PPI Reclaiming discussion

M1Vix

Hi M.colak

I hope you can help i put a message on the forum on page 155 regarding claiming from Picture Finance, can you give me any advice please??

I have spoken to the FOS who are taking our complaint to the next stage and were not aware of the letter we recieved from Picture, i was going to send them a letter refusing the offer and point out the issues they seem to have ignored and inform them that we would accept nothing less than the full amount and that the FOs are continuing with our complaint, i was also going to copy in the FOS with this letter. Does this sound like a good idea??

I can repost my original message is you need me to.

Any help much appreciated
:j

m.colak

M1Vix wrote: »

Hi M.colak

I hope you can help i put a message on the forum on page 155 regarding claiming from Picture Finance, can you give me any advice please??

I have spoken to the FOS who are taking our complaint to the next stage and were not aware of the letter we recieved from Picture, i was going to send them a letter refusing the offer and point out the issues they seem to have ignored and inform them that we would accept nothing less than the full amount and that the FOs are continuing with our complaint, i was also going to copy in the FOS with this letter. Does this sound like a good idea??

I can repost my original message is you need me to.

Any help much appreciated
:j

Ok have read the post. The first thing to say is that if you receive/or send any correspondance from/to picture immediately copy it and send the copy to the FOS so they are kept up to date with what the current offer/situation is and whether or not you have accepted it.

As to how much you should get back. Add all your payments together with your settlement figure. Take away the original loan and work out what the interest would have been over two years of the loan only. Split the loan charge as to the length of time you had the loan and take that away as well. This should give you a final figure of what the minimum you should be getting back. Anything more is a bonus.

M1Vix

m.colak wrote: »

Ok have read the post. The first thing to say is that if you receive/or send any correspondance from/to picture immediately copy it and send the copy to the FOS so they are kept up to date with what the current offer/situation is and whether or not you have accepted it.

As to how much you should get back. Add all your payments together with your settlement figure. Take away the original loan and work out what the interest would have been over two years of the loan only. Split the loan charge as to the length of time you had the loan and take that away as well. This should give you a final figure of what the minimum you should be getting back. Anything more is a bonus.

Cheers for that, one other thing, should we bother explaining to Picture why we are refusing the offer? also we have already told them in our first letters how much we are claiming (about £8000ish) should we remind them?

Many thanks :-)

m.colak

M1Vix wrote: »

Cheers for that, one other thing, should we bother explaining to Picture why we are refusing the offer? also we have already told them in our first letters how much we are claiming (about £8000ish) should we remind them?

Many thanks :-)

You don't need to give them a reason but you could just say that you found the offer unacceptable and therefore you will waiting the outcome of the FOS inquiry. The best way to deal with them is not to make them an offer but wait for them to jump as if they are found to be mis selling then you could be entitled to compensation. Set yourself a minimum figure that you would accept and hold out until you get it. You could state that you would accept a figure of £6500 but that is your decision. Never compromise on what you want.

M1Vix

Your help is much appreciated, its great to know there are people like you who will help with a little bit of free advice that hopefully will stop these financial companies taking the mick out of those of us who are not financial whizz's.

You are a star!!!!

Will keep you updated

Ken15

hi m.colak

sorry to pester but did you have a chance to look at my post yesterday (3129)?

my wife thinks we should accept but i'd like to know whether there's a chance of us getting the full amount if we take it further

thanks , ken

m.colak

Ken15 wrote: »

hi m.colak

sorry to pester but did you have a chance to look at my post yesterday (3129)?

my wife thinks we should accept but i'd like to know whether there's a chance of us getting the full amount if we take it further

thanks , ken

Sorry was having a break. Can you give me details ie

Loan amount £47500
Loan Charge
Interest Rate on loan
Number of Payments
When you took it out 08/2001
Regular Payment Amount (full amount)
Final Settlement figure £58294.25
Date of settlement 09/2003

ps i never work it out on the premium as this is not what you possibly overpaid on.

Ken15

many thanks for replying


Loan amount £47500
Loan Charge ?
Interest Rate on loan can't find this although the total amount payable if we'd carried on with the loan until the expiry was £99963.15.
Number of Payments 25
When you took it out 08/2001
Regular Payment Amount (full amount) £600.77pm
Final Settlement figure £58294.25
Date of settlement 09/2003

for early settlement they gave us a rebate of £41589.06 less £50 admin charge leaving us a settlement amount of £58424.09

i rang the ombudsman this morning and they said they would not look into it as first plus were not a member of the gisc at the time. so should i just accept first plus's offer?

thanks

m.colak

Ken15 wrote: »

many thanks for replying


Loan amount £47500
Loan Charge ?
Interest Rate on loan can't find this although the total amount payable if we'd carried on with the loan until the expiry was £99963.15.
Number of Payments 25
When you took it out 08/2001
Regular Payment Amount (full amount) £600.77pm
Final Settlement figure £58294.25
Date of settlement 09/2003

for early settlement they gave us a rebate of £41589.06 less £50 admin charge leaving us a settlement amount of £58424.09

i rang the ombudsman this morning and they said they would not look into it as first plus were not a member of the gisc at the time. so should i just accept first plus's offer?

thanks

This wasn't with welcome finance was it??? Give me a little while to work out the figures:D ps i need to know how many years the loan was over and the answer to the second question is no you shouldn't ever accept a companies first offer. Have you checked with FISA to see if they were a member of them at the time or the FLA.

Ken15

no it was first plus

there's nothing on the paperwork i've found so far that tells me how many years the loan was taken over. i'll have to have a root around when i get home if you need that information