Picture Finance PPI...!!!!!!!

i used to work at picture before being made redundant, don't shoot the messenger, i got shafted with a pittance in redundancy

picture financial group had several different companies within it, not being an accountant I dont know the exact details but basically the money you borrowed either came from merrill or deutsche, but the loan was put through various companies within the picture group, it was all above board but a very complicated way of minimising tax and allowing picture group to be able to repackage your debt to merril/deutsche and then try to sell it on to other investment companies

your ppi was 'front loaded' which means in effect you borrowed extra money from picture to pay for it upfront, the actual policy is underwritten by some other insurance company (not part of picture group), picture took a commission at the time of sale but that's about the limit of their involvement, if that company within the group still existed you could make a miss-selling complaint but because the company within the group associated with the ppi sales is no longer trading you have nowhere to go. You cant hold back payment for it as you have already paid for it. A bit like borrowing money from a bank to buy a car and then because the car was unreliable refusing to pay back the bank loan

Target loan servicing do not own the book but have set up two companies (no1 and no2) to service the books on behalf of merril and deutshe, they had no liability or involvement with what when on prior to picture ceasing trading

part of the deal between merril, deutsche and Target involved the assets and staff of picture being taken on by Target, the gardener analogy above is spot on, same people doing same job in the same building but for a new boss. (this applies to customer service staff only, all the sales and marketing related staff were made redundant

if the people you now speak to at picture dont seem to know whats going on its because they are probably just as much in the dark as you are the whole redundancy things was very poorly communicated, i suppose they were the lucky ones who kept their jobs but they are not the people who sold you the loans or insurance in the first place so go easy on them

one last thing, (which might prove unpopular), picture were very strict on the compliance side of things, I suspect most people were just very naive or desperate when they took out the ppi, i'm not saying it was a value for money product but it was a legal one and I suspect there was very little actual mis-selling. it's great that sites like this highlight the poor value products but people need to take responsibility for thier own actions, if you made a mistake and through a lack of understanding or research wasted money on a poor value product you did not really want or need that is a very different thing from thing to being mis-sold an insurance product you could never claim on. Unfortunately there are so many people submitting speculative claims for miss-selling in a bid to make up for their own poor decision making that the system gets bogged down, that means the people with bonafide claims then have to wait much longer for a response

Hi guys I am new and looks like the last person to be told picture has gone bust. I have over the last six Months through the Financial Obsbinman been trying to recover my rebate from the PPI which in total was a little under £9,000 I beleave throught London Victora Insurance if my memory serves me right. As some of you have already mentioned above that appox 50% of the PPI rebated in our case it was £4,500 over the five years, the only stipulation was that we did not make a claim. I have since looked closer at their brochure ( Which I should of done earlier) It says the amount is a little over £3,500 so they were not being totally honest at the begining. I did exspess concern on the amount of the PPI and hence why the rebate scheme was explained to both myself and seperatly to my partner. I had no reason to doubt it but I guess some homework should have been done, only now am I a little wiser, but like you very much out of pocket. I am however fortunate to have paid my loan off in full some two years after we took it out. I only receaved a rebate of £600 and hence why i am still pursuing it now. It clearly states in the Picture Brochure you can not lose well I think I have. Its being dealt with by the Financial Obinsman as we speak. only today i receaved a letter from Picture who tell me they have gone bust and have no money to compensate. while I accept that I paid for the PPI for the whole duration of my loan at the time, I did not volunteer my cash rebate nor have I ever missed a payment or made a claim. I wondered if the Insurance company has some responsiblity here in that they could have protected their customers better should this happen. It is surely in their best interests as well to over see the loan company. I wonder how much of my £9,000 went to the Insurance Company, maybe the Insurance Company should of done some homework too. It is always a hard lesson to learn and to be fair like many of you i saw the advert for Picture it seemed so easy and to be honest it was simply too easy. I am not sure where I can go from here I await a final response from the obsbinman, but after getting this letter today it does look grim. I have at least honoured in full my debt and I am at least fortunate to have a job, unlike many of you who are struggling through no fault of your own. My thought are with you all.