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

busbyh

di3004 wrote: »

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.

di
still looking at this!!!!!!

busbyh

NEWTONCHANG wrote: »

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:

Totally agree:mad::mad::mad:

NEWTONCHANG

busbyh wrote: »

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.

so that really says we are within our rights to rob you blind when it takes our fancy and theres not a lot you can do about this :rotfl::rotfl::rotfl:

busbyh

NEWTONCHANG wrote: »

so that really says we are within our rights to rob you blind when it takes our fancy and theres not a lot you can do about this :rotfl::rotfl::rotfl:

Well, that's how I read it. it really is so unbelievable:mad::mad::mad:

NEWTONCHANG

busbyh wrote: »

Well, that's how I read it. it really is so unbelievable:mad::mad::mad:

i agree it is unbelievable these companys need stopping now before it gets any worse:mad::mad::mad:

funkyc27

NEWTONCHANG wrote: »

i have been back and read your letter very good i have somewhere a letter telling me of my rebate and that it has to be paid back to the loan if i can put my hands on it i will get my son to post it on here for me coz im not that good

Hi are you talking about the rebate we have had from Picture?? i had my cheque 2 weeks ago and there was no indication that we have to pay the amount off the loan have you heard different??

di3004

Right found the proper paperwork of the breakdown for the first loan, we only received this because we requested for this in writing.

It have been posted on here before, think Marshallka also posted this one on here as well for me lol

This is the letter with the breakdown from Nemo in regards of the broker Twopart loan.

Dear Mr & Mrs

Please fine below a written explanation and breakdown of the process of settling your original agreement (Twopart) with ourselves.
Agreement number XXXXX in order to provide you with further advance of funds.

As we at Nemo are only able to have one live account with any customer at any time the original agreement must always be settled before any further funds can be advanced.
The customer is not penalised during this settlement by addition of any redemption penalty of settlement fee.
The value of the original agreement settled by the new loan is the outstanding balance (on the day of the further advance settles it) plus any interest that has accrued since the last monthly instalment.

In your individual case
Balance = £51022.52 = Accrued int @ £181.16 = £51203.68

When the PPI is taken, the TOTAL outstanding of the account is the loan amount = the PPI.

In your case
Loan amount - £43,000 = PPI @ £8492.50 = £51,492.50

However, upon settlement of the original agreement we give a rebate for the above mentioned PPI (ie for the remainder of the 60 month term that has not been needed).

In your case
PPI = £8492.50

Number of months ran for (ie, length of time the original agreement ran = 9)

Rebate applied to the account (for 51 months of unused cover) = £7644.43

Therefore the 9 months of cover cost £848.07

The above rebate (£7644.43) was then applied to the earlier figure (ie the balance of the account = accured interest), and the result was the amount that was used to settle the original agreement.

In your case
Balance = Accrued int : £51203.68 - £7644.43 (the rebate of the PPI).

Figure used to settle the agreement = £43559.25.

funkyc27

I have just checked through my emails from FSCS re rebate:

`Your loan will only be recalculated if you decide to repay some of it with any compensation that you may receive. If we find that the payment insurance was mis-sold, your loan will not automatically be recalculated`

this says to me that we dont have to pay anything back if we dont want to!!!!

di3004

We asked for £12K loan advance, they then actually paid £11,440, because they carried the amount of settlement over = £43559.25, by not paying out the £12K, but the £11,440, still classed as £12K though.

The new loan was then £55K and £65,862.50 with PPI

busbyh

funkyc27 wrote: »

Hi are you talking about the rebate we have had from Picture?? i had my cheque 2 weeks ago and there was no indication that we have to pay the amount off the loan have you heard different??

Hi funkyc
It's the rebate you have to claim back from the insures that I mean:beer: I have just started to doubt what I originally thought !!!!