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

marshallka

Say you had a loan where the total cost of the PPI incuding interest over the whole term was in total £9K

You had the PPI back which was £4K and then what you paid against it in PPI and interest being £2145. This would mean a redress of £6145 but you left the PPI on the loan to term (like how the FSCS redress) then this PPI would still cost the full amount being £9K over the whole term. (remember you have had £6145 of it back). Then at 5 years you has not made a claim you would be entitled to £4K back cause you had not made a claim then you would be £1145 in pocket and still have a PPI policy that WAS useable. Just done this on my loan with FP and their figures.

You are definately not going to be out of pocket on these redress's if you claim the no claims bonus and that is if the NCB is a decent amount.

How do they work?

busbyh

Just off on the school run, nearly forgot my little darlings;);)
(as if I would):D:D
Back soon, if they allow me too;);)

saltyfish

busbyh wrote: »

:beer::beer::beer::beer::beer::beer::beer:
FANTASTIC, BRILLIANT, WELL DONE.
:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

can you just remind me, was it you who had refinanced and paid off your loan to picture.:j:j:j:j

edit

how many repayments did you make to picture, sorry for all the questions

Loan still ongoing,made appx 51 payments.
regards
Tim

di3004

Fantastic............we have more winners then ?

Whooo oooo

Congratulations to all winners of Picture so far !!!!

the list is getting longer, absolutely wonderful !!:j:j:j:j
Well done to you all, sooooooooo happy for you.:beer::beer::beer::beer::beer::beer::beer:

funkyc27

busbyh wrote: »

So have you received a NCB today also

Yer that come last friday that was taken off what i got from fscs- happy days

marshallka

With a loan like beaniebabe (sorry beaniebabe I needed some figures to work on and yours were the first I found), she would get back the PPI and interest to date being 137.92 x 24 = 3310.08 plus the premium being 12500 and then whatever stat interest is and then they would take away whatever rebate she would have been entitled to if she had cancelled the PPI. BUT the whole cost of the PPI over the term of the loan would have been 137.92 over 240 months so that is a whopping £33100.80. If she had back the 15.5K (above) then that would mean she would still owe another 17.5K in interest against the PPI. Would any NCB cover anywhere near that???

pinknico

OK from the top.
I think we are all aware if we do not pay any money off the loan we will still be charged interest on the full amount.

Even if you pay back the PPI amount the PPI is still in place until you cancel it.

If you are able to claim the NCB and pay off the PPI amount, you would get more money back from your NCB than the rebate of cancelling the PPI, I believe.

If you dont pay off anything and still keep the PPI and claim your NCB then it would depend on how much your NCB is compared to how much your monthly payments go down if you cancel and get a rebate as to what is the better option.

In my case NCB equates TO £10000 over 5 years, rebate just over 2000, so I would not cancel the PPI.
If successful I will pay back part of the PPI as I can afford repayments and would rather pay off credit cards that will take me 65 years to pay off than a loan over 20 years.

Honey2 was told if I am correct if she cancels her insurance she would receive this rebate in the form of a cheque.

No one is saying NCB is better than paying off the PPI amount of the loan that I can see. But it may be better than a rebate.
.

busbyh

saltyfish wrote: »

Loan still ongoing,made appx 51 payments.
regards
Tim

Thanks Tim
I'm just wondering how they work it out if the loan is paid off, as ours is
If i'm correct, most seem to be getting just slightly more than their PPI, but yours looks quite good to me

dialysis

Congrats to saltyfish and funky wow well done really pleased:j:j:j:j:j:j:j:j:j:j:j
Marsahllka if I cancel the PPI now I will get the other back £1370 or whatever it was this will come back from the insurers thats my next step do I write to Picture for this or who?

pinknico

Dialysis ring Picture they should tell you what to do.
If they dont call the FSCS, they will have the insurers number.