PPI Reclaiming successes and failures

stellaboy

DI_Frost wrote: »

Well, here we go:

Reclaiming: PPI from a secured loan
From: Picture Financial
Recovered amount: A lot, read on!!:T
How: Picture, then FSA, then FSCS

Details.........(brief)
Took out a secured loan back in January 2007. It seemed like the right thing to do at the time as it 'reduced all our monthly payments into one more affordable payment' We were financially struggling at the time and this felt like the only solution. There was not as much debt help or awareness a few years ago.

So, this made things more comfortable for a while, but after a few hikes in their interest rates, it began to trouble us.

When I took the policy out, we were quite desperate; Picture Financial were the only company willing to help us out and I fell to their 'we don't judge' charms. All communication was done over the phone with just documents that required a signiture being sent through the post.

When we began to feel weighted down again, we decided to face our problems head on. We had heard of the 'money saving man' and looked at the website. We looked at PPI insurance and got to learn a lot more about it. I dug the loan agreement out to see if I had taken it. SURPRISE SURPRISE, I had. Upon further reading, I found that while our secured loan was over a 25 year period, our PPI insurance only covered the loan for the first 5 years! I was so angry.

So, we set about trying to recover some £20k. I did the first step back in October 2007 and called them and asked for a refund, after finding out that the total value of the insurance had been added to our loan. They accepted that they could give me a refund (after firstly stating that they didn't have to) and offered me around £4,500. This was their final offer as detailed in all the small print.

So, now its war:mad:

I sent a total of 3 letter templates to Picture Financial asking them to reconsider my circumstances and my request. All 3 letters failed. Even the 3rd one threatening them with action through the FSA proved fruitless.

I then forwarded my claim to the FSA for them to investigate....and waited....

and waited.....

and waited some more.....

The FSA would send me a letter every 4 months or so and say that my complaint was in a queue and that due to the sheer volume of complaints, there would be a delay.

We waited some more.....

Then we were informed that Picture Financial who are now owned by Target Loans (who bought them for 1p) had been declared insolvent and any compensation, if awarded, could not be paid by the company. My heart sank.....

The only hope was that my claim was being passed to the FSCS.

So, we waited again......

Around 18 months had passed here with bits of information being sent to and fro.

Then out of the blue in September 2009, I was called at work to say that they are finally looking at my case. I was overjoyed:T However, they did say that it would take upto 6 months to complete. Well, it had been nearly two years, so another 6 months isn't long if its going to get a result.....

Then, on 4/11/09, a large A4 envelope arrived with the FSCS logo marked on the envelope. I opened it expecting it to be another questionnaire that needed to be filled in.............

I briefly looked at the first page and noticed the title, 'decision letter'. I scanned through the other attached pages to find....at the bottom of one......a cheque for £25,567 :rotfl:

I was numb with shock. I began looking at the cheque for the words, SPECIMEN but couldn't find any!

So thats it, it took 2 years and during that 2 years it hasn't been easy. However my best advice is to stick with it. Yes it does take a LONG LONG time but its worth it if you get the result you want.

My utmost thanks go to Martin Lewis and his team as without his advice I probably would not be living here for much longer, THANK YOU. :T

Good on ya:T:T:T:T

SuzySu

To DIFrost:

OMG......how absolutely FANTASTIC. What a result. I am just starting the process with Picture (as was). The PPI we took out was for £11,000 and to get that back would clear my debts completely. Can I just ask (if you don't mind) did you receive the payouts they promise in years 3, 4 and 5 - can't remember the percentages - think in year 3 it's 25%?

What reason did you give for taking the PPI ie. were you claiming it was 'mis-sold'?

Gosh, you have really inspired me.

Unkownn

Well I received my final response letter through the door today from Halifax! Just in time as well as the date was close!

To sum up basicly they admitted fault on one of four agreements. However they have refunded FULL premiums plus interest on ALL four agreements putting me in the position if I hadn't of taken the insurance.

This should pay off one account and but I dont know the amounts yet.

It says they will pay amounts in the next month to me.

Big success.

trisha909

Can anyone tell me how long they have waited for payment from HFC? I recieved a letter granting refund. I sent off the acceptance form 1st class recorded on the 16 Oct. Whats the general rule of thumb with others?

amersall

phb8 wrote: »

What were you reclaiming: PPI on loan
Who was the provider: Alliance & Leicester
How much did you get back: £2096
Did you get it back after a letter or did you go to the Financial Ombudsman: Sent one letter using template from this site
And then write your brief reclaim tale

Made final repayment on a 5-year loan in September 2009. Used template from this site and sent off letter on 23/10/09. Received reply on 02/11/09 with offer of £2096 to settle my complaint. Credit to A & L for quick resolution. Hope cheque comes through in time for stag do in Prague!!!!

Two more to go, thanks to everyone for giving me the confidence to claim!! :beer:

:janother one bites the dust:j:jwell done to you:money:

amersall

nemall wrote: »

SUCCESS!

Downloaded + amended the template letters from this site. Sent them to Egg (with a £1 cheque to get copy documents for my loan agreement). Received the docs, sent the 2nd letter stating reasons why I should be refunded.

Letter received in the post today stating a FULL refund has been sent by BACs. Had a loan from a few years back for a new car, I remember at the time they said I needed the PPI otherwise I wouldn't get the loan - agreed as back then I needed it.

So, thank you to this site I've got a nice chunk of cash coming back. Right time of year for it to :T:T

Nemall

:j:jthink we are on a roll here guys:D:D well done to you:j:jcongrats:money:

amersall

Unkownn wrote: »

Well I received my final response letter through the door today from Halifax! Just in time as well as the date was close!

To sum up basicly they admitted fault on one of four agreements. However they have refunded FULL premiums plus interest on ALL four agreements putting me in the position if I hadn't of taken the insurance.

This should pay off one account and but I dont know the amounts yet.

It says they will pay amounts in the next month to me.

Big success.

:janother one :j:jwell done to you:j:beer::money:

di3004

Unkownn wrote: »

Well I received my final response letter through the door today from Halifax! Just in time as well as the date was close!

To sum up basicly they admitted fault on one of four agreements. However they have refunded FULL premiums plus interest on ALL four agreements putting me in the position if I hadn't of taken the insurance.

This should pay off one account and but I dont know the amounts yet.

It says they will pay amounts in the next month to me.

Big success.

Fantastic!:T:T
Congratulations and well done.:beer:

mitch_gordon

After a few letters lifted directly from this site (thanks Martin), Black Horse finally saw sense & decided that a payment of £1932.33 would be repaid to us. Just in time for Christmas... :beer:

Success from them and now waiting on Welcome Finance!!

Fingers crossed.

G.

di3004

mitch_gordon wrote: »

After a few letters lifted directly from this site (thanks Martin), Black Horse finally saw sense & decided that a payment of £1932.33 would be repaid to us. Just in time for Christmas... :beer:

Success from them and now waiting on Welcome Finance!!

Fingers crossed.

G.

This is great news, well done.:T:T
Congratulations.:beer:
And good luck with Welcome Finance.;)