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

butdoineedit?

Please can i ask a quick question?
I have had my PPI refunded for a loan i took out with Picture, but the letter that has come with it has confused me slightly in regards to cancelling.
Will i still be paying interest on the PPI amount in the future? & will this change if i cancel the policy?
I still have 2 lots of NCB to be paid this year & next, so would i be financially better off to keep the policy running or cancel it now?

Sorry if this is a stupid question, but i can't seem to get my head round it!!

Many Thanks
BDINI

di3004

butdoineedit? wrote: »

Please can i ask a quick question?
I have had my PPI refunded for a loan i took out with Picture, but the letter that has come with it has confused me slightly in regards to cancelling.
Will i still be paying interest on the PPI amount in the future? & will this change if i cancel the policy?
I still have 2 lots of NCB to be paid this year & next, so would i be financially better off to keep the policy running or cancel it now?

Sorry if this is a stupid question, but i can't seem to get my head round it!!

Many Thanks
BDINI

Hi there just bumping this one for you, as mine was settled when making a reclaim in regards of another company through the FSCS, I am not too sure on this, but hopefully someone will be along soon who have been in the same position as yourself, good luck with this.:)

butdoineedit?

Thanks Di!!

busbyh

butdoineedit? wrote: »

Please can i ask a quick question?
I have had my PPI refunded for a loan i took out with Picture, but the letter that has come with it has confused me slightly in regards to cancelling.
Will i still be paying interest on the PPI amount in the future? & will this change if i cancel the policy?
I still have 2 lots of NCB to be paid this year & next, so would i be financially better off to keep the policy running or cancel it now?

Sorry if this is a stupid question, but i can't seem to get my head round it!!

Many Thanks
BDINI

Hi there,
I think you be be best keeping it running as it is still on the loan, so you are best getting future NCBs. If you cancel it will only reduced your payments by a couple of £s a month, and you still have the policy in place for the next couple of years shoud you need it.
xx

butdoineedit?

Brilliant, thanks Busbyh I shall leave it running then!

busbyh

butdoineedit? wrote: »

Brilliant, thanks Busbyh I shall leave it running then!

Hi, I forget to say, if you do cancel the policy, any rebate you may be entitled to is taken off your loan balance and not paid to you direct.This happened to us and I think our rebate was about £192 and our payments reduced by about £2 a month. Not much benefit really.
We eventually got rid of the PICTURE loan with a remortgage thank goodness. Best thing we did.
xx

butdoineedit?

Oh yes, i am dying to get rid of the loan, just need to get my credit cards in a bit more order before i can extend my mortgage.
Really useful to know i won't get the rebate direct to me if i cancel, for the sake of a couple of quid i'll definitely keep the policy & use the rebates to clear one of the credit cards.
Thanks so much for the quick replies & the really useful info!!!!

shaz1963

Hi there again,

I posted that questionare back to them, and I also emailed advising them it was in the post however they had not asked me for any documentation and did the require some? I got no response to my email and I have not had anything back in the post.

I dont have any claim ref number or anything?

Does this sound right??

Shaz x

di3004

Hi Shaz

I think they will send you a claim number in due course when they will normally request for further information then.;)

You could give them a ring again in the week, they should be able to confirm this to you.

Di
X

susiearc

butdoineedit? wrote: »

Please can i ask a quick question?
I have had my PPI refunded for a loan i took out with Picture, but the letter that has come with it has confused me slightly in regards to cancelling.
Will i still be paying interest on the PPI amount in the future? & will this change if i cancel the policy?
I still have 2 lots of NCB to be paid this year & next, so would i be financially better off to keep the policy running or cancel it now?

Sorry if this is a stupid question, but i can't seem to get my head round it!!

Many Thanks
BDINI

Please don't make the same mistake as us!
We got back nearly £17000 from mis sold PPI from Picture.So far so good.
However, we had one more NCB to claim April 2011, but according to letter that accompanied our cheque, if we cancelled, FSCS would claim it earlier for us. We double checked this via an email to one of the claim advisors at FSCS who confirmed this.
Then, when we cancelled the insurance, FSCS are suddenlt declaring we have nothing more to claim?! We have sent a letter of complaint with all the evidence, but my concern is, if they still refuse, where do we go from here?