PPI Reclaiming discussion Part III

marshallka

busbyh wrote: »

Hi
Can anybody help me. My building society are prepared to lend me the amount needed to pay of Picture. If this is paid off and my Picture account closed, will this jeopordise my claim for PPI.
Reveived a letter today from FSCS stating they are still investigating claim.

PICTURE STILL NOT DECALRED IN DEFAULT:mad: :mad: :mad: :mad: !!!!!!!!!!!!!!!!!!!
Thanks busbyh

pinknico is still waiting here too for Picture to be declared in default...maybe she has some more info on this???

pinknico

busbyh wrote: »

Hi
Can anybody help me. My building society are prepared to lend me the amount needed to pay of Picture. If this is paid off and my Picture account closed, will this jeopordise my claim for PPI.
Reveived a letter today from FSCS stating they are still investigating claim.

PICTURE STILL NOT DECALRED IN DEFAULT:mad: :mad: :mad: :mad: !!!!!!!!!!!!!!!!!!!
Thanks busbyh

It does not matter if the loan is settled but you will need to tell the FSCS how much ppi rebate you get so they can take that off the claim amount.

I cant believe they are not in default yet!! They are confirmed as in Liquidation on Companies house they have listed who they owe and what money they havent got. The directors have resigned but this does not show on the FSA register yet.

Did they write in relation to a query or just to let you know what was happening?
Thanks

vintagegarters

marshallka wrote: »

You would be aiming to recover whatever the total PPI would have been ie

19.67% of the total loan of £60701.40 being £11939.96

So 11939.96 less however many repayments you have made against this less the rebate if you have cancelled the PPI???

You then add the amount here to the repayments made and that is the actual cost of the PPI (you would not get the whole 11939.96 repaid to you as you have not yet paid it off - this is the amount if would have cost you had you let it go to term)

The loan is then redone without the PPI at all...as you have not yet settled.

Hi there

I am clearly not very bright as I can't quite follow the maths....sorry ! We have paid 32 months of PPP insurance at £82.59 each - a total of £2642.88 at at end Oct. Barclays have not yet cancelled the PPP insurance despite our written request that they do so. Also - this was taken out in March 06 but we were not given separate paperwork for it. Is this wrong, please ? I really appreciate your help, thank you very much.

marshallka

vintagegarters wrote: »

Hi there

I am clearly not very bright as I can't quite follow the maths....sorry ! We have paid 32 months of PPP insurance at £82.59 each - a total of £2642.88 at at end Oct. Barclays have not yet cancelled the PPP insurance despite our written request that they do so. Also - this was taken out in March 06 but we were not given separate paperwork for it. Is this wrong, please ? I really appreciate your help, thank you very much.

Ahhh, just noticed the repayments were £337.23 for the loan and £82.59 per month for the PPI.

My mistake here...

I thought the repayments were £337.23 in total...

So the PPI in total would have been 82.59 over 180 months being £14866.20.

If you made 32 payments of 82.59 that equals 2642.88

then you take the 14866.20 - the 2642.88 - whatever rebate you have ???

The you take that figure and add it to the repayments of 2642.88 and that is the total of your claim.

busbyh

pinknico wrote: »

It does not matter if the loan is settled but you will need to tell the FSCS how much ppi rebate you get so they can take that off the claim amount.

I cant believe they are not in default yet!! They are confirmed as in Liquidation on Companies house they have listed who they owe and what money they havent got. The directors have resigned but this does not show on the FSA register yet.

Did they write in relation to a query or just to let you know what was happening?
Thanks

Hi Pinknico
They replied in relation to query which was a request for the same info I am asking here. They said not sure if we could pay it back as Picture are no longer trading. I have emailed stating Picture have now been taken over by 'Picture the Loan' and this is who the re-payments are being made too.

We cancelled the PPI a month or two ago but there was nothing stated regarding a rebate of PPI. They state they will waive the early repayment charge if paid by 15th November. This amount to about £2100. The rebate being on the balance of the loan. Should be 43.000approx, now £41000 if paid beck by 15th
Cheers
busbyh xx

dennieb

Hello Pinknico
As far as i'm aware, the ppi covered the duration of the loan -15years. Anyway thankyou very much for your advice, I'll send the 2nd letter and let you know what happens.

vintagegarters

marshallka wrote: »

Ahhh, just noticed the repayments were £337.23 for the loan and £82.59 per month for the PPI.

My mistake here...

I thought the repayments were £337.23 in total...

So the PPI in total would have been 82.59 over 180 months being £14866.20.

If you made 32 payments of 82.59 that equals 2642.88

then you take the 14866.20 - the 2642.88 - whatever rebate you have ???

The you take that figure and add it to the repayments of 2642.88 and that is the total of your claim.

Hi again and thank you for your help - we have received no rebate at all, so should we be asking for a refund of the full £14,866.20 ? Sorry for being quite thick about this !

happytobehere

Hi all.

I put a letter into Paragon regarding a loan I had with them a couple of years back.

They've wrote back saying:

"Your application was submitted to Paragon by your brokers, E-oan.co.uk (now Twopart Limited).... As Paragon was not party to the conversations you had with your broker regarding the sale of the insurance, I am unable to comment further in this respect. I would, therefore, recommend that you contact your broker directly with your concerns regarding the sale of the insurance"

After a search on this forum, there's some discussion on Twopart/Eoan being liquidated? I don't know much about liquidation, so if this is the case, how will it affect my PPI claim?

Many thanks

marshallka

vintagegarters wrote: »

Hi again and thank you for your help - we have received no rebate at all, so should we be asking for a refund of the full £14,866.20 ? Sorry for being quite thick about this !

Well yes if that is what you have paid!!

Lets put it like this, you have applied to cancel the insurance now and by cancelling it you will receive a rebate of some sort. You will then have the whole loan redone without the PPI which should be of no difference APR to the first loan. Whatever your rebate is you take off the figure of £14866.20 and also what you have paid towards the PPI and then you add back the repayments you have made and this then gives you the actual cost of the PPI to date. This would be the amount you would be asking for back.

They could in actual fact then take this away from the new loan and repay you only what you have actually paid in repayments as you still owe them money... this has been known to happen in situations like this even ones going before the FOS.

marshallka

linda2604 wrote: »

Hi all.

I put a letter into Paragon regarding a loan I had with them a couple of years back.

They've wrote back saying:

"Your application was submitted to Paragon by your brokers, E-oan.co.uk (now Twopart Limited).... As Paragon was not party to the conversations you had with your broker regarding the sale of the insurance, I am unable to comment further in this respect. I would, therefore, recommend that you contact your broker directly with your concerns regarding the sale of the insurance"

After a search on this forum, there's some discussion on Twopart/Eoan being liquidated? I don't know much about liquidation, so if this is the case, how will it affect my PPI claim?

Many thanks

You need to submit a claim for this misselling to the FSCS (financial services compensation sheme) as twopart are now liquidated and as far as I am aware they have been declared in default here. Di who is on quite often will give you more information about this as she is in the same boat here.