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

busbyh

marshallka wrote: »

Dialysis, I am going to sound a bit like an Owl now:eek:. IF the lot is paid back to you (being the PPI and interest to date) then as we know the interest over the term of the loan is loads more so we need to find out what happens to the remaining loan? If they pay you back all this and do not alter the loan at all then you and all others have in effect still got a lot of interest that you are being charged and not redressed on if you see what I mean. I wish someone would post on here exactly what they say about the remaining loan. If it stays the same then you are still making terrific repayments and its still secured on your home. If you make the redress they give you against the loan and they have not altered the loan at all then its still not enough to put you back into the position as if you never had the PPI.

If they redress and take the remaining interest off the loan and reduce your repayments then that is good.

I think they have left the option to pay it back up to the individual (crafty move) as Picture will still get all the extra interest.
I can't see Picture taking anything off the loan as that would mean you have been awarded twice!!

pinknico

beaniebabe wrote: »

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

Mamamia is still paying the loan, she got ALL PPI premium refunded, interest paid to date and 8% of the total from the time of Default.
She got 100% of the first £2000 and 90% of the rest.
I am sure you will hear very soon beaniebabe.:T

busbyh

marshallka wrote: »

I am dying for Beaniebabe to post the amount or caculation as her PPI would have cost over the full term a whopping

£41376.00

Now if she gets the original Premium back being 12.500 and then interest paid to date being a few quid and nothing changes in the loan at then they have still made another 25 odd grand.... do you see what I mean here....... Is the remaining interest also taken off the loan and the loan redone withit and reduced repayments??

THIS IS FINAL WITH THEM AND YOU NEED TO MAKE SURE THEY ARE NOT RIPPING YOU OFF.

WELL SAID MARSHALLKA:beer:

pinknico

Happy Anniversary beaniebabe.!

beaniebabe

Mammamia wrote: »

No they didn't put the reasons, but my reasons for claiming were that we weren't aware that the cover was just for me and not my husband, they didn't ask about any illnessess (and I have a heriditary disease) and we weren't aware that we were paying for the PPI over 15 years, but only covered for 5.

Your claim is identical to ours:beer: I will definatly not sleep tonight now and don't think I will be able to keep off ringing until next week. Well done Mamamia, enjoy your win and good luck:T:T

marshallka

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

That is so right and they say (on debt sites) that you should never repay your unsecured first. Its always best to pay off your secured debts but of course the choice is up to the individual. I would certainly want rid of my secured ones first.

busbyh

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 agree totally pinknice, they will not pay it twice.

di3004

Happy Anniversary BeanieBabe and Hubby.:beer:XXX

marshallka

I am going to get shot saying this but needs saying

your home is at risk if you do not keep up repayments on a mortgage or other loan secured to it......

busbyh

pinknico wrote: »

IF my claims are upheld, mine was a topup and they cancelled the first PPI and gave us a more expensive one , they rebated a bit of the first but in effect waiting for two refunds of PPI and if I get them Christmas will be FAB!

Good luck pinknico- hope it won't be too long:beer: