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

marshallka

beaniebabe wrote: »

If we do get the whole amount repaid to us. Would it be in our best interest to pay it towards Picture loan to reduce our repayments. As I have read in another post Picture could increase the interest rate anyway and our repayments could soon go sky high again and they would still make loadsa money from us:mad:

And perhaps a few properties if they are secured. I would want to reduce the repayments too if it were me.

busbyh

beaniebabe wrote: »

If we do get the whole amount repaid to us. Would it be in our best interest to pay it towards Picture loan to reduce our repayments. As I have read in another post Picture could increase the interest rate anyway and our repayments could soon go sky high again and they would still make loadsa money from us:mad:

They could very well increase interest rate but if you paid the compensation back your debt would be less,.therefore not paying as much interest overall. as an example best paying interest on £10,000 rather than £15000.
By not paying anything back will not stop them increasing interest rates. I truly believe it is better to get as much paid of the loan if you can. Picture interest is so high in comparison to others.
Just think of it this way. You will get the PPI taken off the original Loan to put you back in the position you would have been without it, and if you so choose, reduce it even further by paying any compensation off it. I know which way I would go esp on a secured loan.:beer:

beaniebabe

busbyh wrote: »

They could very well increase interest rate but if you paid the compensation back your debt would be less,.therefore not paying as much interest overall. as an example best paying interest on £10,000 rather than £15000.
By not paying anything back will not stop them increasing interest rates. I truly believe it is better to get as much paid of the loan if you can. Picture interest is so high in comparison to others.
Just think of it this way. You will get the PPI taken off the original Loan to put you back in the position you would have been without it, and if you so choose, reduce it even further by paying any compensation off it. I know which way I would go esp on a secured loan.:beer:

Think I have made up my mind and will definatly be paying as much as I can off the loan.;) There is no way Picture are getting any more cash out of me!!!Cheers. X:D

busbyh

marshallka wrote: »

And perhaps a few properties if they are secured. I would want to reduce the repayments too if it were me.

You are so right marshallka - get rid of whatever you can of the debt
and less to pay out in repayments or you can keep the same repayments if you can afford to and it can take years off the loan. But then I can understand if you would prefer to have less monthly outgoing :beer:

amersall

hi all, i would just like to make a comment if i may, i think the loans will have to be put back in the position they would have been without the ppi, it would not do picture any good or you as consumers to not restructure the loan, i fail to see how they will award all of the ppi back if someone has only paid a few years of this and the loan is still running, does this make sense? if it were me i would want them to put the loan back with out ppi and reduce the monthly payments, and repay to me the ppi payments i have already paid, maybe when deloittes have done their bit it will be restructured by maybe the fscs? i am not having a go here i just cant find any logic to giving everyone the ppi back that has not yet been paid and the secured loan remains to be paid (in some cases) i would be worried that the ppi may be given back to you all but then you still have the ppi to pay back with your loan as it was originally, as in the end you will have paid the original ppi back with all the interest !! so they will have robbed you all twice!! that is why i think they will have to be restructured as it is not fair to you all as consumers to make you continue to pay the ppi back on your loan, does this make any sense to anyone? homes may then be repossesed just as is now like poor dialysys, hope i havent offended anyone as that was not my intention, i just cant work this out sorry, i hope you all get a nice sum back whatever happens i think you have all waited far too long for this and i must say you all have more patience than me as i would have given up the ghost a long time ago

pinknico

Totally agree with you Amersall but it wont be the FSCS as they have said it will be Picture/ Target who will do the restructuring if thats the way they decide to go. xx

busbyh

amersall wrote: »

hi all, i would just like to make a comment if i may, i think the loans will have to be put back in the position they would have been without the ppi, it would not do picture any good or you as consumers to not restructure the loan, i fail to see how they will award all of the ppi back if someone has only paid a few years of this and the loan is still running, does this make sense? if it were me i would want them to put the loan back with out ppi and reduce the monthly payments, and repay to me the ppi payments i have already paid, maybe when deloittes have done their bit it will be restructured by maybe the fscs? i am not having a go here i just cant find any logic to giving everyone the ppi back that has not yet been paid and the secured loan remains to be paid (in some cases) i would be worried that the ppi may be given back to you all but then you still have the ppi to pay back with your loan as it was originally, as in the end you will have paid the original ppi back with all the interest !! so they will have robbed you all twice!! that is why i think they will have to be restructured as it is not fair to you all as consumers to make you continue to pay the ppi back on your loan, does this make any sense to anyone? homes may then be repossesed just as is now like poor dialysys, hope i havent offended anyone as that was not my intention, i just cant work this out sorry, i hope you all get a nice sum back whatever happens i think you have all waited far too long for this and i must say you all have more patience than me as i would have given up the ghost a long time ago

I agree with you amersall.They will only award what has been paid towards the ppi. if the loan is still running. thinking about it logically it won't be a mammoth task. Just a case of taking PPI element from the outstanding balance and then refunding the amount of premiums that have been paid toward it. Is this correct

Although,as I have paid of Picture off I would expect the whole of the PPI refunded, plus the 32 payments I have made, plus the interest charged on these payments!!:beer:

On some of my previous posts where I have said I don't think they will become involved in restructing the loan, I was referring to the money that would be refunded from the repayments made, not regarding the actual PPI amount itself. This cannot be paid back to you personally if you have not paid it in full to picture. They can just take it off the loan to put you in the same place as you would have been and compensate you for your losses regarding monthly premiums made, and then it would be up to the individual what they chose to do with the refund of payments
Do this make sense (or is it clear as mud)
Remember we are making the claim as being mis sold PPI so what sense would it make to want to keep it on the loan. The idea would surely be to reduce the repayments by reducing the capital, The more I think about it, if the loan is on going it cannot work any other way,the PPI will have to come off the loan. I don't think there will be a choice in this part.

The whole is idea of the reclaim is to put us back in a position we would have been without the PPI - this has to mean taking it off the original loan:beer:


:beer:

barloo69

Hear hear !!!!! oooppppsss, just realised that makes me sound like a Politician back bencher!;-) LOL.

amersall

hi guys thanks for that. i understand now , at least you will get the ppi back you have paid to date, and all those who have paid their loans off will get all of it back!! the payouts will not be small as we all know ppi is extortionate, have my fingers crossed you dont have to wait too long xx

dialysis

Good morning all I have got through to deloitte this morning whoa!!! and a very nice lady told me that our claim is being worked on at the moment as we are a priority but she couldnt give me a timescale as it depended on insurers etc. I presume this means they have to get more info from picture I dont know why when they have had the claim for a year:mad: but at least it is being worked on so a bit of good news.