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

sal7

Wow, well done mammia. Really good news.:j:j:j

Longword

Hi All,

I am so pleased that this looks like it might be coming to an end for some of you.

I unfortunatley am still waiting to hear from FSCS regarding whether I have a claim or not? I am sure I have because our Picture Loan was taken out in June 2005. Also I remember seeing a thread earlier that told you how to calculate the PPI interest and element of your repayments can some body point me in the right direction for this please.

Many thanks,
Longword

marshallka

Longword wrote: »

Hi All,

I am so pleased that this looks like it might be coming to an end for some of you.

I unfortunatley am still waiting to hear from FSCS regarding whether I have a claim or not? I am sure I have because our Picture Loan was taken out in June 2005. Also I remember seeing a thread earlier that told you how to calculate the PPI interest and element of your repayments can some body point me in the right direction for this please.

Many thanks,
Longword

Seems like the FSCS are actually redressing in that they are paying back the "whole" of the premium, whatever interest you have paid to date on the premium, and then a small amount of statutory interest on the amount from the actual default date. You have to remember they are only doing it their way in that it is 100% of the first £2K (Not completely sure on that??) and then 90% of the rest.

jadest

Hi my claim went to FOS against London Scottish in April 08 then was passed to FSCS in March 09. They siad they like to deal with claims within 6 month so I rang them in July they said they were working on it so I rang again in August to ask how claim was doing they said "we are working on it" two weeks later I rang again they said "we are working on it and then a rang again they said "we are working on it" so today I rang again they said (you will never guess) lol...... yes thats right "we are working on it". I wish they would work quicker, I mean how long are they going to keep saying they are working on it.... This is so frustraiting.

busbyh

Hello folks,
Back on now, need to catch up on all todays updates.:j

di3004

Wow, looking good for you all then, fantastic.......:T:T:T:T

Great news.
Its getting very exciting on here.:T:beer:

busbyh

marshallka wrote: »

What happens to your LOANS now with Picture. If they are left as they are then you will owe to Picture ALL the PPI and Interest like in the original loan and if you used the redress that you have received to pay it off your Picture Loan then you are still going to owe the remaining interest (if you see what I mean). Have they reduced your Picture Loans by the interest that would have been due by you for the whole term.???

Although they have refunded the original premium and Interest paid to DATE there is still interest due for the remainder which is loads if your loan went full term.

If you work out the total cost of the policy including interest then its far more and I know that you have not actually been charged this full amount of interest but if the loans are staying the same then in effect you still owe the remaining interest...

Are they taking this off the loan? Sorry to be a pooper here but not intended that way. I can see things from the outside and if nothing is changing with the loans then you have still been done out of thousands and still GOING to pay the full price over the years for the policy.

As I see it, the only way to avoid paying any extra interest , is to pay back to Picture the PPI amount that has been awarded.The loan would then be in the position it would have been had PPI not been added. The repayments would also be reduced if the loan was kept as it was over the remaining term. Is this right

beaniebabe

busbyh wrote: »

Wonder where beaniebabe is tonight, she's missing all these exciting posts

Sorry not around last night it was my wedding anniversary and we went out for a meal. What great news:j I can't beleive I missed out on this!!!! I am realy tempted to give deloittes a call but am going to try and resist until next week. Dialysis I am so happy for you :beer::j:j:j
Looks like we might hear something within the next couple of weeks which will be great :T
Last time I called deloittes they told me they had all info and were now processing, so hopefully I may hear something soon:D

beaniebabe

Mammamia wrote: »

Great News, I have received a cheque for £17K today as compensation for misselling of PPI by Picture. I can't believe this has finally been resolved after 4 years of struggling to pay these loan sharks.

This has got to mean good news for everyone, if they pay out for one person then surely the rest must follow.

Good luck to everyone, I think you will all hear very soon x

OMG:beer: That is bloody fantastic:T :T:T:T:T:T Well done to you!!!!!
Were you still paying the loan or had you repaid it
If you are still paying the loan have they recalculated your monthly repayments?
Did you get the whole PPI thing back. I can hardlt type, I am so excited!!!!!!!!!!!!!!!!!:D:D:D:D:D:D:D:D:D:D

pinknico

busbyh wrote: »

As I see it, the only way to avoid paying any extra interest , is to pay back to Picture the PPI amount that has been awarded.The loan would then be in the position it would have been had PPI not been added. The repayments would also be reduced if the loan was kept as it was over the remaining term. Is this right

Yes busbyh, you are right. It was probably the quickest way to do it. x