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

pinknico

dialysis wrote: »

It looks like ours is together then cos that is basically what I was told and the fscs said it would take a week to get to them and then they would do it straight away. So I have to ring them again next wednesday if I havent heard anything by then. So we are probably looking at the back end of next week or early the week after. Hopefully I have got everything crossed:cool: Patience is a virtue so they say, but its bloody boring

So near and yet so far!!

marshallka

FORGET THIS POST - I HAVE PROVED MYSELF WRONG......Been busy on my documents all morning trying to get some proof in leymans terms of why you are STILL being ripped off by Picture. What I really want to know is some things from mamamia, its what the loan would cost to SETTLE it now that is important??

I have also got to work out that if she only had the loan without the PPI added and paid 48 repayments (just the ones against the loan here) at the same interest rate what the settlement would have been if she settled now.

This will show just how much they have ripped you lot off by by doing it this way and according to this (I don't know for definate but will do my damndest to find out) by approx how much and its not a few quid either. I know you are all happy with the redress's now but for how long if you realise there is another few grand... I need someone who can work out proper settlements.... both with and without PPI. I can do the old ones rule of 78 on the calculator but this new method does not have a calculator. May just ask on the loans thread....If Picture are reducing the loans also then all fair well and good but if they are staying the same or as mamamia posted earlier, only reducing by a few quid per month then they still are not doing this correct in my eyes. In fact it would probably be better for a company to close down on purpose if they think they are having to redress all PPI claims and let the FSCS deal with them.

I will not settle until I have it straight in my own head and I know its nothing to do with me but its just another example (up to yet anyway and like I say, if they are redoing the loans as well that is OK) of how ALL these institutions are ripping us off daily. If someone can see where I am going wrong then feel free to put me right.

Forget this - I am cracking up

marshallka

Also just noticed that from Jan 2010 the FSCS are changing their rules for non compulsory insurance

From 1st January 2010, all claims for non-compulsory insurance will be paid at 90%, with no upper limit.

Does this mean PPI complaints I wonder as most insurance is actually sold "compulsory" to the loan???

pinknico

Not really sure what you mean Marshallka but I hope you can help me.

Ok in the beginning you have a loan with PPI . Using pretend figures say the loan was 10,000 and PPI 3000.So far been paid for 2 years.

Only concentrating on the PPI you have been charged interest on this £3000 for 2 years.

The FSCS are giving back that interest charged on the PPI for 2 years ?

They are refunding the £3000 which can now come off the loan so no more interest will be charged on it?

So what other money should I be fighting for ( because I want whats owed!)

Also
Mammamia had already cancelled her PPI so not sure why her monthly payments have gone down again? What have Picture done to her loan if we have been given all PPI and interest paid so far?

Counting on you Marshallka to get rid of my headache!

I know we wont get back all payments made towards the PPI because we are getting back ALL PPI,

pinknico

marshallka wrote: »

Also just noticed that from Jan 2010 the FSCS are changing their rules for non compulsory insurance

From 1st January 2010, all claims for non-compulsory insurance will be paid at 90%, with no upper limit.

Does this mean PPI complaints I wonder as most insurance is actually sold "compulsory" to the loan???

Yes it means PPI.

busbyh

di3004 wrote: »

Yes it was sent, its just that it seems that they require the details from the lender as well.;)

Hi di
We sent the letter from Picture detailing the breakdown of the settlement figure and the date the loan was actually paid off. I don't remember giving the details of the lender

Also our solicitor was in contact with Picture, so I would imagine they have the details of the lender from him

busbyh

pinknico wrote: »

Not really sure what you mean Marshallka but I hope you can help me.

Ok in the beginning you have a loan with PPI . Using pretend figures say the loan was 10,000 and PPI 3000.So far been paid for 2 years.

Only concentrating on the PPI you have been charged interest on this £3000 for 2 years.

The FSCS are giving back that interest charged on the PPI for 2 years ?

They are refunding the £3000 which can now come off the loan so no more interest will be charged on it?

So what other money should I be fighting for ( because I want whats owed!)

Also
Mammamia had already cancelled her PPI so not sure why her monthly payments have gone down again? What have Picture done to her loan if we have been given all PPI and interest paid so far?

Counting on you Marshallka to get rid of my headache!

I know we wont get back all payments made towards the PPI because we are getting back ALL PPI,

Hi pinknico, why won't you get all payments back made to the PPI. You should get the PPI back and all the payments
I don't understand either why mammamia's payments were reduced either

pengi

Hi All
Have just spoken to a very helpful lady at Deloitte. Thay also want details of who we remortgaged to reapy our picture loan. She explained that this was becaiuse the debt of the PPI was effectively still being carried on and they need the interest rate being paid on the remortgage so they could calculate the rebate on the PPI still being paid for!

This sounds positive as i thought they would stop calculating the rebate on the date we paid of the loan.

Does that make sense?

They also want copies of any documentaion relating to the original loan.

marshallka

pinknico wrote: »

Not really sure what you mean Marshallka but I hope you can help me.

Ok in the beginning you have a loan with PPI . Using pretend figures say the loan was 10,000 and PPI 3000.So far been paid for 2 years.

Only concentrating on the PPI you have been charged interest on this £3000 for 2 years.

The FSCS are giving back that interest charged on the PPI for 2 years ?

They are refunding the £3000 which can now come off the loan so no more interest will be charged on it?

So what other money should I be fighting for ( because I want whats owed!)

Also
Mammamia had already cancelled her PPI so not sure why her monthly payments have gone down again? What have Picture done to her loan if we have been given all PPI and interest paid so far?

Counting on you Marshallka to get rid of my headache!

I know we wont get back all payments made towards the PPI because we are getting back ALL PPI,

Lets say that mamamia had the loan originally without the PPI.

Loan£ 56000
Repayments against the loan £647.91 x 180 = £116,623.80
Repaid for 4 years £31,099.68
Remaining after 4 years repayments on the Loan £85,524.12 (This is what your loan balance should have looked like today without the PPI added but includes the interest too). Suppose she wanted to settle this today? How much would you say she would settle? I work it like this from the FSA loan calculator that the loan was over 15 years, 11.3%, repayments 647.

If you type the above figure into this calculator here
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator

You get the INTEREST payable over the whole of the loan as 60,474.99. Now if she has made repayments of 647.91 x 48 that is 31099.68 so owing is 85.5K

Now if you work the interest out and divide it by 180 months (I know this does not happen in real life but lets just say it did) it would be 335.97 a month so mamamia is paying 336 for the interest on the loan and then 311.91 capital. If she has made 48 capital repayments against the loan that would be near on £15K paid off it so owing would be about £41K. She would have to pay the settlement interest on top of this but could in effect settle round a bout this. (Have no idea if I am correct??)

Then you look at mamamia did not pay 647.91 a month, she paid 811 cause of the PPI. She made 48 payments of the this 163.09 against the PPI but should in effect have this back to her totalling near on £8K.... so if it was this way she has overpaid by £8K and needs this back and could in effect settle at £33,000...................

---

Now her loan originally included PPI and the FSCS says her loan will stay the same ish bar this 6 quid a month reduction and they have paid her back £19.5K in effect although cause of the way they compensate its 17K odd.

Her loan here
Total loan 811.00 x 180 = £145,980.00
Repaid 48 x 811 = £38,928.00
Remaining after 4 years £107,052.00 (This is what your loan balance is likely to be now without repaying the PPI over to Picture)

Now if she took from this redress the £7828.32 which is what she has been paying a month when she should not have done away and used it like the FOS would redress in the form of a cheque from the 19.5K redress you are left with an amount of £11672.00. If this amount was then paid off the remaining balance on the loan there would be £95380 (including interest) owing.

Going back to the FSA calculator again and feeding these orginal figures in from her original agreement then the total interest payable would have been 75,697.41. Divide that by 180 months and its 420.54 a month in interest (OUCH!!!!). That means that 390.46 was coming off the loan capital each month. 390.46 x 48 months = £18742.08 off the original £70096 (loan and PPI loan) leaves a balance of 51353.92 capital left if she were to settle it now. If she paid the 11672 over to them now that would leave a balance of 39681.92 in capital. Then if the other redress was also used against the loan the settlement would reduce again to £31K:j:j

Both figures matchish now and you are looking in pocket.....


Writing it all down like this means they could be right - I am cracking up;)

marshallka

pinknico wrote: »

Yes it means PPI.

I see why too....

http://docs.google.com/gview?a=v&q=cache:ZdUUG_NqW6gJ:www.fscs.org.uk/Download.ashx%3Fid%3D10199+fscs+compensation+on+PPI+how+to+compensate&hl=en&gl=uk&sig=AFQjCNGvasQk760S-ISXZLf2OKHYrp9GSA