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

marshallka

busbyh wrote: »

Did you mean you have already paid £20000 or that is what you would pay over the term

From reading what dialysis said I think she means that the policy cost on the agreement without interest was the £20K so with interest over the full term would have cost a hell of a lot. Depends how many payments dialysis has made already as to what she would get back and the rest would be used to reduce the loan. That is how fos works it out but not sure about the FSCS.

An example is my PPI on my loan with FP was £4163 but with interest totalled £9K near on.

busbyh

marshallka wrote: »

From reading what dialysis said I think she means that the policy cost on the agreement without interest was the £20K so with interest over the full term would have cost a hell of a lot. Depends how many payments dialysis has made already as to what she would get back and the rest would be used to reduce the loan. That is how fos works it out but not sure about the FSCS.

An example is my PPI on my loan with FP was £4163 but with interest totalled £9K near on.

Aah, I get it now, my ppi was £8832 but if it had gone the full term it could have cost double, if not more:rolleyes:
Thanks for clarifying that:beer:

busbyh

dialysis wrote: »

thats what we would pay over the term

thanks dialysis, you'll have to excuse me. My brain is in overdrive at the moment:mad::eek:

chickpee

busbyh wrote: »

Aah, I get it now, my ppi was £8832 but if it had gone the full term it could have cost double, if not more:rolleyes:
Thanks for clarifying that:beer:

Ours cost £8732.50. It makes me sick to think of the true cost of this useless policy.

Hi Dialysis - it's good to see you posting I'm still keeping everything crossed that all will work out for you. Stay strong!!

beaniebabe

dialysis wrote: »

Hi Busbyh I agree wuith you it has to go in our favour after all the FOS have upheld nearly all upfront PPI claims and I am sure the FSCS will take that into account. It doesnt bare thinking about the amount of interest Picture would have got from us I am sure I have read on here somewhere that it worked out about 900% that is extorinate. Ours only covered the first named for sickness etc, this we werent aware of I also have a pre exsisting medical condition which I had not suffered from for three years prior to taking the loan so I would have been covered if I was insured. what i think was wrong also was the fact we werent asked who was to be first named on the policy, which should happen in cases where there is a pre exsisting medical condition.

Our PPI was for approx 12.500. This was before any interest was added. :eek:The Insurance only covered my OH not me which we were not aware of. His work was not classed as permanent as he worked on a relief basis. (So the policy would not have covered him anyway) Picture were told about this.
He had pre existing medical conditions which no one explained to us / asked about.:mad:
He was not the main wage earner , so I would have thought the policy should have covered me if only one person was to be covered. We were not informed that the cover would only be for him. :mad:
They never mentioned if we were to default then we would not be able to collect the lump sums after the first 3 years.:mad:
They never mentioned the loan would be frontloaded, They never informed me of the total cost with Interest (Thats why I have no idea what would be on top of the 12.500).:mad:
They never explained to me that it would only cover the first 5 years.:mad:
I even remember saying I would prefer to extend my mortgage PPI which would cover us. Picture informed me that this was a one off offer, the best policy on the market at this time and I would not be able to get a cheaper one!!!:mad:
And to top it all off. Throughout the application they only ever spoke with me. My OH was never asked to speak with them. How can they insure a person and not talk to them !!!!!!!!!!!!!!!!!!:mad::mad::mad:
IT HAS TO GO IN OUR FAVOUR:T
Any idea what I would have paid in interest on the PPI over 24 months??

pinknico

Only just realised looking at mine that it was joint life insurance but only husband covered for everything else. I wonder if I should let them know or if they have enough to go on?

busbyh

beaniebabe wrote: »

Our PPI was for approx 12.500. This was before any interest was added. :eek:The Insurance only covered my OH not me which we were not aware of. His work was not classed as permanent as he worked on a relief basis. (So the policy would not have covered him anyway) Picture were told about this.
He had pre existing medical conditions which no one explained to us / asked about.:mad:
He was not the main wage earner , so I would have thought the policy should have covered me if only one person was to be covered. We were not informed that the cover would only be for him. :mad:
They never mentioned if we were to default then we would not be able to collect the lump sums after the first 3 years.:mad:
They never mentioned the loan would be frontloaded, They never informed me of the total cost with Interest (Thats why I have no idea what would be on top of the 12.500).:mad:
They never explained to me that it would only cover the first 5 years.:mad:
I even remember saying I would prefer to extend my mortgage PPI which would cover us. Picture informed me that this was a one off offer, the best policy on the market at this time and I would not be able to get a cheaper one!!!:mad:
And to top it all off. Throughout the application they only ever spoke with me. My OH was never asked to speak with them. How can they insure a person and not talk to them !!!!!!!!!!!!!!!!!!:mad::mad::mad:
IT HAS TO GO IN OUR FAVOUR:T
Any idea what I would have paid in interest on the PPI over 24 months??

OMG:mad:
As soon as I get my brain into gear I will try to work something out. I will also have another look at terms and conditions as I know there are some contradictary sections. One being you are covered until you are 65.(being 30 when this was taken out and only covered for 5 years) beats me
Will get back soon.
x

pinknico

Its quite difficult to work that out Beaniebabe, as busbyh says most of the payment goes on interest but is it paying the interest off the loan and PPI equally, non equally or is it as many suspect the PPI that gets paid off first?

The only good thing is as the FSCS is looking into it Picture cant try and fiddle it so we lose out.

pinknico

Yes busbyh mine was recommended because of hospital cover, read the policy
yeah when I am 65!!!

busbyh

pinknico wrote: »

Only just realised looking at mine that it was joint life insurance but only husband covered for everything else. I wonder if I should let them know or if they have enough to go on?

Hi pinknico
I would think they probably have enough, but I am going to list everything I can find, should the need arise for us to appeal, which I very much doubt;)
get back to you soon
x