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

marshallka

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.

busbyh, if you made 30 repayments and then settled the loan you would get back the 30 x 70.49 being £2114.70 (which should have 8% statutory interest on top). As you cancelled the PPI and only saw a small reduction in the repayments then the rest of the £21147.00 would now have to be used to reduce your balance of the loan.

busbyh

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:

You've shocked me alright marshalllka:eek::A

marshallka

beaniebabe wrote: »

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:

Your total PPI would be payable over the full 20 years of the loan. It is not really "PPI" but a loan to pay the PPI so would have interest on it just like your original loan. I have put the full cost if your loan had ran its course on the post I think. Will have a look back.

marshallka

beaniebabe wrote: »

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

Your total cost of the PPI over 20 years would have cost you £41376.00:eek:

marshallka

Beaniebabe, you should get the £3310.08 back (as this is what you have already paid out) plus the 8% interest if they do pay this and then the rest of the £40K odd would be used to reduce your loan and the loan redone without it. This is depending if they work similar to FOS.

busbyh

marshallka wrote: »

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.

It's so complex, they have you always don't they.
So if our PPI was £8832 and we had paid back £4400, should we have got a rebate on that of £440

busbyh

marshallka wrote: »

busbyh, if you made 30 repayments and then settled the loan you would get back the 30 x 70.49 being £2114.70 (which should have 8% statutory interest on top). As you cancelled the PPI and only saw a small reduction in the repayments then the rest of the £21147.00 would now have to be used to reduce your balance of the loan.

Thanks, i'm getting there now;)

di3004

This is one interesting thread folks.;)

Do you find it lots easier now?:D

beaniebabe

marshallka wrote: »

Your total cost of the PPI over 20 years would have cost you £41376.00:eek:

OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! That is very scary!!!!:eek:
Let me get my head around this and I apologise if I am being a bit stupid here.:rolleyes:
Are you saying that if the rules of the FSCS are the same as FOS I sould get a cheque back for the repayments made to date(that amount to approx £3310?) and this massive amount of £41376.00 :eek: would be deducted off my loan balance and my account restructured!
MARSHALKA YOU ARE FAB:A

dialysis

di3004 wrote: »

This is one interesting thread folks.;)

Do you find it lots easier now?:D

Hi Di its great isnt it so much easier now we are all in one palce us Picturites lol;)