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

marshallka

chickpee wrote: »

I meant the premium as in the extra amount we pay towards the loan because we've had the ppi added.

I've been trying all afternoon to work out how the FSCS have come to the figure but I'm rubbish at maths! The thing is I want to be very clear in my letter as to why I think it isn't right.

Hi chickpee, when I worked out back with mamamanias and honey2 PPI redress, where the FSCS put interest charged to date, this is the amount of PPI you have actually paid to the lender to date (the extra bit of your repayments that went towards your PPI). I remember now and the way I have worked yours out is that way too.

pinknico

chickpee wrote: »

I meant the premium as in the extra amount we pay towards the loan because we've had the ppi added.

I've been trying all afternoon to work out how the FSCS have come to the figure but I'm rubbish at maths! The thing is I want to be very clear in my letter as to why I think it isn't right.

Thats the interest you get back, if you hadnt had the PPI all payment would have gone towards the loan.

showergirl

pinknico wrote: »

yes showergirl, as far as I know which is why settlement figures are always such a shock! This is not the case in all loans but has been on my secured ones.

No wonder people get in such a mess. These companies must be making a fortune

busbyh

Loan amount - £35000.00
PPI 8732.50
Total loan amount £43732.50
Monthly Interest rate 0.584% APR 7.2 variable - it was about 8.6% when we paid them off- - at the end it original mthly pment £309.32 At the end it was £350 when we paid them off

Is this any help, this is ours

pinknico

chickpee wrote: »

Bushby we had the same total PPI amount as you and over 54 months we have received back interest of £2708.14

You need to compare loan lengths and monthly payments and see how it pans out. over the 54 payments how much if at all have thay gone up by since first payment.

busbyh

Marshallka I also have the settlement breakdown if you need them

bodkins14

I was going to say in the 4 years since I took out my loan the interest only went up except once when they as a good will gesture target reduced ours by 0.5% to a very reasonable 7.89% (I do believe this was in January of this year) so I can't complain what with interest rates of 0.5% and at an all time record low, robbing bar stewards.
Moggy don't loose faith it will all come good I know it's easy for a non-pregnant male to say but you gotta relax for the little one they feel your stress you know, go have a lie down in a nice warm bath and relax you can't do anything till tomorrow now so try and unwind.

busbyh

That's about right then chickpee as you had made 24 more payments than us which in our case would have amounted to another £1560 at £65 interest pm.
We only made 29 payments
I think our figures are correct. I hope so.

marshallka

busbyh wrote: »

Loan amount - £35000.00
PPI 8732.50
Total loan amount £43732.50
Monthly Interest rate 0.584% APR 7.2 variable - it was about 8.6% when we paid them off- - at the end it original mthly pment £309.32 At the end it was £350 when we paid them off

Is this any help, this is ours

Your PPI element is 8732.50 divded by 43732.50 = 19.97%

Then you take 19.97% of your repayments (I will go off just the first one here of 309.32) being 61.77 and then "times" this by however many months you paid the loan. This would then be the total cost of the PPI you have paid to date.

From what I can remember from the first redress on here (mamania) she got her premium back, plus the repayments made to date and then 8% statutory interest on it from the date that Picture were declared in default.


edited and posted below..... sorry

pinknico

busbyh how long was your original loan length?