Companies in Default/FSCS Claims - Picture, London Scottish, Twopart

gumbi

marshallka wrote: »

I hope everyone is Ok and look forward to you posting back later. xx

Did I read the events of yesterday evening correctly or am I still asleep and dreaming?

Did I see that the 1st of the Picture cheques from the FSCS has hit the doorstep?!

If this is right then we have all finally reached the end of a very long road!!;)

Just my luck that my local post office is taking 10 days to get 1st class mail to us at the moment so I've now got the prospect of a nervous wait to look forward too......But I can think of worse things to be waiting for:p

anybody that get's their cheque post up right away so we can keep track of what's going on....Hopefully Dialysis & Beaniebabe 1st followed quickly by the rest of us.

marshallka

gumbi wrote: »

Did I read the events of yesterday evening correctly or am I still asleep and dreaming?

Did I see that the 1st of the Picture cheques from the FSCS has hit the doorstep?!

If this is right then we have all finally reached the end of a very long road!!;)

Just my luck that my local post office is taking 10 days to get 1st class mail to us at the moment so I've now got the prospect of a nervous wait to look forward too......But I can think of worse things to be waiting for:p

anybody that get's their cheque post up right away so we can keep track of what's going on....Hopefully Dialysis & Beaniebabe 1st followed quickly by the rest of us.

Yesssssss;)

pinknico

I really think that in order for you not to pay the interest of your PPI over the term of the loan you would have to pay Picture back the money the FSCS pay you minus payments already made and related interest. I cannot see the future interest just being removed as well as ALL the PPI refunded. You would be getting a double refund nice but unlikely.

Also anyone paying a sum of money off their Picture loan must make sure you have the choice of lower payments not just shortening the loan term.xx

pinknico

Just noticed that on Mammamias post there is a part which says reasonable rate of return, any clues what that is?

marshallka

pinknico wrote: »

I really think that in order for you not to pay the interest of your PPI over the term of the loan you would have to pay Picture back the money the FSCS pay you minus payments already made and related interest. I cannot see the future interest just being removed as well as ALL the PPI refunded. You would be getting a double refund nice but unlikely.

Also anyone paying a sum of money off their Picture loan must make sure you have the choice of lower payments not just shortening the loan term.xx

I was wondering here if you are being paid back ALL the actual premium and also the interest you have paid to date BUT that was ALL that would happen and then you are left with the PPI and interest on the agreement. Once the PPI is on the agreement its actually another loan as you know and not really classed as PPI as there was a loan to pay the PPI in the first place in full and the actual PPI was then sent to the insurer.

It would be very nice if they are also then taking the PPI premiums OFF the loans as well but cannot see that happening BUT they do need to sort out the remaining interest due on the PPI as they have not actually taken this into account.

marshallka

pinknico wrote: »

Just noticed that on Mammamias post there is a part which says reasonable rate of return, any clues what that is?

I have just worked this out as 8% statutory interest on the full amount of refund (round about anyway????) from the date of 07/08/09 which was when Picture went in default.

pinknico

Hello Marshallka, agree with you but the only reason there would be remining interest on ongoing loans is if people dont use their refund to pay off the PPI part of the loan.

In effect the FSCS has taken the easy/quickest way out and is leaving it up to the claimants to pay off Picture and then the loan gets recalculted by Target

pinknico

Well done Marshallka you're a genius!

Not the 8% we would have got but better than nothing!

dialysis

pinknico wrote: »

Hello Marshallka, agree with you but the only reason there would be remining interest on ongoing loans is if people dont use their refund to pay off the PPI part of the loan.

In effect the FSCS has taken the easy/quickest way out and is leaving it up to the claimants to pay off Picture and then the loan gets recalculted by Target

Hi I m back Dad ok and walked the dog. No post yet, but I dont ezpect to hear today though. Am i right in saying that mammamia got her full PPI back, plus interset paid to date, plus 8% statatory interest. How do you work out how much interest you have paid on your loan? That ones for our resident mathmatition.:D

dialysis

gumbi wrote: »

Did I read the events of yesterday evening correctly or am I still asleep and dreaming?

Did I see that the 1st of the Picture cheques from the FSCS has hit the doorstep?!

If this is right then we have all finally reached the end of a very long road!!;)

Just my luck that my local post office is taking 10 days to get 1st class mail to us at the moment so I've now got the prospect of a nervous wait to look forward too......But I can think of worse things to be waiting for:p

anybody that get's their cheque post up right away so we can keep track of what's going on....Hopefully Dialysis & Beaniebabe 1st followed quickly by the rest of us.

Hi Gumbi yes yes and yes you did read it all right the end is in site, exciting isnt it.:T:T:T:T:T