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

busbyh

Old_Wulf wrote: »

We haven't got a policy number, and until Friday we didn't even know who the policy was with. I was told that to cancel the policy, we have to put the cancellation in writing and send to Picture. As we are entitled to the NCB in less than 6 months and its 4 times the rebate, we will wait till the NCB becomes due and see what happens. We will not be cancelling. Incidentally the cancellation figure I was given by Picture was more than £200 more than on the FSCS statement!! They really do want us to cancel!

I take on board exactly what you say about people being given bad advise by Picture in respect of the so called claw back by the fscs of any NCB and will drop an email to them, I will hold back a little while first though for a couple of reasons, I don't want to potentially slow down any claim processing for you guys and secondly there is only Lian and myself that have experienced this. It may be a bit more effective if a few more successful claimants check with Picture to see if the bad advice continues. 10 complaints would be more effective than 2.

Hopefully other succesful claimants see this and dont cancel until they know the facts.

Good luck for some happy post in the morning

Hi OLD_WULF
If the NCB is worth more, best to wait. I do feel this is the reason they are now pushing to cancel as it will cost them more in NCB's. and as you say they must be desperate if they are offering more in a rebate than the FSCS!!
I think you are doing the right thing by waiting for your NCB. Am i correct is saying that once you have rcd the NCB you will then have to let the policy run for the 60 mths. Even if this is so, it will still be more beneficial for you to keep, and get the future NCBs when they become due.

I understand what you say about not wanting to hold up the process anf fully appreciate at this moment in time you just want everything settled.

Also I agree what you say, I also hope others think very carefully before cancelling Insurance, I really believe this is what Picture want.

Also, it is a good idea, as you said, for other claimants to contact Picture just to see what they advise, maybe then we will have a bit more clout, so to speak,

I will leave the complaint side to Lian,and see what the other posters think also.She said she was sending it on Monday. See what she wants to do, but I fully appreciate your concerns.
:beer:

di3004

Hi folks

Had a lovely soak, and now recharged all up again......:D

My first loan with Twopart - lender Nemo........Nov 2005

Loan amount - £43,000
PPI - £8,492.50

Total loan = £51,492.50

Monthly Int Rate 0.600%
APR 7.4%

Estimated Number of monthly payments - 300
Monthly repayment £370.53

Assuming you were to keep to the term of the agreement and the interest rates do not vary, this interest would be £9840.24
The Total price you pay for PPI cover is £18332.24.


New loan advance July 2006

Loan amount - £55,000
PPI - £10,862.50

Total loan = £65,862.50

Monthly Int rate variable - 0.678%
APR - 8.4

Estimated number of monthly payments - 300
Monthly Payment - £514.29

Assuming you keep to the term of the agreement and that interest rates do not vary, this interest would be £14,583.36
The total price you would pay for cover is £25,445.86.
...............................................................................................

The loan advance resolved through the FOS a few months after remortgaging, and over £12K refunded.

In regards of the first loan, Rebate applied to account (for 51 months unused cover = £7644.43).

Therefore 9 months of cover cost £848.07

Figure used to settle the original loan agreement on twopart loan - £43559.25.

busbyh

Hi Guys,
HAving some doubts about the Insurance rebate now. Can anyone clarify, does it have to be paid back towards to loan, I know for sure the NCB doesn't and am sure I have read somewhere that the rebate doesn't.

I want to ensure this is correct as I have stated in the draft letter we don't have to pay the rebate to the loan, but want to be sure.

The only thing I have read in the T&Cs is NCB is paid direct to Insured and any payments with regards to Reduancy/hospitalisation is paid direct to Picture to be take off the loan balance. I have read nothing about any rebate having to be paid off the loan.

Any help on this

NEWTONCHANG

has anyone elses interest rates gone right up and not gone back down mine was 7.9% now 10.4% its terrible the robbers:mad::mad::mad:

di3004

NEWTONCHANG wrote: »

has anyone elses interest rates gone right up and not gone back down mine was 7.9% now 10.4% its terrible the robbers:mad::mad::mad:

It was like that with mine on the 2nd one, and it kept going up and up, never back down!

di3004

Also something I forgot to post in my last figures post above, thought I would post it here instead of editing again lol.

In your individual case (meaning mine lol)
Balance = Accrued Interest: £51203.68 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original agreement (Twopart) = £43559.25.

di3004

NEWTONCHANG wrote: »

has anyone elses interest rates gone right up and not gone back down mine was 7.9% now 10.4% its terrible the robbers:mad::mad::mad:

On the 2nd one, the repayments were that of £514 for a short time, then suddenly went up to not far off £550 a month, shocking!

busbyh

NEWTONCHANG wrote: »

has anyone elses interest rates gone right up and not gone back down mine was 7.9% now 10.4% its terrible the robbers:mad::mad::mad:

I did read and posted some time back something I read in T&C regarding this. I will try to find it. It did say they do not have to reduce rates or words to that affect, so his does not really surprise, me. It disgusts me though.

That is extortion:mad::mad::mad::mad:

NEWTONCHANG

busbyh wrote: »

I did read and posted some time back something I read in T&C regarding this. I will try to find it. It did say they do not have to reduce rates or words to that affect, so his does not really surprise, me. It disgusts me though.

That is extortion:mad::mad::mad::mad:

At least !!!!!! turpin wore a mask and robbed the rich and gave to the poor i think these guys have it back to front :mad::mad::mad::mad::mad:

busbyh

Interest rates
2
2.2
We may at our discretion vary our interest from time to time to reflect a change that has occured or we reasonably expect to occur in interest rates generally (although there wil be no obligation upon us to do so.)
or to redress any reduction in our profitability caused by changes to legislation.
We will give you 30 days notice of any changes.