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

marshallka

I think like pinknico says its best to ask the FSCS here on this one. I would have thought that the rebate would actually just come off the balance of the loan (go as like a repayment type towards the balance owing now) but if you actually get it as a cheque then that is what you would get. You would then have to cancel the PPI I assume? When its cancelled though you would still owe whatever it costs over the whole term of the loan though so just more money in your pocket really and nothing will change on your actual loan in regards to repayments or what is owing to date.

pinknico

I thought like you Marshallka that this would be taken off the loan and Picture or Target would deal with it in the same way as they would have dealt with it
if we had asked to cancel before all this mis sale hooha eg take rebate off loan
and lower monthly loan amounts by 50p!

I dont understand why it is being done this way. Unless its just to give 100% control to the consumer?

marshallka

pinknico wrote: »

I thought like you Marshallka that this would be taken off the loan and Picture or Target would deal with it in the same way as they would have dealt with it
if we had asked to cancel before all this mis sale hooha eg take rebate off loan
and lower monthly loan amounts by 50p!

I dont understand why it is being done this way. Unless its just to give 100% control to the consumer?

I think as funky27 received a NCB before the redress then this would be like whereby you have actually claimed on the PPI so not cancellable now. I would imagine anyone that has received the NCB would not be entitled to a rebate like in dialysis case where she would and also honey2 would as they have not yet had the NCB.

busbyh

pinknico wrote: »

I thought like you Marshallka that this would be taken off the loan and Picture or Target would deal with it in the same way as they would have dealt with it
if we had asked to cancel before all this mis sale hooha eg take rebate off loan
and lower monthly loan amounts by 50p!

I dont understand why it is being done this way. Unless its just to give 100% control to the consumer?

I think a lot of us thought it work that way, goes to show, we just don't know how the FSCS work


I have got visitors tonight, it will drive me nuts not being able to come on the site. And it is closed for an hour. Will have a quick look when they have gone- I will be pushing them out the door:D:D

pinknico

Not seen any posts by Gumbi for a while hope he is ok and not waiting much longer.

marshallka

I think there are a few things need to be clarified with the FSCS. What happens about the rebate that they have taken from the redress amount? What happens if you claimed on the NCB already - does that mean the insurance is no longer cancellable (which i suppose would be fair) and what happens if you actually do want to cancel the insurance now? How is that worked out from Picture? Is it that this rebate is then taken off the loan or repaid in a cheque? (I know with people on here that cancel they have to have to have a new agreement drawn up and it settles the loan as of that day and then opens with a new figure without the PPI rebate BUT the interest on the PPI is then carried over still).

busbyh

saltyfish wrote: »

Loan still ongoing,made appx 51 payments.
regards
Tim

So you have made quite a lot of payments back to them, that is the reason you have been paid back so much more than the PPi. Which is as it should be:beer::j:j

di3004

Deloittes have confirmed that they have received all the details from the lenders and are dealing with the case, (TWOPART), and a decision is to be made very soon.;)

Thought I would let you, know.:j

busbyh

dialysis wrote: »

I will post figures now before I go for bus hopefully it will healp you all to work out what you will get

ORIGINAL PPI £21,207.50
PLUS INTEREST £3,003,40
LESS BENEFITS RECIVED £00.00
LESS REBATE DUE UPON CANCELLATION OF INSURANCE £1,373.29
PLUS A REASONABLE RATE OF RETURN £52.93

COMPENSATION FIGURE £22,890.54


But as you only get 100% f first £2000 and 90% of rest we got

£20,801.49 YIPEEEEEEEEEE

£

If dialysis's loan was in arrears, she would not be entiltled to a NCB. SO would she not be better claiming the rebate back and taking insurance out elsewhere, at a much cheaper rate.

I know in effect it is still on her loan but, that's the choice we have to make, pay it back or pay other debts off,depending on personal circumstances.

Even though ours is paid off with Picture, we still has to borrow amount(inc PPI amount) from new lender, so in effect we are still paying interest on it, albiet a lot less than with Picture!!!!

But it would be more beneficial in our case to pay off the credit card, as there is certainly no light at the end of the tunnel for this one, even though you can transfer balances on credit cards, they still charge an up front % rate. Also how long with it go on where we can transfer balances - it could stop anytime.

Am I making sense or just rambling again

pinknico

Brilliant news Di, cant wait!