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

SuzySu

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

The breakdown was from FSCS.

We didn't get the total PPI back because they "can only pay 90% of the loss above £2000 on any claim against the same firm per person".

They take the original PPI claim, add the interest your lender has already charged to date on the amount of the premium. Then the deduct "eligible benefits" which is what you have already received from the insurer or equivalent to one your are eligible to receive, for examply an amount you have claimed or a NCB.

Then they deduct any rebate due upon cancellation (in our case nothing was deducte) and then add a reasonable rate of return (pennies really).

So...in our case

£11,227.50
Plus interest £1,377.04
Less NCB £3,324.14
Less rebate £0
Plus reasonable rate of return £14.49

Gave us a total of £9,294.89 of which we got £8,765.40.

However, the letter also says that if we cancel our PPI within 90 days of the date of the letter, the FSCS will refund to us the amount of bonus they deducted minus any amount already received.

HTH

LilacPixie

Nice to see the figures SuzySu. I wonder what the reasonable rate of return is all about?? Is that affected by the date you too your loan out?

SuzySu

Hi Lilacpixie.

The reasonable rate of return is "the amount of interest on the monthly loan payments we have made in respect of the PPI premium". Don't really understand it tho

katherine198

Well, the FSCS aren't going to help me because the PPI was sold before January 2005. So, I am now considering a career in subversive behaviour! I have emailed No 10. Gone for the underwriters and am planning a mass petition and mass rally against theives of Lehman bros companies and associates. I may even become a Naughties Robin Hood if I stay mad enough for long enough!

di3004

Sorry to hear this Katherine.

It may be a case of having to pursue the actual insurer then, some of us was advised to do this by the FOS, even though the FOS are unable to investigate complaints if the business were not regulated by FSA etc at the time we taken out the finance, they can advise on the next step, and can investigate against the actual insurer as they would have been regulated.

So give the FOS a call on this one, see what they suggest, good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

katherine198

Thanks Di3004,
I am still very angry. I have emailed the FOS, and no 10. I have written and posted complaints to insurers and started a web site with a petition at uptherevolt(there is no gap here but I can't post links).weebly.com/. Any more suggestions?

di3004

katherine198 wrote: »

Thanks Di3004,
I am still very angry. I have emailed the FOS, and no 10. I have written and posted complaints to insurers and started a web site with a petition at uptherevolt(there is no gap here but I can't post links).weebly.com/. Any more suggestions?

Wishing you luck through and through, and I can understand how angry you must be feeling, however, I do think its best to ring rather then email the FOS on the free tel number for the quickest method - due to backlogs of emails, I'm sure they will be able to suggest something on the next step for you.;) XX

bhoywonder

SuzySu wrote: »

busbyh wrote: »

The breakdown was from FSCS.

We didn't get the total PPI back because they "can only pay 90% of the loss above £2000 on any claim against the same firm per person".

They take the original PPI claim, add the interest your lender has already charged to date on the amount of the premium. Then the deduct "eligible benefits" which is what you have already received from the insurer or equivalent to one your are eligible to receive, for examply an amount you have claimed or a NCB.

Then they deduct any rebate due upon cancellation (in our case nothing was deducte) and then add a reasonable rate of return (pennies really).

So...in our case

£11,227.50
Plus interest £1,377.04
Less NCB £3,324.14
Less rebate £0
Plus reasonable rate of return £14.49

Gave us a total of £9,294.89 of which we got £8,765.40.

However, the letter also says that if we cancel our PPI within 90 days of the date of the letter, the FSCS will refund to us the amount of bonus they deducted minus any amount already received.

HTH

Thanks, the one thing I dont follow then is if you are still entitled to additional ncb(years 4 and 5) then you are getting back more than you paid for the ppi originally.

Am I just being stupid here as year 4 & 5 would total around £3300 bringing your total claim to over £12,000.

it is late and after a hard day at work too:rotfl:

SuzySu

Hi and it's not a stupid question....the FCSC have added together all the NCB payouts from yr 3 (already received) and yrs 4 and 5 (yet to come) and this totals £3324.14 and deducted it from the total because I will be getting that back anyway.

bhoywonder

SuzySu wrote: »

Hi and it's not a stupid question....the FCSC have added together all the NCB payouts from yr 3 (already received) and yrs 4 and 5 (yet to come) and this totals £3324.14 and deducted it from the total because I will be getting that back anyway.

Thanks

My total NCB on a £12,000 ppi comes to £6,000, 50% of the total ppi. how come your total ppi was £11,200 and you are only due to receive £3324 in total. Is the £11,200 less the first ncb you have already received.

Sorry to keep asking it just seemed a big refund compared to what i had thought.