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

SuzySu

Sorry.....me again

Can I ask a question that is particular to my situation?

The loan was for £45,000ish
PPI was £11,200ish

But...we had to sell our home as we were under threat of being repossessed as we weren't making our mortgage payments. What we got for the house paid off the mortgage and most of Picture, but left us with £8,000ish which they transferred to an unsecured loan (as I now rent).

Can anyone tell me how or whether this will affect my claim for mis-sold PPI? Is my loan still "active" or is it a new loan?

Thanks and well done to the Picturite winners to date. It is an amazing success - as Citizen Smith said "power to the people".

thunders79

hayston wrote: »

Bursting to tell you my news.

Just called fscs for an update and was told that cheque will be sent in chq run on the 29/03.
I can't believe it!
Did ask how much for but they can't give me that info. Never mind just glad its a chq.

Will let you know when it arrives.

Thanks to you all for your advice and support.
Wish all of you still waiting good luck.

FANTASTIC NEWS. CONGRATULATIONS! :j:j:j:j
I remember how I felt when I was told the same thing. Just wanted the postman to hurry up everyday! lol I was asked lots of questions when paying my cheque in the bank though. I was asked to go into a room and speak to the bank manager! who asked me about opening new bank accounts etc and where I got the money from! I don't think is fair. It isn't any of their business? it could have been a loan for all they knew. I just said it was compensation. Happy spending :beer:

busbyh

SuzySu wrote: »

Sorry.....me again

Can I ask a question that is particular to my situation?

The loan was for £45,000ish
PPI was £11,200ish

But...we had to sell our home as we were under threat of being repossessed as we weren't making our mortgage payments. What we got for the house paid off the mortgage and most of Picture, but left us with £8,000ish which they transferred to an unsecured loan (as I now rent).

Can anyone tell me how or whether this will affect my claim for mis-sold PPI? Is my loan still "active" or is it a new loan?

Thanks and well done to the Picturite winners to date. It is an amazing success - as Citizen Smith said "power to the people".

Hi suzy

It won't amke any difference. We remortgaged and paid off Picture 12 months before we were paid out, so don't worry, you still have a claim as whatever way you look at it, you have paid the majority of the loan(inc PPI) back, so whatever way you were still missold!
xx

PS. I ASKED FSCS THE SAME QUESTION, WHEN WE CLEARED OFF THE LOAN WITH PICTURE AND WAS TOLD WE STILL HAD THE RIGHT TO CLAIM- AND WE DID AND WON:D:D THERE ARE A FEW OF US ON HERE WHO HAD CLEARED THE LOAN AND WON:D SO NO REASON FOR YOU TO WORRY;)

SuzySu

Thanks again Busbyh...

As my first NCB payout is due in May do you have any suggestions about whether it's better to take this and have it deducted from the refund, or whether I can do anything to stop this payout?

I was hoping to use the refund (presuming I get it) to pay off other loans first.

busbyh

SuzySu wrote: »

Thanks again Busbyh...

As my first NCB payout is due in May do you have any suggestions about whether it's better to take this and have it deducted from the refund, or whether I can do anything to stop this payout?

I was hoping to use the refund (presuming I get it) to pay off other loans first.

Hi suzy, I don't think you can do anything about this. It will probably be an automatic payout.
The only thing is, did you ever miss any payments to Picture when you were having problems. If you did, you will not be entitled to an NCB. as this is not paid out if you have defaulted on the loan If this is the case there will be nothing for FSCS to deduct from your payout, but you still won't lose out a if you receive any NCB FSCS will deduct it, but if you are not entitled to it, there will be nothing to deduct - if you get my drift!!

SuzySu

No, never missed a payment and I phoned Picture to check this about a year ago. However, I really don't want the NCB coming off the loan as we could do with the money elsewhere. I take it there's nothing I can do to prevent this from happening then?

Do I at least have the choice of getting the NCB in the form of a cheque, or must it be automatically offset against the remainder of the loan?

busbyh

SuzySu wrote: »

No, never missed a payment and I phoned Picture to check this about a year ago. However, I really don't want the NCB coming off the loan as we could do with the money elsewhere. I take it there's nothing I can do to prevent this from happening then?

Do I at least have the choice of getting the NCB in the form of a cheque, or must it be automatically offset against the remainder of the loan?

Hi suzy, I'm sure this is sent to you in a cheque. As far as I am aware they are not authorised to pay this against your loan balance. If they did try to suggest this, tell them a firm no.

I think the only way anything comes off your loan is, when the FSCS settle, they work out what the PPI rebate would be if you should decide to cancel the PPI.

e.g. if the PPI rebate was £300, this would be deducted by the FSCS from your settlement figure but you still have the choice to keep it running with Picture. I would think it would be worth more to you to keep it going and get the other two NCB when they become due.

If you did decide to cancel the PPI with Picture, the amount of rebate FSCS have worked would be deducted from your loan balance and your payments would be reduced by a measley couple of £s per month.

Am I making sense. If not just shout

How long have you got left on the loan?

SuzySu

Yes, making sense thanks Busbyh. The loan was for the maximum 300 months (25 years) and May this year will be the 3rd year anniversary, hence the payout, so still 22 years left to run.

The original loan was for £45,000 although as mentioned previously has now reduced to just over £8,000 so how would the NCB be calculated? I think I was expecting something over £2,000 in May. Would that be right? The majority of the loan was paid off in August 2008.

busbyh

SuzySu wrote: »

Yes, making sense thanks Busbyh. The loan was for the maximum 300 months (25 years) and May this year will be the 3rd year anniversary, hence the payout, so still 22 years left to run.

The original loan was for £45,000 although as mentioned previously has now reduced to just over £8,000 so how would the NCB be calculated? I think I was expecting something over £2,000 in May. Would that be right? The majority of the loan was paid off in August 2008.

Not sure about the calculation Suzysu, but I am sure it will be as you say, regardless to ho much is now owing.

busbyh

Suzysu
Hopefully it won't take as long as 6 months. FSCS should know what they are doing by now.I think a lot depends on how quick they get the info and all the figures from PICTURE.
xx