PPI Reclaiming Discussion part 4

pinknico

Just one teeny weeny question, if they are not restructuring loans, does that mean we would also get paid the PPI still on the loan or would Picture remove this and any associated interest?

beaniebabe

pinknico wrote: »

Just one teeny weeny question, if they are not restructuring loans, does that mean we would also get paid the PPI still on the loan or would Picture remove this and any associated interest?

I have no idea Pinknico
This is my theory and it could be very wrong so don't take it as it will happen!
FSCS are not about dealing with the set up and re structuring of loans. Their work will be very specific.
I think they will re imburse us the total amount of the ppi premium incuding any interest the ppi has accumilated over the time we have been making the repayments to picture.
It will then be our responsibility on whether we want to use it to reduce the loan, therefore reducing the repayments, which I beleive would be our responsibility to negotiate with Target.
I think they are currently working on each case to see if claims are eligible for compensation and calculate the interest that has accumilated to date because of the extra lump sum of PPI.
This theory to me would be the easiest option for the FSCS and take less time to deal with.
I am no financial expert and do not work in the financial industry so anything could happen However it would be nice if I am right

pinknico

would be fantastic if you were,
keep the payments the same and go on massive spending spree!!!!!
or pay off what should be removed and go on shopping spree with the interest so far !!!!

Decisions decisions!!!

May we all be winners.xx

beaniebabe

pinknico wrote: »

would be fantastic if you were,
keep the payments the same and go on massive spending spree!!!!!
or pay off what should be removed and go on shopping spree with the interest so far !!!!

Decisions decisions!!!

May we all be winners.xx

It certainly would. Have no idea how the interest bit would work but Picture are good at piling it on so it could be a nice sum.

busbyh

beaniebabe wrote: »

I have no idea Pinknico
This is my theory and it could be very wrong so don't take it as it will happen!
FSCS are not about dealing with the set up and re structuring of loans. Their work will be very specific.
I think they will re imburse us the total amount of the ppi premium incuding any interest the ppi has accumilated over the time we have been making the repayments to picture.
It will then be our responsibility on whether we want to use it to reduce the loan, therefore reducing the repayments, which I beleive would be our responsibility to negotiate with Target.
I think they are currently working on each case to see if claims are eligible for compensation and calculate the interest that has accumilated to date because of the extra lump sum of PPI.
This theory to me would be the easiest option for the FSCS and take less time to deal with.
I am no financial expert and do not work in the financial industry so anything could happen However it would be nice if I am right

I tend to agree with you on this one.fscs will not get involved with any restructure, it is not in their remit. If we are paid everything back inc interest and we choose to pay it back to Target, we will then be in the position as we would have been had we not taken out the PPI.
Does that make sense
xx

pinknico

I wonder if they would accept the sum as full and final settlement!


Must stop dreaming, havent got a claim yet.

pinknico

beaniebabe wrote: »

It certainly would. Have no idea how the interest bit would work but Picture are good at piling it on so it could be a nice sum.

I know the interest alone would be amazing.:T

busbyh

pinknico wrote: »

I wonder if they would accept the sum as full and final settlement!


Must stop dreaming, havent got a claim yet.

wouldn't that be good;)

beaniebabe

busbyh wrote: »

I tend to agree with you on this one.fscs will not get involved with any restructure, it is not in their remit. If we are paid everything back inc interest and we choose to pay it back to Target, we will then be in the position as we would have been had we not taken out the PPI.
Does that make sense
xx

It makes sense to me Bushbyh. I can not see why they would want to make themselves any extra work!!;)

beaniebabe

pinknico wrote: »

I know the interest alone would be amazing.:T

Am sure the interest would be only what had been paid by you to date. I can not see ot covering the full term!!!