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Companies in Default/FSCS Claims - Picture, London Scottish, Twopart
Comments
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We got a booklet as well , I had to stop reading it the other day as I was getting angry at how many aspects we wouldnt have been covered on.
Did anyone else get a welcome to your loan letter and in the last paragraph, this counts as your insurance certificate?
It does make you really angry. I have read through so many times and each time I come across something else - what a total load of **** we have paid thousands of pounds for.
It didn't state about insurance certificate in welcome letter, I have just checked it!!
But it does state it is a JOINT INSURANCE POLICY which I have not noticed before.dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
Exactly the smae as ours Joint Insurance policy. No mention of only one being covered for everything:mad:It does make you really angry. I have read through so many times and each time I come across something else - what a total load of **** we have paid thousands of pounds for.
It didn't state about insurance certificate in welcome letter, I have just checked it!!
But it does state it is a JOINT INSURANCE POLICY which I have not noticed before.0 -
marshallka wrote: »marshallka wrote: »Thats right and I made a complaint at the so called ICO and he said "FP would not want to incriminate themselves would they??". Some help they were.
I thought about this and the actual Policy. When we have household insurance, car insurance any insurance, (even my washer ins) there is a policy number and something else I have always wondered......if someone settles the loan early just before the 5 year cashback as FP had with their policies then do FP claim the cashback after or cancel it???? I bet they claim it for themselves. You have no policy to check this out. I bet they get paid twice cause they penalise you when you settle by making you pay for the policy and then I bet they have the 5 year cashback by not cancelling it when you settle...
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Do you know, I think you are right in what you say. I'm sure I have read in the booklet, the 3,4 and 5year rebate comes from Picture. But any claims for sickness etc comes from the insurers. You are probably right, Picture will claim the rebates themselves. How would we know any different. They have us all ways:mad::mad:
EDIT- checked through the policy, it states any benefit under this policy, WITH THE EXCEPTION OF ACC DEATH BENEFIT OR NO CLAIMS BONUS WILL BE PAID TO pICTURE. sorry I got that one wrong.
It does state on the policy. as named on the CERTIFICATE OF INSURANCE. As far as I am concerned we have never received one
There is only one named on the policy booklet and that is MR ******* so where is the certificate that states both names. This is a JOINT LIFE POLICY and yet if the booklet is supposed to be the certificate why is only one person named on it. Have you ever had an Insurance policy e.g. mortgage protection on both lives that only shows first name. Lets not forget this policy was supposed to be part cover for our home.
Once we get this PPI claim sorted I am going to get my head together on this one, and take the matter further. I will go through the policy information with a fine tooth comb, I am getting so angry the more I read it.dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
On my Endeavour one, reading on the Policy document details:
Where you have paid a Single Premium and have repaid all sums due under your agreement before the repayment date and within the first 5 years of the agreement, we shall pay a part refund of premium to the lender for credit of your account.
As our risk is greater in the earlier years of the policy.
The premium is not spread evenly throughout the term of the policy, but is weighted towards the earlier years.
Refund calculations take this into account and are not calculated on a pro-rata basis.
For example: you would receive about a quarter of the premiums back if you settle half way through the term of the policy.
(We were not given this policy with the loan, we had requested this only a few months back), and the loan was taken out in 2004, but settled by 2005 on a 25 year loan.The one and only "Dizzy Di"
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On my Endeavour one, reading on the Policy document details:
Where you have paid a Single Premium and have repaid all sums due under your agreement before the repayment date and within the first 5 years of the agreement, we shall pay a part refund of premium to the lender for credit of your account.
As our risk is greater in the earlier years of the policy.
The premium is not spread evenly throughout the term of the policy, but is weighted towards the earlier years.
Refund calculations take this into account and are not calculated on a pro-rata basis.
For example: you would receive about a quarter of the premiums back if you settle half way through the term of the policy.
(We were not given this policy with the loan, we had requested this only a few months back), and the loan was taken out in 2004, but settled by 2005 on a 25 year loan.
Thanks di, The lender has probably received our rebate but not passed it on. It's knowing for sure how much we actually paid off the PPI
I thought the earlier part of the loan would be mostly interest. It is worked out the same way as Mortgage. The early years are all interest, with very little if any off the capital. This is the reason we quite often owe more than when we started , when the loan is settled early:mad:dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
Thanks di, The lender has probably received our rebate but not passed it on. It's knowing for sure how much we actually paid off the PPI
I thought the earlier part of the loan would be mostly interest. It is worked out the same way as Mortgage. The early years are all interest, with very little if any off the capital. This is the reason we quite often owe more than when we started , when the loan is settled early:mad:
That would not surprise me at all hun......:mad:.
That loan was for £21K and with ppi that was added to the loan, to cover hubby only was just of just under £3K, the settlement with a reduction of the rebate of £1,553 and the odds, was a settlement of £23,646.04, but in 14 months with settlement the amount of over £26K was paid within that loan....it all adds up and costs a lot of money doesn't it?The one and only "Dizzy Di"0 -
Total ****** rip offThat would not surprise me at all hun......:mad:.
That loan was for £21K and with ppi that was added to the loan, to cover hubby only was just of just under £3K, the settlement with a reduction of the rebate of £1,553 and the odds, was a settlement of £23,646.04, but in 14 months with settlement the amount of over £26K was paid within that loan....it all adds up and costs a lot of money doesn't it?dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
We don't have a policy number either barloo69. Don't think it even says Document of Insurance. Just says, if I remember correctly, All you need to Know about PPi or similar.
Don't think it is a proper Document of Insurance as you would know it.!!!!
Agreed !!! Shambles really. Just been reading through my old docs and found a covering letter which they sent out with that great big waste of paper / booklet saying how great Picture were. This covering letter actually says. Your PPI is now in effect from XXX date and you may consider this letter as your certificate of cover.
Utter shambles. Cant believe my spidey sense didnt start tingling at this early stage that something wasnt quite right.If you see a penny, pick it up, all day long you'll have good luck !!!!!!0 -
:DJust thinking di,
the more I do this, the more I am kicking myself, have actually convinced myself this is my loan:D:D:D
Do you think my daughter and oh would understand if I thought it was my pay out :rotfl::rotfl::rotfl:I think not:beer:dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0
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