Picture Financial Insurance Refund

spendy

Hi everyone

Quick question ... I unfortunately took out a loan with Picture a few years ago, and have found out from them that I am due a refund on my PPI as I haven't used it. I think a lumpsum this year, and a bit over the next 2 years.

Has anyone else ever had this? I've just been made redundant and this money is like a godsend.

Does anyone know how long it takes? Or if there are any catches?

Thanks

PS - I've posted this in credit card section in error, can any mods on here please delete it? Thanks

iolanthe07

You wouldn't be due a refund just because you haven't used it - it is insurance (Payment Protection Insurance). The whole point about insurance is that most people won't need to claim. You may have a claim on the policy through being made redundant though - why not ask them? You might be able to get your premiums back if the PPI was missold.

spendy

Hi, it was in my contract that if there were no claims I would get a lumpsum back.

I just wondered if anyone else had this and how long it took.

Classylady2010_2

Ive never heard either that you get a refund if you havent used the ppi, I got all mine back but that was because it had been missold to me not because I didnt use it

cl

~Brock~

Some of these big premium PPI policies did offer a premium refund if the policy was not used over the term of cover. First Plus did a similar one I believe.

Picture are in administration and no longer trading however. You should get in touch with whoever you are now making the payments to and ask the question directly.

I sincerely hope that a provision for such refunds has been made and is being kept separately from the main (i.e. defunct) business.

spendy

Apparently, Picture do not make the payments, it's the company who do the insurance.

~Brock~

spendy wrote: »

Apparently, Picture do not make the payments, it's the company who do the insurance.

Ah, OK. Have you spoken to them yet?

spendy

Yes, they said it's all being processed, but I was just wondering if anyone else had this same "offer" on their picture loan.

Just wanted to make sure there weren't any loopholes.