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

jo-urney

di3004 wrote: »

You will be ok;) I think you would have heard by now if they didn't think you had a case, that all now is standard procedure, hope your not waiting too long for your money, good luck x:)

thank you its really nice to have the positivity from you guys on this forum - it keeps the feelings of hope going strong :T

di3004

jo-urney wrote: »

thank you its really nice to have the positivity from you guys on this forum - it keeps the feelings of hope going strong :T

You are very welcome.;):A x

MagP

Ive been looking through the posts over the last few days and have finally plucked up the courage to make a post. Was just wondering if anyone could give me some advice/ encouragement?

My husband and I took out a secured loan with Netloans (also known as Netcars) in 2007. He was self employed and we were told over the phone that to be successful in getting the loan we had to take the PPI, etc. What we did not realise until re-reading the agreement was that the policy was only for 5 years and would never have covered him as it was Single Disability/ Redundancy, and the PPI had been added to the whole of the loan over 25 years!

Resulting sums are this ppi approx £6500
interest approx £12,500
total price approx £19,000 over the 25 years for the ppi only! Thats not including the loan which was for £40,000.

We are feeling really angry with ourselves now, but hope that we will have a successful claim.

Forms are being sent back to FSCS this week, what I am curious to know is if claim is successful, how does the FSCS work out compensation due? Is it only on the PPI or the full sum (including the interest?)

Any help appreciated.

jo-urney

hi there - the fscs should take into account the interest too - but be aware they will only pay out 90% of the full amount of the reclaim it sounds like your complaint reasons are pretty much the same as mine (other than the self employment bit) best of luck, i hope you are successful in getting your money back!

MagP

thanks for the quick reply! We just were not sure if it was just the ppi part that they compensated for.

Im just waiting for Paragon insurance to send us a copy of the policy certificate, as this needs to be sent to FSCS too. We never actually got a certificate or knew who our insurance policy was with until we started to investigate this ourselves. Its so frustrating.:(

jo-urney

yep it is isnt it! hopefully you'll get a nice amount back then - did you have any no claims rebates back over the years? this will obviously be taken off of any amount successfully reclaimed.

MagP

Our policy does not appear to have had that choice on it, but then again I dont have the certificate, then again that may be something else we were never told or made aware of.

jo-urney

you probably didnt get rebates then - i got them in yrs 3, 4 and 5 so will have some money taken off our total if we are successful. let us know how you get on with your claim

luckyc_2

MagP Are you waiting for Paragon to send the certificate to you? Cos Deloitte would ask for all that to work the sums out to speed up the process. Maybe worth ringing them or the FSCS to check.
With mine Deloitte said it would take about a month but hopefully be quicker.
Best of luck!!

luckyc_2

Phone call from Deloitte this morning. Just confirming they have everything in from paragon and tying up loose ends. The guy said it all looks very positive for being settled within a couple of weeks. But they dont have a final settlement figure just yet!
But whatever it is its a victory and ill let you know how much soon!!!!!
WHOOPEEEEEEEEE!!!!!!!!