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

marshallka

di3004 wrote: »

We remortgaged before the case was resolved with the FOS (2nd loan ppi), but yet when this was resolved I thought that would have already included the interest etc???

It would have done I suppose. You were redressed correctly on that one but I think they would mean details of the Nemo loan (to assess what amount the loan was opened with in the beginning as you opened it with the Eloan one didn't you... have to look back... I wouldn't say they were allowed to do anything about the nemo one as nemo are not in default..

di3004

marshallka wrote: »

It would have done I suppose. You were redressed correctly on that one but I think they would mean details of the Nemo loan (to assess what amount the loan was opened with in the beginning as you opened it with the Eloan one didn't you... have to look back... I wouldn't say they were allowed to do anything about the nemo one as nemo are not in default..

I agree.;)
Just sent an email now to them.;)

Hopefully she will get back by today, or maybe tomorrow now.

marshallka

di3004 wrote: »

I agree.;)
Just sent an email now to them.;)

Hopefully she will get back by today, or maybe tomorrow now.

Your post here;)

Found the Credit Agreement of the first loan arranged by the brokers TWOPART/ELOAN (Nemo the lender paperwork).

Cash loan amount £43,000

PPI £8,492.50

Total Loan £51,492.50

Monthly payments = 300
Monthly payments = £370.53

Monthly Interest Rates
(variable - see clause 8 2.2 overleaf) 0.600 %
APR (assumes no variation in rate) 7.4%

(Variable by notice to you if the Interest Rates varies, or in the case of the first payment, when this is due more than 30 days after execution of the Agreement)

Signed 18/11/2005
First payment to be made on 18/12/2005

PAYMENT PROTECTION INSURANCE

IF AN OPTIONAL PPI PREMIUM HAS BEEN SHOWN IN THE LOAN ABOVE THEN:

1. The total amount of the premium (inclusive of the Insurance Premium Tax at the current rates) for your cover is shown in the Optional Payment Protection Premium Box.

2. The premium is set and will not vary or be reviewed during the 60 months period of cover.

3. There are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the Optional PPI premium box.

Assuming you keep to the term of the agreement and that the interest rates do not vary, this interest would be £9840.24.

The total price you would pay for cover is £18332.24, this will however change in interest rates change.

You understand that the phrase ASU refers to Accident, Sickness & Unemployment cover that you have selected.
"Single Life, Single ASU Cover".
.................................................. ................................................
Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................. ...............................................
Then I have this which has confused me rebate wise.

Any thoughts ?

SINGLE POLICY
PREMIUM £8492.50
DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION (FOR CONSOLIDATION) 07/07/2006
AGE IN MONTHS 9

CASHBACK PREMIUM: £1,679.15
CASHBACK COMMISSION: £43,00
CASHBACK IPT: £86.00

LASU PREMIUM: £1,650.34
LASU COMMISSION: £4,591.45
LASU IPT: £82.56

CANCELLED AFTER 30 DAYS: £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS: £6,271,65
FURTHER ADVANCE PRE FEB 2006: £7,633.28
FURTHER ADVANCE POST FEB 2006:£7,644,43

FACTOR: 75.30%

CALCULATIONS
CANCELLATION AFTER 30 DAYS

cashback premium rebate £0.00
Cashback commission rebate:£0.00

Cashback IPT
LASU PREMIUM REBATE: £1,650.34
LASU COMMISSION:£0.00
LASU

£1,242,72
15.55
£1,258.26
.................................................. .................................................
ANOTHER ONE OF THESE:

PPP SINGLE POLICY
PREMIUM £8,492.50

DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION 07/07/2006

AGE IN MONTHS - 9

CASHBACK PREMIUM - £1,679.15
CASHBACK COMMISSION - £43.00
CASHBACK IPT £86.00

LASU PREMIUM £1,650.34
LASU COMMISSION £4,951.45
LASU IPT £82.56

CANCELLED AFTER 30 DAYS £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS £6,271.65
FURTHER ADVANCE £7,633.28

FACTOR 75.30%


They have actually stated in this post about it costing you £848 and I missed it and did it by hand...:rotfl::rotfl:

busbyh

I have just spoken with deloitte asking if they need my remortgage details. She said they will send a letter when needed, as they will need this to calculate the interest we have also paid on this. Would give no definate timescales, just said they are dealing with the oldest cases first. Told her our date was 12th Sept. and she said we will be up there in the queue
Here's hoping:D

marshallka

busbyh wrote: »

I have just spoken with deloitte asking if they need my remortgage details. She said they will send a letter when needed, as they will need this to calculate the interest we have also paid on this. Would give no definate timescales, just said they are dealing with the oldest cases first. Told her our date was 12th Sept. and she said we will be up there in the queue
Here's hoping:D

It won't be too long then now lets hope.

di3004

marshallka wrote: »

Your post here;)

Found the Credit Agreement of the first loan arranged by the brokers TWOPART/ELOAN (Nemo the lender paperwork).

Cash loan amount £43,000

PPI £8,492.50

Total Loan £51,492.50

Monthly payments = 300
Monthly payments = £370.53

Monthly Interest Rates
(variable - see clause 8 2.2 overleaf) 0.600 %
APR (assumes no variation in rate) 7.4%

(Variable by notice to you if the Interest Rates varies, or in the case of the first payment, when this is due more than 30 days after execution of the Agreement)

Signed 18/11/2005
First payment to be made on 18/12/2005

PAYMENT PROTECTION INSURANCE

IF AN OPTIONAL PPI PREMIUM HAS BEEN SHOWN IN THE LOAN ABOVE THEN:

1. The total amount of the premium (inclusive of the Insurance Premium Tax at the current rates) for your cover is shown in the Optional Payment Protection Premium Box.

2. The premium is set and will not vary or be reviewed during the 60 months period of cover.

3. There are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the Optional PPI premium box.

Assuming you keep to the term of the agreement and that the interest rates do not vary, this interest would be £9840.24.

The total price you would pay for cover is £18332.24, this will however change in interest rates change.

You understand that the phrase ASU refers to Accident, Sickness & Unemployment cover that you have selected.
"Single Life, Single ASU Cover".
.................................................. ................................................
Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................. ...............................................
Then I have this which has confused me rebate wise.

Any thoughts ?

SINGLE POLICY
PREMIUM £8492.50
DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION (FOR CONSOLIDATION) 07/07/2006
AGE IN MONTHS 9

CASHBACK PREMIUM: £1,679.15
CASHBACK COMMISSION: £43,00
CASHBACK IPT: £86.00

LASU PREMIUM: £1,650.34
LASU COMMISSION: £4,591.45
LASU IPT: £82.56

CANCELLED AFTER 30 DAYS: £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS: £6,271,65
FURTHER ADVANCE PRE FEB 2006: £7,633.28
FURTHER ADVANCE POST FEB 2006:£7,644,43

FACTOR: 75.30%

CALCULATIONS
CANCELLATION AFTER 30 DAYS

cashback premium rebate £0.00
Cashback commission rebate:£0.00

Cashback IPT
LASU PREMIUM REBATE: £1,650.34
LASU COMMISSION:£0.00
LASU

£1,242,72
15.55
£1,258.26
.................................................. .................................................
ANOTHER ONE OF THESE:

PPP SINGLE POLICY
PREMIUM £8,492.50

DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION 07/07/2006

AGE IN MONTHS - 9

CASHBACK PREMIUM - £1,679.15
CASHBACK COMMISSION - £43.00
CASHBACK IPT £86.00

LASU PREMIUM £1,650.34
LASU COMMISSION £4,951.45
LASU IPT £82.56

CANCELLED AFTER 30 DAYS £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS £6,271.65
FURTHER ADVANCE £7,633.28

FACTOR 75.30%


They have actually stated in this post about it costing you £848 and I missed it and did it by hand...:rotfl::rotfl:

:rotfl::rotfl::D lmao.
Wow you were quick finding this Marshallka well done.......:T:T

busbyh

marshallka wrote: »

It won't be too long then now lets hope.

marshallka, you never cease to amaze me with all your calcs:A
It's mind boggling to me. Why you are not working in the finance sector I will never understand!!! You are so good at it.You just appear to take everything in so easily and can see at a glance what is needed:AI need to read everything several times before it finally registers!!
Thank you for all your help


You should be a Financial Advisor!

marshallka

busbyh wrote: »

marshallka, you never cease to amaze me with all your calcs:A
It's mind boggling to me. Why you are not working in the finance sector I will never understand!!! You are so good at it.You just appear to take everything in so easily and can see at a glance what is needed:AI need to read everything several times before it finally registers!!
Thank you for all your help


You should be a Financial Advisor!

Thanks for the vote of confidence bushbyh..:A

I could not work in finance. It does my head in really but I have to KNOW things and I have to KNOW how things work. I bet I really do all your heads in sometimes. :eek: And sometimes I am not right but just trying to learn I suppose.

busbyh

marshallka wrote: »

Thanks for the vote of confidence bushbyh..:A

I could not work in finance. It does my head in really but I have to KNOW things and I have to KNOW how things work. I bet I really do all your heads in sometimes. :eek:

You don't do mine in. We would be lost without you on here. I know what you mean though, I do like to get to the bottom of things myself, i'm a bit like that in work if there's a probem ,I can't leave it without investigating until I find the reason for it.;)

dialysis

OMG what are you all like I have only been off for a couple of hours and you have filled three pages. I have had a swift glance through but i got lost somewhre amongst all the figures:rotfl::rotfl::rotfl:I cant comment on any of it cos I am a thicko and I dont understand. Congrats to all who have rung deloitte and got good news. When i rung I was asked if I had remortgaged but I hadnt so she said that was fine. I still reckon we should here next week or week after so heres hoping. Hope you are all well. Carol Vordeman(AKA Marshallka) is excellent at figures I have seen her on countdown:rotfl::rotfl::rotfl: