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

marshallka

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

Dialysis, i have always had a go. I just know how to work out how much it would have cost and depending on way of settlement some redress's but each some companies do different settlements etc so can never be sure. I just like to shock people on what these policies would have cost if their loans ran their course.:eek:

marshallka

busbyh wrote: »

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

Where they say 10% rebate they mean 10% of the unused part of the PPI and this is without the interest on the PPI so if your PPI was £5000 (without interest) and you paid £3000 (without interest) off it you would get 10% of the £2000 back being £200. BUT the £5000 PPI actually cost about £10000 anyway. They still get their money anyhow:rolleyes:.

You do however get some of the interest rebated when you settle early as well. Its very difficult to work out though.

beaniebabe

marshallka wrote: »

Dialysis, i have always had a go. I just know how to work out how much it would have cost and depending on way of settlement some redress's but each some companies do different settlements etc so can never be sure. I just like to shock people on what these policies would have cost if their loans ran their course.:eek:

Marshalka
Would you have a go at working mine out ? Please:D

pinknico

I will ring the FSCS tomorrow to see about the 8% and also ask if they dont restructure the loan who does or do they refund the whole premium already paid to the insurer and if its up to us if we pay it off the loan.

pinknico

marshallka wrote: »

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.

She has beaniebabe:D

beaniebabe

pinknico wrote: »

I will ring the FSCS tomorrow to see about the 8% and also ask if they dont restructure the loan who does or do they refund the whole premium already paid to the insurer and if its up to us if we pay it off the loan.

That would be great. Cos at least we would have an idea what we would be getting back!!:T Thanks Pinknico. X

busbyh

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.

Yes I see what you are saying. It is not two seperate loans.Just a larger loan than we wanted really, but we keep classing them as seperate ones.
Makes a lot of sense what you say.
xx

dialysis

pinknico wrote: »

I will ring the FSCS tomorrow to see about the 8% and also ask if they dont restructure the loan who does or do they refund the whole premium already paid to the insurer and if its up to us if we pay it off the loan.

Great Pinknico all of it would be nice Fuerteventura here I come, only joking got to become solvent first lol;)

busbyh

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!

Yes, when I worked mine out £1850 or thereabouts has been of the capital. Works out just like a mortgage really, most of the early payments are interest
x

beaniebabe

pinknico wrote: »

She has beaniebabe:D

Sorry Marshalka
Didn't see your post but got it now and I think I am begining to understand it!:rolleyes:
The PPI that I have paid do I calculate this over the 5 years or full 20 years of the loan term ? If it is the full 20 years cos its a hell of a lot!!!! Would all this come off the loan if it is restructured! :rotfl: