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

di3004

aaronogborne wrote: »

that would be great if they did im sure it should not be to long the list must be going down pretty quick does anyone no any idea of how many pictures claims they have had and hs there been any more declined claims yet

Wishing you luck anyway aaron.:beer: Shouldn't be too long now.
Not sure on how many to be honest, think there are a few from over the CAG as well, but think they may also post on here as well.;)

There was one declined claim, this was Honey's friend, but I think I read they considered and then paid out.
I don't think somehow there will be any further declines, as everyone seems to have the same reasons for claiming, so you will be okay.:beer:

barloo69

MMMMMMmmmmmm just out of curiousity, has anybody that has received their PPI reimbursement from the FSCS actually used it to pay off the initial loan. As the penny has just dropped with me today. Whilst we have had this awarded back to us, the actual loan still includes this figure and therefore it is also accruing the extra interest that Picture are charging on top of this.

I think it was Marshalka that was going on about this way back at the beginning, sorry for being slow it never really registered until now.

Sorry to bring the gloom into the party.

(Who brought the sausage rolls ? and mines a Rum and coke please)

di3004

barloo69 wrote: »

MMMMMMmmmmmm just out of curiousity, has anybody that has received their PPI reimbursement from the FSCS actually used it to pay off the initial loan. As the penny has just dropped with me today. Whilst we have had this awarded back to us, the actual loan still includes this figure and therefore it is also accruing the extra interest that Picture are charging on top of this.

I think it was Marshalka that was going on about this way back at the beginning, sorry for being slow it never really registered until now.

Sorry to bring the gloom into the party.

(Who brought the sausage rolls ? and mines a Rum and coke please)

Hi Barloo
Hope your well.;)

I do remember a little of something like this being posted up.
Not too sure if anyone have actually used their refunds to pay off their loans though.
So best get checking on that one.

Here have one on me Barloo lol :beer:

busbyh

aaronogborne wrote: »

that would be great if they did im sure it should not be to long the list must be going down pretty quick does anyone no any idea of how many pictures claims they have had and hs there been any more declined claims yet

From what I have heard aaron, there were 1000. Which I don't think is a lot compared to what the FSCS have to deal with, in the likes of Icesave etc.

Haven't heard of any others' declined, but I would not worry about that as the one we know of was won on appeal, which to be honest I didn't think would be, as they had the transcript of the call and all relevant info was given.
Looks like we will all win on this one with Picture:j:j

busbyh

barloo69 wrote: »

MMMMMMmmmmmm just out of curiousity, has anybody that has received their PPI reimbursement from the FSCS actually used it to pay off the initial loan. As the penny has just dropped with me today. Whilst we have had this awarded back to us, the actual loan still includes this figure and therefore it is also accruing the extra interest that Picture are charging on top of this.

I think it was Marshalka that was going on about this way back at the beginning, sorry for being slow it never really registered until now.

Sorry to bring the gloom into the party.

(Who brought the sausage rolls ? and mines a Rum and coke please)

Well barloo, priorities first. Mine's a LARGE ROSE';) (actually wouldn't say no to a bottle at the moment):D

Yes I am aware that the PPI is still on the loan and yes, it is accruing more interest.

Marshallka was trying to explain this some time back. Unless you pay this back to Picture, you are still paying LOTS of interest to them.

I think it just depended on individual circumstances on whether they paid it back or not.
I think if you circumstances will allow, it is better to pay it off Picture and therefore have a reduced monthly payment, or pay it off, and by keeping the same monthly payment the same, it actually takes years of the remaining term. But as I say, it depends on the individual's circumstances.

Even with mine, although it is with a new lender, we are still in effect paying interest on the PPI part of the new loan, albiet at a far better % rate. With the Nationwide is is now only 2.6% I think, but defintaley below 3%. Saving an absolute fortune over the years. Our payments went from £360pm to £230 on a £42000 loan :eek:We have saved £1560 already in a matter of 12 months:eek::eek::eek: Also the new loan was taken over 19 years (remaining term of mortgage) and we still had 23 yrs to run with Picture. Therefore we have also saved a whopping 4 yrs of payments = £17280.

I know some are paying 10% interest on their Picture loans.:mad: which is extortion:mad:
I've roughly worked it out that if we had stayed with Picture, the interest alone on our PPI of £8873 at 10% would have cost £21825 in interest over the loan term, but now it will cost £4350 in interest. That is of course at the present rates. Although I know the BS will increase, but then Picture's interest will also increase, at a much faster rate to be sure!!!

That is just an example of the difference with Picture and another lender! It is quite unbelievable just how much we are saving by transferring the loan!

I am aware that not everybody is in a position to remortgage, but if you are it is well worth looking at, as no matter what the BS rate is it is always cheaper than these Financial Institutions. Even if the BS rate went up to 7% or more, you can be sure Picture's will go up a lot more!!

marshallka

barloo69 wrote: »

MMMMMMmmmmmm just out of curiousity, has anybody that has received their PPI reimbursement from the FSCS actually used it to pay off the initial loan. As the penny has just dropped with me today. Whilst we have had this awarded back to us, the actual loan still includes this figure and therefore it is also accruing the extra interest that Picture are charging on top of this.

I think it was Marshalka that was going on about this way back at the beginning, sorry for being slow it never really registered until now.

Sorry to bring the gloom into the party.

(Who brought the sausage rolls ? and mines a Rum and coke please)

Hi barloo, yes it was what I was harping on about but I think i then made some people think i was dictating but in fact i was only trying to explain.:o If you don't pay back to the loan then its not going to make any difference at all to your loan and repayments (in fact its like having another loan with them again although they are giving you the option of paying it straight back so interest free OR taking the money and continuing the interest on it). I know that if a loan is ongoing they have redressed all the PPI you have paid to date (with interest) and all the PPI premium too BUT you have to think how much interest you will be paying for the entire term of the loan to the end and some have said that the repayments were too high cause of the PPI. It "is" everyones choice but I was only trying to explain. I shut up eventually cause it felt like I was actually taking away from the excitement of the thread.

busbyh

marshallka wrote: »

Hi barloo, yes it was what I was harping on about but I think i then made some people think i was dictating but in fact i was only trying to explain.:o If you don't pay back to the loan then its not going to make any difference at all to your loan and repayments (in fact its like having another loan with them again although they are giving you the option of paying it straight back so interest free OR taking the money and continuing the interest on it). I know that if a loan is ongoing they have redressed all the PPI you have paid to date (with interest) and all the PPI premium too BUT you have to think how much interest you will be paying for the entire term of the loan to the end and some have said that the repayments were too high cause of the PPI. It "is" everyones choice but I was only trying to explain. I shut up eventually cause it felt like I was actually taking away from the excitement of the thread.

Hi marshallka

You weren't taking away the excitement of the thread, just putting an explanation and opinion forward.

In my above post, although I knew there was a lot of saving to be made by transferring, when you see it on paper, it makes you realise just how much Picture were/are ripping us off

marshallka

busbyh wrote: »

Hi marshallka

You weren't taking away the excitement of the thread, just putting an explanation and opinion forward.

In my above post, although I knew there was a lot of saving to be made by transferring, when you see it on paper, it makes you realise just how much Picture were/are ripping us off

It depends on how you look at things really. I always thought that debt advisors tell you to pay off your unsecured debts last as you have not got the threat of losing your home should you come unstuck BUT I understand why people decide to use the money for other debts also. Personal choice really but I remember how my own personal problems started. It was seeing Carol Vorderman saying "consolidate your debts into one affordable monthly payment". I know it was one of the biggest mistakes of our lives, variable interest rates and PPI and of course the threat of them taking your only asset..... your home.......We really should have reduced our spending a little more TBH.

busbyh

marshallka wrote: »

It depends on how you look at things really. I always thought that debt advisors tell you to pay off your unsecured debts last as you have not got the threat of losing your home should you come unstuck BUT I understand why people decide to use the money for other debts also. Personal choice really but I remember how my own personal problems started. It was seeing Carol Vorderman saying "consolidate your debts into one affordable monthly payment". I know it was one of the biggest mistakes of our lives, variable interest rates and PPI and of course the threat of them taking your only asset..... your home.......We really should have reduced our spending a little more TBH.

It's like I said, although they have remortaged, the ppi is still on the loan, but it doesn't seem as bad because of thelower rate the are now paying.
But I do see where you are coming from, when you've actually experienced it.
I remember that Carol Vorderman advert so well. If I remember correctly the couple who were in the press when then won their case of missold PPI for £27,000, was from of her adverts.I think it in the Sun.

But you are so right about curbing spending, but you are not alone with that. My lot have definately learnt since last year. TBH I could actually see it coming with them, although they couldn't. They now know how close they where to losing their home, and I doubt very much they would ever let that happen again hopefully, (don't think I could go through it again) They would feel the wrath of mother and mother in law:mad::mad::mad: if they did. I certainly wouldn't be as sympathetic if it did happen again GRRRRRRRRRR Saying that, I don't profess to be perfect, and we all make mistakes!!!!!It's so easy to get into debt, yet so hard to get out of it. It just catches up with you and then you don't know where you are!!
There were far too many financial institutions pushing, pushing, pushing, loans onto vunerable people, without even checking if they had the means to pay it back. Hopefully that is now in the past.

busbyh

marshallka.=,
At the time you lost your home, did you ever try to reclaim any of the PPi at the time or was it too late.