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

dialysis

marshallka wrote: »

So who will be doing that then? It seems silly to not get involved in the redoing of the loans when they will have all the paperwork for the redress's. It could mean then that people will get back what they are due or what they have paid and then still be paying repayments under the old agreements for some time until all the paperwork is passed over again. Again this will be costing more than you would be repaying as you should make repayments without the cost of the PPI. I cannot see how they can do this????

I agree marshallka I cannot see deloitte/fscs doing this I think they will give us back the total cost of PPI without interest and it is up to us to pay it back off our loans. There will be too much paperwork involving restructuring for them.;)

busbyh

Hi all
so glad to be back. It's only been a day and I've had really bad withdrawal symptoms.:mad:
Computer was on the blink. Just had it sorted through tech help line.
Will read though all the posts I have missed and get back later
xx

dialysis

busbyh wrote: »

Hi all
so glad to be back. It's only been a day and I've had really bad withdrawal symptoms.:mad:
Computer was on the blink. Just had it sorted through tech help line.
Will read though all the posts I have missed and get back later
xx

welcome back busbyh missed you we are still all waiting for those cheques unfortunatly :mad:I will let you catch up

busbyh

pinknico wrote: »

Then they cant be making any payments soon if they havent even worked out how they will pay out on the claims!
The only definate thing is that the FSCS will not restructure loans,if anyone will it will be Picture(why does this not fill me with confidence!)

I agree with Beaniebabe giving back all the premium for us to take off sounds nice but I would be tempted to spend more than I should and still be in the same debt debt I am now so will make a resolution now to pay this money to Picture minus what ive paid out so they cant get any more interest off me than they have to.

I agree with pinknico, it would be sensible;) to pay it back to picture. The less interest they get off you

busbyh

pinknico wrote: »

I should think those who have had their loans paid off will be easier to calculate and Deloittes will sort that out in the refund calculations as if you paid it off you are entitled to it all back.They are in talks with the FOS about calculations so may well use their formula(minus the 8%) that is used for settled loans.
Loan and PPI policy terminated early before FOS decision.
Overall loan was for £23,000 (monthly payments £430) – but it would have been £18,000 with monthly payments of £340 without PPI. Policy term was 60 months; loan and policy cancelled are 23 monthly payments.
Borrower was required to pay £15,500 to settle the loan (after the business had taken account of the rebate of premium he was due of £1,200; but if he had not had PPI added to loan, the smaller loan of £18,000 would have cost £13,000 to settle at the same point.
So borrower had paid lender £90 a month more than he would have done, had the financial business not mis-sold the PPI policy; and £2,500 more to settle the loan after 24 months.
· Return 24 monthly payments of £90 to date of settlement (£2,160)
· Calculate difference between settlement costs incurred when borrower ended loan early and those he would have incurred had he settled the loan without the additional PPI element. (£15,500 - £13,000 = £2,500) pay difference to borrower.


According to Deloittes/FSCS they wont get involved in recalculating still running loans, just what money needs to be returned.

H pinknico
If my daughter does get all the money back, alhough it would be nice to spend;) she thinks whe will get rid of her credit card which is quite high. It's a choice between that or paying it off the mortgage, as although she has finished with picture the large loan has been added to mortgage.
Not sure what would be the best thing to do. Keeping the credit card - may to too tempting to spend on it again

busbyh

marshallka wrote: »

But the FSCS say that they redress for "financial loss" and if they repay the whole amount (say someone only had the loan for 1 year and their TOTAL PPI and interest totalled £20K and they had only made £1K of repayments against it so far) then it would be like increasing your loan total by that amount (and interest would be charged on it too) and you would be no better off unless you paid it back to the loan. It would be better to take it off the loan and get the repayments affordable and whatever you have paid to them so far is yours to do as you please. That is how the FOS do it. I think they would run into trouble if they redressed for any amounts which are "due" as well. Nothing in the loan would change then would it and people may run into difficulties again making repayments. If it were me I and it was secured I would just want rid of them sooner rather than later as they would have nothing to lose by increasing (if variable) their interest rates again.

Couldn't agree with you more marshalllka- the sooner you rid yourselves of PICTURE the better:mad:

showergirl

The sooner someone is paid and we actually know what you are getting back, the whole ppi or just what has been paid , then the better everyone will feel, instead of speculating what will happen.

I just wish this would happen soon

Good luck everyone

dialysis

showergirl wrote: »

The sooner someone is paid and we actually know what you are getting back, the whole ppi or just what has been paid , then the better everyone will feel, instead of speculating what will happen.

I just wish this would happen soon

Good luck everyone

Hi showergirl I am getting sick of even thinking about it now never mind waiting for postman to see if we have news it is getting annoying and frustrating. If someone told us what was happening we wouldnt have to speculate would we? I know you are right showergirl once the first one comes through we will feel better. Hope your feeling better and you enjoy your time with your daughter;)

marshallka

busbyh wrote: »

H pinknico
If my daughter does get all the money back, alhough it would be nice to spend;) she thinks whe will get rid of her credit card which is quite high. It's a choice between that or paying it off the mortgage, as although she has finished with picture the large loan has been added to mortgage.
Not sure what would be the best thing to do. Keeping the credit card - may to too tempting to spend on it again

That is what we did with FP and we have a large mortgage instead now. At least we are rid of FP though and their extortionate interest rates.

busbyh

marshallka wrote: »

That is what we did with FP and we have a large mortgage instead now. At least we are rid of FP though and their extortionate interest rates.

You are quite right. they have saved a fortune in interest by transferring it to the mortgage;)