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

marshallka

pinknico wrote: »

but did this payment go towards the payment of the ppi interest or ppi loan?

I have not seen a redress yet any other way than assuming it went towards PPI and interest on PPI. The only way of "front loading" interest is by use of rule 78 and this is when it is front loaded. You have to think of the PPI as "just a loan" once it appears on the agreement and nothing more. It was a loan to pay the PPI policy up front so think of it exactly the same as your loan and work it out exactly the same as your loan. All the repayments you have made towards the PPI you would get back plus the rest would be used to reduce the loan balance. I understand what you are saying pinknico but I have worked back a few redress's on here (and my own ones won!!) and they take the PPI payments just against the "Loan" to pay the PPI.

pinknico

So some of my loan would have been paid off as well as the PPI loan with the monthly payment.

And there are no cases where all the ppi loan has been paid off first with all the monthly payment?

Saying that calculating on the 20% of my payment over 3 years without interest is looking nice!

beaniebabe

pinknico wrote: »

So some of my loan would have been paid off as well as the PPI loan with the monthly payment.

And there are no cases where all the ppi loan has been paid off first with all the monthly payment?

Saying that calculating on the 20% of my payment over 3 years without interest is looking nice!

Just logged on and have read a few posts. I am a bit confused or thick!!
I must say I am impressed Marshalka!!;) But am still unclear what we could get back.
My repayments were for a massive £800 a month and PPI for 12.500 ontop of a £60.000 loan :eek:. I have paid 24 installments. Am I likely to get a good sum back and if so roughly what could I be looking at!:D

marshallka

pinknico wrote: »

So some of my loan would have been paid off as well as the PPI loan with the monthly payment.

And there are no cases where all the ppi loan has been paid off first with all the monthly payment?

I have not seen any real ones. Front loaded interest is very rare and Picture seem to rule 78 from posts on here. Actual front loaded interest is not even legal as I know to and its whereby you don't get any rebate at all if you settle early from what i found out. You would still owe ALL the loan (and PPI) and all the interest. The next worst offender is rule 78 which is very unfair as they get to "keep" lots of the interest but not all. Will try and find some posts about it explaining it better from more professional people than me:o.

marshallka

beaniebabe wrote: »

Just logged on and have read a few posts. I am a bit confused or thick!!
I must say I am impressed Marshalka!!;) But am still unclear what we could get back.
My repayments were for a massive £800 a month and PPI for 12.500 ontop of a £60.000 loan :eek:. I have paid 24 installments. Am I likely to get a good sum back and if so roughly what could I be looking at!:D

PPI element of the loan was 17.24% so 17.24% of your repayment was towards the PPI and interest on the PPI being £137.92. You made 24 repayments so 24 x 137.92 = £3310.08. This is what its actually cost you to date but if the loan had run its full course it would have cost you £137.92 x how ever many months your loan was over. The rest then would be taken off the loan and the loan redone without it if they do this exactly like FOS do. I am not sure how the FSCS works though??? ALso there would be 8% statutory interest on top if they work like FOS and this would be on top of the repayments against the PPI and interest on the PPI being the £3310.08.

busbyh

marshallka wrote: »

Busbyh, Just found your repayments were £350 so 20.14% of the 350 is 70.49 went towards the PPI and this WOULD have totalled (if your loan had gone to term) £21147.00


A lot of money they were trying to make from you.

OMG!!!
I worked it out to the same, thought I had made a mistake.It's extortion!!!
How have they been allowed to get away with this for so long.:mad:

I've also been ripped off with PPI rebate. I have read on the T&Cs that if cancelled after 24 months we would be entiltled to a 10% rebate. The only rebate we got was a £2 reduction in monthly payment and that was only for 3 months - £6. unless they class this as the rebate and have worked it out over the remaining term of the loan which was at the time 270 months - £540.

And all this for 5years cover:mad: unbeleivable
The PPI was cancelled in August and he loan repaid in November, so some rebate that was. Even on the final settlement statement it said PPI rebate o.oo

This should mean that we are entiltled to £8832 plus the 30 payments of £70.49 -£2100 (taking into account the fscs only pay 90% after the first £2000.)

Many thanks for your help on this on marshalllka:A

This is the third time I have tried to reply to you - kept losing signal as I was about to send
xx

dialysis

marshallka wrote: »

I have not seen any real ones. Front loaded interest is very rare and Picture seem to rule 78 from posts on here. Actual front loaded interest is not even legal as I know to and its whereby you don't get any rebate at all if you settle early from what i found out. You would still owe ALL the loan (and PPI) and all the interest. The next worst offender is rule 78 which is very unfair as they get to "keep" lots of the interest but not all. Will try and find some posts about it explaining it better from more professional people than me:o.

Marshallka we should give you the job of working out peoples PPI claims your really good at it or we are just thick;) or perhaps you should work for the FSCS or deloitte I have a feeling things would get done quicker with you around

marshallka

pinknico wrote: »

So some of my loan would have been paid off as well as the PPI loan with the monthly payment.

And there are no cases where all the ppi loan has been paid off first with all the monthly payment?

Saying that calculating on the 20% of my payment over 3 years without interest is looking nice!

I see what you mean now Pinknico:cool:. It would have worked out better for you if the PPI and interest was paid first as you would have got it all back. You may get lucky there. Not seen it before but i am no pro and just a learner like all.;)

di3004

dialysis wrote: »

Marshallka we should give you the job of working out peoples PPI claims your really good at it or we are just thick;) or perhaps you should work for the FSCS or deloitte I have a feeling things would get done quicker with you around

I tell everyone to ask Marshallka, when it comes to working out calculations lol, cheers Marshallka.....:T:T

pinknico

marshallka wrote: »

I have not seen a redress yet any other way than assuming it went towards PPI and interest on PPI. The only way of "front loading" interest is by use of rule 78 and this is when it is front loaded. You have to think of the PPI as "just a loan" once it appears on the agreement and nothing more. It was a loan to pay the PPI policy up front so think of it exactly the same as your loan and work it out exactly the same as your loan. All the repayments you have made towards the PPI you would get back plus the rest would be used to reduce the loan balance. I understand what you are saying pinknico but I have worked back a few redress's on here (and my own ones won!!) and they take the PPI payments just against the "Loan" to pay the PPI.

You are very clever Marshallka,:A I already have a headache.:D