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

pinknico

And minus £6000 your figure would now be £50000?

pinknico

looks about right to me, but your financial advisor should be able to tell.
Can I ask what you were expecting?

Mammamia

beaniebabe wrote: »

To be honest If I were to get anything back I was going to pay them the PPI back and use the rest for other debt. My question is, would they refuse to accept just the PPI. My other argument is that if we were to give them the whole lot back I can inagine them putting the interest rate up even higher in order to bring our reduced repayments back to what they were before we had the ppi refunded.
I do understand what Marshallka is saying and agree with it, but like you I do not trust this cowboy company:mad:

I don't think they would refuse to accept the PPI only, they said today that the money is basically mine to spend how I want, but at the end of the day if we don't pay it to them we will continue to pay interest on a PPI that was missold to us in the first place, so they would be quids in. In my case, I will be paying interest for the next 11 years!

I hope you hear something soon about your comp, hopefully we will all be a bit clearer soon about how the loan will continue. I am getting in touch with a financial advisor and will post info on here once I have received info from him.

Mammamia

pinknico wrote: »

And minus £6000 your figure would now be £50000?

That's right. I'm not sure what amount I expected to have left on the loan, but I thought i would have paid more than 6K in four years. Maybe my expectations were too high?

pinknico

Mammamia wrote: »

My understanding is that even if I paid them the whole cheque, my settlement loan would still be 47K. I am considering paying them the 14K, but I am uncertain if the settlement amounts are based on if I had only taken the 56K loan in the first place and hadn't taken out the 14K PPI.

I am sure it is, you only need to pay off the cost of the PPI to be put in that position.

You have gone from £70000 to £56000, to £50000.(roughly!)

marshallka

Mammamia wrote: »

I don't think they would refuse to accept the PPI only, they said today that the money is basically mine to spend how I want, but at the end of the day if we don't pay it to them we will continue to pay interest on a PPI that was missold to us in the first place, so they would be quids in. In my case, I will be paying interest for the next 11 years!

I hope you hear something soon about your comp, hopefully we will all be a bit clearer soon about how the loan will continue. I am getting in touch with a financial advisor and will post info on here once I have received info from him.

Show him my post and working by all means. I am not a financial advisor though and they are probably wrong but would be good to see just how wrong they are...

I would be glad for someone to see this as I spent all morning trying to get these all to tally to get you back into the position as if you never had the PPI.

Look forward to what they come up with.

Mammamia

pinknico wrote: »

Can I just clarify Mammamia, your loan with PPI was £70000, £56000 without PPI?

That's correct

Mammamia

marshallka wrote: »

Show him my post and working by all means. I am not a financial advisor though and they are probably wrong but would be good to see just how wrong they are...

I would be glad for someone to see this as I spent all morning trying to get these all to tally to get you back into the position as if you never had the PPI.

Look forward to what they come up with.

I'll let you know, I've left him a message so hopefully he will get back to me soon

marshallka

Mammamia wrote: »

That's right. I'm not sure what amount I expected to have left on the loan, but I thought i would have paid more than 6K in four years. Maybe my expectations were too high?

If it helps i worked out the loan capital repayments (over 48 months though as a rough guide as i know they were not quite 48 made were there....but worked on that as easier). When you see it all in black and white you can see just what these things cost. I also posted another post this morning saying all this. I will try and dig it up....;)

pinknico

Mammamia wrote: »

That's right. I'm not sure what amount I expected to have left on the loan, but I thought i would have paid more than 6K in four years. Maybe my expectations were too high?

Mammamia, in 2 years approx £800 has come off my capital on a 25 year loan. Its sickening I agree,Picture are the pits.
but the FSCS have tried to put you back in a position without PPI in their unique way