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

Mammamia

marshallka wrote: »

They look to be giving you the choice in that you can carry on the loan payments as they are and have this extra money as another loan (be in more debt in the long run) or PUT YOURSELF back into the position as if you never had the PPI. Its your own choice I think...They are hoping that people will use it for other things and then they get all the interest in the long run.

It would make more sense for them to have this money as an extra loan, but they did seem to be persuading me to give them the cheque, so not sure what they are up to......

marshallka

Loan and PPI policy still in place at time of FOS decision.
Lender agreed for the cancellation of the PPI policy and restructuring of loan. E.g.
Overall loan repayments £250 per month but would have been £200 without PPI, term of policy was 60 months and complaint settled after 20 monthly payments.
·Return excess monthly payments of £50 x 20 payments up to date of settlement (£1000)
·Add interest to each payment of £50 at 8%simple, from date of each payment until lender repaid.
·Arrange loan to be restructured, so remaining 40 monthly payments reduced to £200
·Pay borrower £300 for extra inconvenience caused.




If worked out this way it would have been 163.09 x 48 = £7828.32 back to consumer and then the loan remaining 11 years to be made where the repayments are that of £648.00 per month which is without the PPI.

Going by that it would be opening a loan with about £48.5K (without interest) balance and then having it again over only the remaining months of 132 (11 years) and an interest rate again of 11.3% (as this should stay the same) and then the repayments would be about £645.00 (ish????) a month...... If this is case here then that means the mamamia made 48 payments of £648 (which was without the PPI as according to the Ombudsman method the PPI is paid over as the cheque) against the original £56000 and this totals £31,104.00 BUT of that 31K only £7500 has come off the capital...although must admit it hurts when you see just what these loans cost in the long run....that was near on £500 per month in interest alone.

My post I did this morning did the FOS method of redress here....



Sorry to post this but just making a point and putting things down like this you can see just how much these loans are actually costing and why trying to get rid ASAP is probably the decision when you see it all on paper broken down.....

pinknico

Picture just want their money back and dont care how they get it!

Mammamia

pinknico wrote: »

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

I know and I am still overjoyed, but not sure if I am still in the same position as before, trying to work that out??

pinknico

Mammamia were your payments £800? and if you pay off the PPI they will be £620, or is that giving them the whole £17000? (again rough figures!)

marshallka

pinknico wrote: »

Mammamia were your payments £800? and if you pay off the PPI they will be £620, or is that giving them the whole £17000? (again rough figures!)

I think she said £811 and the reduce by £180 ??

PPI element of the repayment is £163 so seems ok

They said the settlement as it stands today would be £64K



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Need to bare in mind that i have worked this as 48 months and looking back its 34 payments made..I thought mammania said repaid for 4 years... sorry about this... no wonder nothing adds up....:o:o:o:o:o:o


Forget all my posts on here regarding mammamia redress as I have calculated on 48 repayments..... quite a difference to the 34 that were made....

dialysis

Hi all no cheque or letter today so back to the waiting game:mad::mad:

marshallka

dialysis wrote: »

Hi all no cheque or letter today so back to the waiting game:mad::mad:

Is the postal dispute still on dialysis... I know there are some parts of the country are not getting stuff for ages.. can you ask if it has been sent perhaps.

dialysis

marshallka wrote: »

Is the postal dispute still on dialysis... I know there are some parts of the country are not getting stuff for ages.. can you ask if it has been sent perhaps.

Hi Marshallka not sure if the post is funny here but will look on royal mail website just which I knew when we are getting it getting so frustrated and desperate for it nowJust read the websie and there is a postal strike in london where the cheque will come from so it will make a difference I think OOH poo

pinknico

It is frustrating isnt it Dialysis, thats why I asked Egg to send my refund by bacs so I wasnt waiting for a cheque in the post.