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

dialysis

di3004 wrote: »

Hopefully I should hear an update tomorrow on either FSCS or Deloittes, fingers crossed.;)

Hope you hear something Di tomorrow.:D;)

beaniebabe

dialysis wrote: »

Hi Beaniebabe I havent myself but I would not worry it might just be standard. I am sure they are aware that PPI refunds are imminent, hopefully, theres my pessimism again, I wouldnt be suprised though if they started writing to people in arrears about payment. They havent wrote to us in months and I have arrears, so I am expecting a letter soon. Have you rung the FSCS or deloitte about your claim?

Thanks Dialysis
I have given both fscs and deloittes a call but have only got an answerphone. I have left a message though for the nice man who always seems to return my calls, so I am hopeful I should hear something back tomorrow;)
Hope you hear something soon Di.X

pinknico

Thanks Marshallka for working that out, I thought I was going mad when I couldnt see the money I was missing out on!

busbyh

I have just been speaking to my niece who is a FA and told her about the case that was rejected by FSCS. She has made me feel a little better as she said, we don't know why this person was refused, she has seen cases where they have lied on the application. It could be any number of reasons
hopefully she is correct

marshallka

busbyh wrote: »

I have just been speaking to my niece who is a FA and told her about the case that was rejected by FSCS. She has made me feel a little better as she said, we don't know why this person was refused, she has seen cases where they have lied on the application. It could be any number of reasons
hopefully she is correct

I have left you a post on the other FSCS compensation thread bushby. Don't worry...;)

pinknico

busbyh wrote: »

I have just been speaking to my niece who is a FA and told her about the case that was rejected by FSCS. She has made me feel a little better as she said, we don't know why this person was refused, she has seen cases where they have lied on the application. It could be any number of reasons
hopefully she is correct

One minute we are celebrating ,the next we are back to earth with a bump.:o

di3004

I have a good feeling all will be okay.;)

These policies are a right rip off anyway!

Mammamia

We are still being ripped off by Picture as far as I can see. I spoke to them today and apparently the settlement figure now would be £64,000 if we didn't give over the settlement cheque, which means that we have only paid £6k off the loan in the last four years. My original loan was 56k, with 14k for the PPI. Also this amount will still accumulate interest, even though 14k was missold to us. If we pay off the 14k, the loan amount would be 50k, and our monthly payments would be reduced by about £180.00 per month. I'm not happy with this situation, as they say they can't give me a breakdown of how much we actually paid of the 56K and how much we have paid of the 14K. Going to seek advice from a financial advisor and the cheque is staying in the bank at the moment!

beaniebabe

Mammamia wrote: »

We are still being ripped off by Picture as far as I can see. I spoke to them today and apparently the settlement figure now would be £64,000 if we didn't give over the settlement cheque, which means that we have only paid £6k off the loan in the last four years. My original loan was 56k, with 14k for the PPI. Also this amount will still accumulate interest, even though 14k was missold to us. If we pay off the 14k, the loan amount would be 50k, and our monthly payments would be reduced by about £180.00 per month. I'm not happy with this situation, as they say they can't give me a breakdown of how much we actually paid of the 56K and how much we have paid of the 14K. Going to seek advice from a financial advisor and the cheque is staying in the bank at the moment!

Thanks for this Mammamia
Keep us informed.

marshallka

Mammamia wrote: »

We are still being ripped off by Picture as far as I can see. I spoke to them today and apparently the settlement figure now would be £64,000 if we didn't give over the settlement cheque, which means that we have only paid £6k off the loan in the last four years. My original loan was 56k, with 14k for the PPI. Also this amount will still accumulate interest, even though 14k was missold to us. If we pay off the 14k, the loan amount would be 50k, and our monthly payments would be reduced by about £180.00 per month. I'm not happy with this situation, as they say they can't give me a breakdown of how much we actually paid of the 56K and how much we have paid of the 14K. Going to seek advice from a financial advisor and the cheque is staying in the bank at the moment!

I did this today but cannot say if its correct for definate as not a financial advisor and hope you do not mind.....



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...oan_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...................

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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