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

SuzySu

Thanks Busbyh...that's what I was hoping someone would say. Might leave it for the next couple of years then look at cancelling the PPI after that.

LilacPixie...it was with Picture. I still can't believe how easy it was....fingers crossed yours will be soon. Not sure what we will do with it tbh...we will look at making full and finals on a couple of our outstanding debts, but need to discuss it properly with OH. For the moment it is in the bank - can't wait to see that cleared balance in my account

busbyh

SuzySu wrote: »

Thanks Busbyh...that's what I was hoping someone would say. Might leave it for the next couple of years then look at cancelling the PPI after that.


LilacPixie...it was with Picture. I still can't believe how easy it was....fingers crossed yours will be soon. Not sure what we will do with it tbh...we will look at making full and finals on a couple of our outstanding debts, but need to discuss it properly with OH. For the moment it is in the bank - can't wait to see that cleared balance in my account

Hi Suzy,
The PPI only covers you for the first five years and you receive you last rebate in the fourth year, so I don't think it will make any difference to your repayments if you do cancel. Be careful you don't cancel it within the five years though, as they could argue that you were not entitled to the ncb if policy has been cancelled. Also as the PPI amount is already added to the original loan, cancelling will make no difference, your are in effect still paying for it anyhow.
Hope this makes sense!!
xx
xx

SuzySu

Thanks busbyh.....we've only had our first payout (yr 3) so far, so will keep it for yrs 4 and 5 and get everything I can out of the slimy barstewards . We're using the refund to offer F&Fs on our other debts so hopefully will have more money to throw at Picture and get it cleared soon.

chickpee

SuzySu - If you have already had a payout of the NCB then I was told by Picture that even if I cancelled the ppi then my repayments wouldn't change. However, if you keep your policy running (and you may as well) then you will still be entitled to the other NCB's of the policy providing you keep your payments up to date.

Congratulations on your compensation

bhoywonder

SuzySu wrote: »

Thanks Busbyh...that's what I was hoping someone would say. Might leave it for the next couple of years then look at cancelling the PPI after that.


Did you get a breakdown of the calculation from FSCS or Deloittes. I am in the final stages and I am just wanting to ensure my calculation is correct.
I have a £12,000 ppi and have recieved 2 NCB for around £4,500. I am asking as I am not sure how the calculation is made and what interest is added to.

Thanks

busbyh

bhoywonder wrote: »

SuzySu wrote: »

Thanks Busbyh...that's what I was hoping someone would say. Might leave it for the next couple of years then look at cancelling the PPI after that.


Did you get a breakdown of the calculation from FSCS or Deloittes. I am in the final stages and I am just wanting to ensure my calculation is correct.
I have a £12,000 ppi and have recieved 2 NCB for around £4,500. I am asking as I am not sure how the calculation is made and what interest is added to.

Thanks

Hi, I think I am correct in saying you get all PPI back plus the interest you have paid to date on the £12000. If you have been paid a NCB FSCS have been deducting this amount from final settlement.

It is nice to see that the process has now been speeded up and not as it was when we claimed - "A total Nightmare"
Good luck to all who are still waiting, and remember, never give up.
xx

bhoywonder

busbyh wrote: »

bhoywonder wrote: »

Hi, I think I am correct in saying you get all PPI back plus the interest you have paid to date on the £12000. If you have been paid a NCB FSCS have been deducting this amount from final settlement.

It is nice to see that the process has now been speeded up and not as it was when we claimed - "A total Nightmare"
Good luck to all who are still waiting, and remember, never give up.
xx

Thanks

So am I right in thinking that I should receive interest on the full PPI or should it be interest on the ppi up to the ncb and then interest on the balance until the next ncb.

This is making my head hurt, :rotfl:

bhoywonder

I spoke to Deloittes today and was informed that they have alll the information they require and it has been passed to their calculating team. I have been informed that this should be dealt with in around 4 to 6 weeks, is this correct based on peoples experience.

I also asked that does this mean my claim is successful and she replied that it is however this team needs to calculate the amount before returning it to the FSCS to pay out.

Nearly there.......

gumbi

Hi all,
I see we've had some more success with PPI over the past few weeks. I'm deep into my second recliam against Picture and so far so good but I have another issue that somebody may be able to clarify for me....

The PPI I've already had back was attached to a top up loan and the PPI I'm claiming now is from the loan that preceeded it that needed to be cleared as part of the top up process. Sounds simple enough but if the PPI on the original is deemed missold, (and let's face it it probably will be) then the amount of the top up loan would have inflated by the amount of the PPI portion of the original loan. Subsequently the base amount of the top up loan was wrong and all my capital and interest repayments to date and going forward have been based on an incorrect amount.

I want to make sure that the agreement is watertight as it's secured on my family home but nobody....not the FSA, FOS, FLA or anyone else apart for that matter can tell me if the agreement is valid. I've checked the web but all I can find is people looking to make the loan unenforceable and that just doesn't seem right...

If picture were still trading I'd go to them and request a new agreement but they don't exist and Target simply administer the Picture loan book so who can re-write the agreement if it's not valid?

It's all very confusing and unless I'm being really dim seems to be a big hole in the reclaim process......anyone got any advice?

Cheers
Gumbi

di3004

gumbi wrote: »

Hi all,
I see we've had some more success with PPI over the past few weeks. I'm deep into my second recliam against Picture and so far so good but I have another issue that somebody may be able to clarify for me....

The PPI I've already had back was attached to a top up loan and the PPI I'm claiming now is from the loan that preceeded it that needed to be cleared as part of the top up process. Sounds simple enough but if the PPI on the original is deemed missold, (and let's face it it probably will be) then the amount of the top up loan would have inflated by the amount of the PPI portion of the original loan. Subsequently the base amount of the top up loan was wrong and all my capital and interest repayments to date and going forward have been based on an incorrect amount.

I want to make sure that the agreement is watertight as it's secured on my family home but nobody....not the FSA, FOS, FLA or anyone else apart for that matter can tell me if the agreement is valid. I've checked the web but all I can find is people looking to make the loan unenforceable and that just doesn't seem right...

If picture were still trading I'd go to them and request a new agreement but they don't exist and Target simply administer the Picture loan book so who can re-write the agreement if it's not valid?

It's all very confusing and unless I'm being really dim seems to be a big hole in the reclaim process......anyone got any advice?

Cheers
Gumbi

Hi Gumbi

Hope your well and the best of luck on this one too.

Now I am baffled with this query to be honest, but maybe you could ask Dunstonh about this one who may know, you could PM him or maybe start a new thread below so he does not miss it, I dont think Dunstonh actually posts on this actual thread, but you could subject it in a separate one as "for Dunstonh".;)

I am sure you will get some answers on this.

Meanwhile good luck to you and everyone else still waiting for your payments vis FSCS.:)