advice needed

djlc

we had a loan with picture and had a ppi with it, we needed to up our loan we had to pay picture £37771.58 to pay off loan and the ppi. we now owe picture £63724.50 and had to take out a new ppi with them. Now i must be a bit slow as ive just realised im paying off 2 lots of ppi even though only one is in use and at no point did i know i didnt need to use their ppi i could shop around. we are now about £50000 in negative equity:(

di3004

djlc wrote: »

we had a loan with picture and had a ppi with it, we needed to up our loan we had to pay picture £37771.58 to pay off loan and the ppi. we now owe picture £63724.50 and had to take out a new ppi with them. Now i must be a bit slow as ive just realised im paying off 2 lots of ppi even though only one is in use and at no point did i know i didnt need to use their ppi i could shop around. we are now about £50000 in negative equity:(

Hi there

Picture are in default, so if you want to make a reclaim you can do this through the Financial compensation scheme (FSCS), I understand loan repayments are still being made, but if Picture mis sold you the PPI, you can make a claim but do this through the FSCS as stated.

You will need to contact the FSCS to request for a claim form, and they will arrange to send you this through the post, you then write down your issues on the form and enclose any copies of what you have of the loan/ppi paperwork, and give your reasons of claiming.
http://www.fscs.org.uk/contact-us/

Can we help?

This page will tell you if the firm you are concerned about has been declared in default, and also where you stand with regards to compensation. Just enter the relevant information as required.

1. Have you tried contacting the firm yet?
   
   Yes
   No
   
2. Search for firm:
   
   Search for the firm you are enquiring about:
   
3. Picture Financial Services Plc defaulted on 08/07/2009
   
   
4. http://www.fscs.org.uk/can-we-help/?contacted=Yes&search=picture&company=1080&stage=3#q3
   
   
5. There is also a thread which you will find useful and helpful in regards of this company, good luck.
   
   
6. http://forums.moneysavingexpert.com/showthread.html?t=1897143
   
   

djlc

Thankyou so much for your help, im now onto it.:)

di3004

djlc wrote: »

Thankyou so much for your help, im now onto it.:)

Your welcome and good luck.:);)

Stuart_1980

This is mindless behaviour by picture and probably provides a good indicator as to why they are disolved.

I hope you get every penny back including the 8% court interest, pay some or all off you loan and look to refinance it at better rate. This could if you are successful save you tens of thousands in total including compensation and the money you will save on interest of the term.