PPI Claim from Picture Finance

di3004

ady1973 wrote: »

Hi All

New here...I sent of my claim to the FSCS via Deloittes regarding reclaiming my PPI back from 'Picture'. I posted it to them mid-Jan.

The original loan was for 40K plus PPI for 10K

Any news how long they normally take ?

I know I will not get the whole sum back as they have now gone into administration, but i believe they pay out the first 2k in full then 90 per cent of the remainder.

Any feed back from peeps who have gone down the same route would be fab

Thanks all

Hi there

It is actually quicker with the FSCS than the FOS, because even though the FSCS have lots to deal with, but not as much as the FOS, and as Picture are already in default, it could be a matter of just weeks or possibly at most 3 months, hopefully before that though, keep in touch with them every other week and they should provide you with an update.

Good luck.

GJR73

Hi all,

I have been reading about the PPI claims people have been making and decided I should make a claim. It was only after reading on here that I discovered the protection was only for the 1st 5 years of the agreement.

I did the same as others on here and consolidated debts and took a loan for £60K from Picture with an additional £12K in PPI. At the time I would have signed anything to 'Clear' debts. I have now been left with monthly payments of over £650!

I have spoken with the FSCS today and they are sending out a claim form.

My problem is I got home dug out all the paperwork and having read through the agreement I see it tells me the PPI is optional 5 year protection.

This all happened in Feb 2007. Will i still be able to claim and on what grounds if the Loan agreement states the PPi is optional?

Thanks for any help.

GJR

amersall

You were mis sold this PPI, of that there is no doubt, it may have on the agreement that the 5 year policy is optional, but they will not have told you that when the 5 year cover is finished, the whole PPI amount is still on the loan to term end with interest, this is Single Premium PPI and you were mis sold, so do not worry.

GJR73

What information will I need to supply the FSCS on the form they are sending me?


What grounds should I raise for my reason for claiming?

sorry if I am asking obvious questions.

GJR73

Forms sent to FSCS beginning of June, Cheque received today for over £16K

Now for Northern Rock, Sainsburys Bank and the Credit cards

burty8899

congrats!:beer::j:j:j:j:j:j:j

itchy135

GJR73 wrote: »

Forms sent to FSCS beginning of June, Cheque received today for over £16K

Now for Northern Rock, Sainsburys Bank and the Credit cards

Hi, im in a similar situation to you....Only relised ppi was for the first 5 years of the loan when i recived a letter telling me it was due to expire! sent my claim off at the begining of july...now just waiting....Had you recived the no claims payments from picture?just wondering how the final figure was calculted?

Glen1961

Hi, I'm new here so please be gentle with me. I took out a Picture Loan with my ex-husband several years ago and I have since paid the loan off. The issue I have is that although, I have paid the loan, Picture are still saying that I still owe the PPI on the loan. My ex-husband left me with this debt 5 years ago and although, Picture have paid me the PPI no claim bonuses in my sole name they refuse to look at a PPI claim stating that the claim needs to be in both our names. Can anyone please advise on this. To date I am still paying the PPI which is 18k.

Thank you.

amersall

What year was this loan taken out? as this will depend on any claim being made at all, you will need your ex to make the claim with you, unless you can get them to do the claim and only give you 50% of any redress, they may not do this though, if the loan was on or after Jan 14th 2005 then contact FSCS and make the claim to them, if it was before this then you could try the insurer if you know who they were and make the claim to them anything, going the insurer route may not get you anything but you won't know until you try.

Glen1961

Hiya

Thank you so much for getting back to me. The loan was taken out in 2007, how does that affect the claim please?
My ex has made no contribution to the loan and I have been paying it all this time on my own. Is this a no win situation then? As I said I did re-pay the loan what I am paying now is merely the PPI.

I don't even care if I do not get a refund, just want to know if Picture can make me pay PPI for a loan I longer have.

There must be a way out of this?

Thank you so much for your help. Any suggestions would be most appreciated as I am struggling to pay this each month.

I am aware I cannot just stop paying it as the loan is secured to my house.

Kindest regards.