mis sold picture ppi ?

valers_2

Hi every one , im a newbie on here just after a little bit of help please .
I took out a picture loan in 2007 for 35k with them adding on 8,732k on for ppi,was totally missold this for all the wrong reasons ,not even been told about it ,they just sent the paper work,it only lasts for 5 years but the loan is for 15 ,my husband is salaried so gets payed full sick pay ect.
We pay 474 pound a month and have now payed for 48 months so far ,we have had a check last year for 2130 and are due one this month for 1278 ,my question is would it be worth putting a claim in as im sure we wouldnt get that much back but if we did and won would they take the payment off the balance of the loan or send you a check and then rewrite the terms of the remaing loan ,sorry for rambling on and thankyou very much in advance,this site is wonderfull:j p.s alreadyput a claim in for mis sold ppi against lloyds and blackhorse for loans

amersall

Give FSCS ring as picture are in default,they will help you with a claim,as your loan was after jan 05.
Was this through a broker,as i think you would have to go for the broker,but the FSCS will help you with this.
This was the worst ppi you could ever get for the reasons you state above,and you should claim on this..

You will get compensation of 90% through FSCS and i believe they take this off the loan,they will take what you have had back from the win,but i believe you can then cancel the ppi total and you will get this back as well,you would need to confirm this with the FSCS.

If you get the total ppi back,then you should seriously consider taking this off the loan,as this will save you literally thousands in interest over the remaining term,as the ppi will still be on your loan to term end,hope this helps.

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valers_2

Hi and thankyou very much for your reply,i took the loan direct from picture ,not a broker,i think i will wait a couple of weeks to claim as i really need the cheque thats on the way ,i would be happy for them to take it the payment off the loan as i really want to get rid of it and not have it hanging around for the next 11 years ,thanks agin for the reply x
kelly

amersall

valers wrote: »

Hi and thankyou very much for your reply,i took the loan direct from picture ,not a broker,i think i will wait a couple of weeks to claim as i really need the cheque thats on the way ,i would be happy for them to take it the payment off the loan as i really want to get rid of it and not have it hanging around for the next 11 years ,thanks agin for the reply x
kelly

You are very Welcome,i read your post on the "picture in default" thread, the people on there have been through this and will guide you with this.
Get what is rightfully yours.