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

di3004

busbyh wrote: »

: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:

lmao :rotfl::rotfl::rotfl:aww bless you and after all your hard work as well :rotfl::D:T:T.
Well I expect they will reward you hunni.:beer:

busbyh

di3004 wrote: »

lmao :rotfl::rotfl::rotfl:aww bless you and after all your hard work as well :rotfl::D:T:T.
Well I expect they will reward you hunni.:beer:

Joking apart, ther only reward I want is too see them rid themselves of some of their debts, and see some of the pressure ease for them. It's hard, isn't it. esp with a young family

di3004

busbyh wrote: »

Joking apart, ther only reward I want is too see them rid themselves of some of their debts, and see some of the pressure ease for them. It's hard, isn't it. esp with a young family

It will be a huge relief for you hun.....:T:T.
Yes very hard, and I just hope my son will learn from this.....hopefully.;)

busbyh

di3004 wrote: »

It will be a huge relief for you hun.....:T:T.
Yes very hard, and I just hope my son will learn from this.....hopefully.;)

I'm sure he will di and hopefully they will too;)

busbyh

logging off now, hope there's some good news tomorrow, Will be on site the minute I get in from work
Goodnight all
xx

marshallka

di3004 wrote: »

They say this was calculated in accordance with Regulations 3 of the Consumer Credit (settlement of information) Reg 1983.
So Rule of 78.

Rule 78 was allowed in rebates of insurance. Co-op used it but not in the same way of FP did. Its not the applying it that makes it unfair. It was not actually unfair with co-op as they applied it correct but troness explained it better here and this is why on my FP one it is unfair. Applied correctly it is not.

When you are claiming a rebate for cancelling insurance - insurers are still allowed to use Rule of 78. They merely take the premium amount - and apply their calculation to that. Then take that from the current loan.

The point I was making is that few actually give you Rule of 78. What they do is apply rule of 78 against a % of the original premium. They may only apply the rule of 78 against 25% of the premium. This means that if you cancelled after 45 days - you'd only get 25% rebate. That's their starting point!!! If you use true rule of 78 on a 5 year policy and cancelled in Month 2 you get approx 85% back. (crude maths here - but you get the picture).

Basically if firms were applying rule of 78 FOS would have no issues. The fact is that they first take 50% or more away, and then apply rule of 78.

She wrote this about my FP one here

You probably had it against something more like 50% of the premium (an example as most firms are slightly different). So basically if you cancel in 30 days you get 100%. If in month 2 you get 50% !!! Then they apply Rule of 78 from there. The point is - you didn't know!! and probably still don't because the T&Cs of the policy didn't make this clear. Unfair contract term perhaps?

I understand now why the FOS says that you have to actually PROVE the rebate is unfair..;)

dialysis

:j:j:j:jmorning everyone 5 more sleeps yipeeeee:j:j:j:jalthough I dont call last night a sleep at all waht a night my head was buzzing:eek::eek:

marshallka

dialysis wrote: »

:j:j:j:jmorning everyone 5 more sleeps yipeeeee:j:j:j:jalthough I dont call last night a sleep at all waht a night my head was buzzing:eek::eek:

Good luck to all today.;) (You may be surprised - you can only but hope!!)

dialysis

marshallka wrote: »

Good luck to all today.;) (You may be surprised - you can only but hope!!)

Thanks Marshallka hoping someone will get a cheque today, going to keep puter on all morning anyway. :T:T

honey2_2

Morning All

Fingers X.

Di I have wondered for weeks what was meant by puter - my sleepy head this morning it just dawned on me computer!!!! lol xxx:rotfl:

Honey 2 x