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

di3004

Brilliant, MSE Wendy has also added a Picture statement link in my first post of the thread as well, cool, thanks Wendy.:T:T
I mean the first post on this thread you will find this lol.

Lian1969

marshallka wrote: »

Picture in default now a sticky!!!!

HI marshallka.
Do you think you could work mine out for me?;)

Loan £40000 PPI £9980.00
Monthly PAYMENT £423 Loan over 20 years!

Would be gratefull
Thanks
Lian

Just had a look at our aggreement. We have joint life cover on this PPI, but that is th only thing covered. The rest of the insurance e.g Sickness and reduntancy I am the onlt one covered.
Picture, never told us that when we were going through the application. Robbing gits!:mad:

dialysis

Lian1969 wrote: »

HI marshallka.
Do you think you could work mine out for me?;)

Loan £40000 PPI £9980.00
Monthly PAYMENT £423 Loan over 20 years!

Would be gratefull
Thanks
Lian

Just had a look at our aggreement. We have joint life cover on this PPI, but that is th only thing covered. The rest of the insurance e.g Sickness and reduntancy I am the onlt one covered.
Picture, never told us that when we were going through the application. Robbing gits!:mad:

Hi Lian it seems to be the same onld story with everyone only one person covered and they didnt inform us of this. It makes my blood boil:mad::mad: just thinking about it.

marshallka

Lian1969 wrote: »

HI marshallka.
Do you think you could work mine out for me?;)

Loan £40000 PPI £9980.00
Monthly PAYMENT £423 Loan over 20 years!

Would be gratefull
Thanks
Lian

Just had a look at our aggreement. We have joint life cover on this PPI, but that is th only thing covered. The rest of the insurance e.g Sickness and reduntancy I am the onlt one covered.
Picture, never told us that when we were going through the application. Robbing gits!:mad:

I can only work out the total cost of the PPI and how much of the repayment each month went towards the PPI

PPI element is 19.97%
19.97% of each repayment went towards PPI and Interest being £84.47 so £84.47 x 240 = £20272 total PPI
You would get back how ever many repayments you have made and the balance would be taken from the balance of the loan and the loan redone without the PPI.

beaniebabe

marshallka wrote: »

Beaniebabe, your total loan and PPI would have cost you £240000 but this is split between 41376 being PPI with interest and 198624 being the actual loan and interest. You have made 24 repayments but the repayments are split between £137.92 being towards the PPI and £662.08 towards the loan. You made 24 repayments against the loan being in total 15889.92 so owing on the loan would be £182734.08.

Still a lot owing but if the PPI was also on this it would be another £38065.92.

Hope this helps you understand. If you don't just ask away...

Thanks Marshallka
I think I get it now. It was so kind of you to take the time to work the calculations for me. X;)

beaniebabe

Has anyone got a reply / any news yet from Delloittes / FSCS

pinknico

I have spoken to someone from Deloittes acting on behalf of the FSCS who does not believe we get the 8% on top of any compensation.



Must just add if your loan is 20 years then that is 240 months and if your loan is 25 years then that is 300 months and may make a difference to calculations, not to what you get back but what you pay over the term of your loan.

beaniebabe

pinknico wrote: »

I have spoken to someone from Deloittes acting on behalf of the FSCS who does not believe we get the 8% on top of any compensation.



Must just add if your loan is 20 years then that is 240 months and if your loan is 25 years then that is 300 months and may make a difference to calculations, not to what you get back but what you pay over the term of your loan.

Thanks Pinknico. I had a feeling they may not pay out the 8%.
Did you ask how they would work out any refund, ie would we get just the repayments we have made back or would we get the full PPI premium back to do with as we liked. Or is there some other way they work it out?)

Halpin

Hello All,

I phoned Deloitte on Friday and had a chat with the most wonderfully friendly and helpful young woman!

I asked the questions: How long, How much and who gets the cheque?

Of course she could not say how long it would be, but hinted that is would be months rather than weeks. I asked her what my claim number meant in terms of processing order (I'm in the 210's) and she didn't know, so put me on hold to ask. She told me that generally it was processed in claim order but that (as you all know) priorites were being processed first. She also said that the number of claims was over 1000 now. It seems that some batches are processed differently but she couldn't go into deatils about this.

As for how much, again she could not comment. It's a case by case thing etc. I asked her why they were going back to (the now defunct) Picture for info and she said it was because they had to confirm the status of the account and the payments made since we first claimed. As the FOS have sided with me and all of the details are in the case they just needed this extra info to proceed. I got the impression that this is where any hold up will be.

As for Who get's paid, she told me that the person who is the primary claimant (first named on the form) will have the cheque made out to them, unless you put their a name in the "who gets the cheque box" on the FSCS form (page 24 - Section K - Payment arangements). It's still not clear to me how they work this whole mess out, and to be honest I don't want to waste too much energy guessing and getting my hopes up! but some idea would be very helpful when it comes to planning for the future.

I have had my case against picture since mid-2007 and although she didn't really tell me anything new she was the single most helpful person I have dealt with during this time! She was very appologetic for the length of time it took to find Picture in default. I got the impression of a group of people working as fast as they can but that any hold up was in the request for info from Picture (who were, let's face it, not that helpful when they were still in business!).

Anyway, not really sure what I'm trying to say here, only that I felt a bit better about the whole thing knowing that they are not sitting on their hands doing nothing and that, at the end of the day, it is picture (in some strange undead form!) doing what it always did, and making like difficult for the average person!

dialysis

beaniebabe wrote: »

Has anyone got a reply / any news yet from Delloittes / FSCS

No I havent yet beaniebabe:mad: