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

busbyh

Longword wrote: »

Hi All,

Thanks Di I have just e-mailed my request for a complaints form although I may ring them tomorrow also.

Fingers crossed.

Finally what will the FSCS be able to compensate me for? Is it just the PPI element of the loan or is it this puls the usual 8% interest? Because i see on their website they can only compensate 100% for the first £2,000 and 90% of anything after that? Also will the cheque I have had back for 25% last year be take into account?

Again thank you all for the help.

thanks,
Longword

It would be the PPI element plus the interest you have paid on it to date-not too sure about th 8% statutory:beer:

busbyh

Charliemac wrote: »

Hi Folks, I have read this thread with interest, my wife and I took out a loan with Picture in November 2004 and we were also conned in to the single premium policy, we took out a loan of £25100 and they sold us the PPI as a single premium of £6262.45 a total loan balance of £31,362.45, we took the loan over 15 years paying £327.80 per month, admittedly a couple of payments were late however when we settled the loan early at the end of July 2007 we paid £31,420.33, which included a rebate of £690 for the insurance!
I made an attempt to claim against Picture and sent them one of the MSE letters, with no success.
I now understand that Picture Financial have gone bust, do I have a chance of claiming back what they owe me in respect of an insurance policy that I paid in effect £5572 for a period of 20 months!!

So you ended up paying them back more than you actually borrowed:mad:
We paid off our loan last November and we have still put in a claim;)
We also cancelled the PPI last August with no rebate- unless they classed the £2 reduction in monthly payment our rebate:rolleyes:

I's obvious all your payments are interest, but is is knowing is it off the PPi, the loan or both.

dialysis

beaniebabe wrote: »

That is very interesting Dialysis! Looks like they were telling everyone the same. :mad:
If we do not get a successful outcome we will have to discuss this further and stick together on this one!!
I never knew you were only covered upto age of 65!!
Enjoy your bike ride !!X:D

Cheers beaniebabe just got back now did quite a few miles, so got numb bum you are right hun if we dont get the outcome we deserve we will think of something all of us together.

pinknico

Hope everyone had a lovely Sunday, lets hope this week brings a few positives.

dialysis

pinknico wrote: »

Hope everyone had a lovely Sunday, lets hope this week brings a few positives.

great thanks Pinknico, hope you enjoyed grand prix. We have been out on motorbike and just got back am stuffing my face with pizza now quick tea. Well we are back to waiting for postman again tomorrow and I am going to try deloitte for my fourth time will let you all know if I get to speak to someone and not an answerphone

di3004

Hope you hear something tomorrow Di, after all that ringing you done last week, and still waiting for them to get back to you, fingers crossed.

We are having chicken wraps for tea, do not have an appetite though, leaving hubby to cook them lol....:D, the way its going he will be eating mine as well lol. XX

marshallka

busbyh wrote: »

So you ended up paying them back more than you actually borrowed:mad:
We paid off our loan last November and we have still put in a claim;)
We also cancelled the PPI last August with no rebate- unless they classed the £2 reduction in monthly payment our rebate:rolleyes:

I's obvious all your payments are interest, but is is knowing is it off the PPi, the loan or both.

Its because of rule of 78 used in Charliesmacs settlement and it should not have been. The agreement was over 25K so unregulated and charliemac settled in 2007 (which was after it was abolished for unregulated loans) so it should not have been used at all. I have just done some working it out using the rule of 78 calculator and charliemac actually paid MORE than that even. Seems like there were also fees added for early settlement?????So wrong and very unfair. I had it used in my agreement.

busbyh

pinknico wrote: »

Hope everyone had a lovely Sunday, lets hope this week brings a few positives.

Not bad,been trying and trying and trying............to work out how this interest works out, but not getting very far.

The only thing I have managed to work out is I paid about £65 a month on average off actual loan, over the 30 months. That makes it £285 per month interest!!! But I could be being overgenerous with the £65 How do I work out if its for PPI or the whole loan

dialysis

busbyh wrote: »

Not bad,been trying and trying and trying............to work out how this interest works out, but not getting very far.

The only thing I have managed to work out is I paid about £65 a month on average off actual loan, over the 30 months. That makes it £285 per month interest!!! But I could be being overgenerous with the £65 How do I work out if its for PPI or the whole loan

Sorry busbyh what are you trying to work out? just looked at post again do you mean your monthly payment was £350 per month? then how do you work out how much of that is PPI

busbyh

marshallka wrote: »

Its because of rule of 78 used in Charliesmacs settlement and it should not have been. The agreement was over 25K so unregulated and charliemac settled in 2007 (which was after it was abolished for unregulated loans) so it should not have been used at all. I have just done some working it out using the rule of 78 calculator and charliemac actually paid MORE than that even. Seems like there were also fees added for early settlement?????So wrong and very unfair. I had it used in my agreement.

That for that marshallka, i'm not very familiar with rule 78. I'm learning more every day on this site:beer: