about pre existing medical conditions
• never mentioned the PPI would be added to laon
• Really pushed to take out PPI
• Never advised could be bought seperately
• never asked if they already had Insurance in place(which they did have some)also they were paid from work for sickness
• never stated only first named was covered for sickness etc.

Also I have just checked the documents he received BEFORE signing for the loan.

1. loan agreement forms x 2
2. orange booket called - PICTURE IT - LIVE IT
3. blue- ESSENTIAL GUIDE - EVERYTHING YOU NEED TO PUT YOURSELF IN THE PICTURE
4. another blue booklet - ALL YOU NEED TO KNOW ABOUT PAYMENT PROTECTON INSURANCE.
5. credit agreement

Not sure if this is of any help. But in no 4 bookelet it only states the amount of the PPI - nowhere on this does it state what you could be paying over the term.
It states on this, WE HAVE RECOMMENDED YOU PURCHASE THE PAYMENT PROTECTION INSURANCE it goes on to say this is a UNIQUE POLICY.!!!! How true that is - never seen another like it:mad::mad::mad:

Hope this is of some help

WHEN DID YOUR FRIEND TAKE OUT THE LOAN - OURS WAS MARCH 06, BUT I DO KNOW THERE WAS A REVISED BOOKLET WHICH DID SHOW THE FULL COST OF THE PPI

marshallka

honey2 wrote: »

Hi Pinknico

Apparently so, they are adamant that the advisor said nothing. I have not seen their claim form - My friend and I have had a look through their docs over the last day or so. They are just so distressed about this whole situation.
There is a booklet and letter that was sent to them prior to finalising the loan. It states any pre-existing conditions prior to taking out the loan will not be covered by the PPI. The accompanying letter pre dates the signing of the loan papers!!!!

They said the other item they put on their form was that the PPI was not for the full term but only for 5 years.
To be honest I think, they could have found it useful at the time of making a claim to the FSCS to get some more advise in completing the form. I think they were embarrassed to tell anyone even family!

Anyhoo this booklet actually does say the term of PPI however it does not say the 1st named applicant is the only person covered. I defo think they can ask for this claim to be re-loooked at.

Honey 2 xx

So if they were "adament" that the advisor said nothing then was this then classed a non advised sale...
Selling on a non-advised basis
A non-advised sale is when no personal recommendation is made to the customer.
The customer must, however, still receive sufficient information on the product to enable them to make
an informed decision as to whether it meets their own demands and needs.
Examples of non-advised sales could be where:
• the customer decides or knows the specific product they want – this could be in a similar way to an
‘execution only’ sale of an investment product; or
• the firm offers information on a range of products for the customer to make their own informed decision.


http://www.fsa.gov.uk/pubs/other/factsheet_sales.pdf

busbyh

Messed up a bit there marshallka on last post. I was replying to wrong one. Have deleted it now:o

marshallka

Was any demands and needs statement done?

marshallka

busbyh wrote: »

Messed up a bit there marshallka on last post. I was replying to wrong one. Have deleted it now:o

Taken it out of my quote too busbyh;)

marshallka

If the sale was made without advice, the firm that sold the product should be able to demonstrate
through their records that the customer selected the product without any specific recommendation.