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

busbyh

di3004 wrote: »

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.

Hi Di,
It's a pity Picture didn't work out by dividing the PPI over the 60 months, Had they done this I would have been entitled to over £4000 back. (one can dream):D:D:D as I only had 32 months worth - Think I might sue them:D:D:D:D

di3004

busbyh wrote: »

Hi Di,
It's a pity Picture didn't work out by dividing the PPI over the 60 months, Had they done this I would have been entitled to over £4000 back. (one can dream):D:D:D as I only had 32 months worth - Think I might sue them:D:D:D:D

lmao :rotfl::rotfl:

I know what you mean though.....;)

busbyh

I have amended the draft letter to picture re the Insurance rebate. I have asked, where on the terms and condition does it state this has to be paid off the loan

di3004

busbyh wrote: »

I have amended the draft letter to picture re the Insurance rebate. I have asked, where on the terms and condition does it state this has to be paid off the loan

With an older loan of mine I taken out with Endeavour personal finance in 2004, (this one is with the FOS about the insurer/underwriter), well the paperwork for the terms and conds for this loan I had to request for separately, even though I was suppled with a standard terms & conds document, the full one I had to ask them to send to me, as there were more in this requested one than that of the one sent with the agreement.

So I am wondering if this will be the same for you.

The broker of Endeavour called Click finance dissolved in 2006, so the lender Endeavour or HFC then sent me this document on request.

busbyh

di3004 wrote: »

With an older loan of mine I taken out with Endeavour personal finance in 2004, (this one is with the FOS about the insurer/underwriter), well the paperwork for the terms and conds for this loan I had to request for separately, even though I was suppled with a standard terms & conds document, the full one I had to ask them to send to me, as there were more in this requested one than that of the one sent with the agreement.

So I am wondering if this will be the same for you.

The broker of Endeavour called Click finance dissolved in 2006, so the lender Endeavour or HFC then sent me this document on request.

this could actually be the case di. As our original and our copy differed in several areas.
In saying that, nothing was ever said about a Full terms and Conditions Policy. We were to assume everything was in the one they supplied

di3004

busbyh wrote: »

this could actually be the case di. As our original and our copy differed in several areas.
In saying that, nothing was ever said about a Full terms and Conditions Policy. We were to assume everything was in the one they supplied

I thought that as well, until someone mentioned this to me a few months back, the terms and conds I did orginally have was an A4 on 2 sides with the agreement, so I contacted the lender to request for the full one, and within 14 days they sent this policy booklet out to me, with about 5 pages, it also enclosed details of the insurer.;)

di3004

Don't know if they all work the same though hun....., it may be worth contacting them, just to make sure there is not a full detailed booket on the policy itself, which should also supply the details of the insurer.

di3004

I did not ring them for the policy document....I wrote to them, just remembered that.;)

busbyh

di3004 wrote: »

I thought that as well, until someone mentioned this to me a few months back, the terms and conds I did orginally have was an A4 on 2 sides with the agreement, so I contacted the lender to request for the full one, and within 14 days they sent this policy booklet out to me, with about 5 pages, it also enclosed details of the insurer.;)

We have T&Cs on the back of the Agreement form,which is one A4 piece, but we also received an 8 page booklet "All You Need To Know About Payment Protection Insurance"

I doubt there would be anything else they would send us.

di3004

busbyh wrote: »

We have T&Cs on the back of the Agreement form,which is one A4 piece, but we also received an 8 page booklet "All You Need To Know About Payment Protection Insurance"

I doubt there would be anything else they would send us.

That 8 page booklet is probably the one then.;)
Are the insurers contact details on them as well?