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

northend77_2

Hi Linnite
I'm still waiting too. I sent my claim in just after my post on Feb 20th and am still waiting to hear anything however I believed these things can take a couple of months to process. I have received back my original documents of identification and proof of address (as my name and address have changed since I took out the loan) and the letter accompanying them just said my claim was being processed/investigated (can't remember which). If no news is good news then I'm happy so far!
Keep those fingers and toes crossed

linnite

No news as of today, can only be a matter of days now.

linnite

Oh well, I got my cheque today! £6056! Slightly more sober and less exctiteable post than in the other thread!

So, forms sent off 21/2, cheque 17/4 so we are looking at 8 weeks for a straightforward Picture case there (no changes of address or partner, still got the loan).

Very best wishes to the others whether on here or not who have a claim in!

northend77_2

Well done Linnite, that's brilliant news - well worth the small effort to put in the claim. Happy spending!

jaynemacdonald1979

Anyone have a complaint in about picture at the moment, or recently one. Mine been in 3/4 weeks now and nothing yet?.

-taff

Expect to wait another month at least...

jaynemacdonald1979

Ok thank u.

blackcurrant

Hello,

I was sold PPI on a secured loan by Welcome Finance of £15,000 after PPI etc £18043.25 which I am still paying off at 19.2%. I put in a succesful claim and I was made an offer by FCSC as Welcome Finance are in default. I wrote them this email in response to their compensation
I am writing in response to your decision letter in which you make an offer of £5446.17. You explanation doesn't cover:a detailed breakdown of monthly payments made from 2006 to date or the interest applied at 19.2% as per my agreement plus the FSA 8% interest as per their guidelines.
Also, as the PPI is removed, my loan payments should be adjusted accordingl y and you have not mentioned this at all in your decision letter.

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THEIR RESPONSE
As you are aware, WFSL was declared to be in default by the Financial Services Compensation Scheme (FSCS) on 2 March 2011. This means that all PPI complaints for policies taken out through WFSL on or after 14 January 2005 were transferred to the FSCS to be dealt with.

The FSCS was set up under the Financial Services and Markets Act 2000. The FSCS is a fund of last resort for customers of financial services firms authorised by the UK financial regulators. The FSCS deals with claims for compensation against financial services firms that are no longer trading and cannot honour claims against them. We review all claims in line with our rule, as set by the UK financial regulators, and our policies, as agreed by our board of Directors.

As a result, any compensation which a customer is entitled to in respect of their PPI is calculated in accordance with the rules under which the FSCS operates. The rules appear in the UK Financial regulators Handbook under 'COMP' and can be viewed at financial conduct authority website.

The rules that you seem to have quoted belong to DISP and not COMP. We sent you a decision letter on 18 May 2013 which explains the figures and interest. This can be found in the compensation calculator attached.

You state that your loan payments should be adjusted accordingly however this is not correct. When calculating the compensation figure, the FSCS consider all payments already made and the payments that you will pay in the future to the end of the policy. This is all put together and applied as a lump sum to the outstanding balance.

The FSCS also consider the amount of interest from your bank you would have received if the money that you have lost was in your bank account.
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Question is, regardless of the compensation amount they have come up with, why haven't they adjusted my payments to reflect the cancelled insurance. If its not, I'm effectively paying the same amount post cancellation of insurance. At the very least they should tell me if there is an adjustment to how long it will take me to complete the loan payment even if I'm still paying the same amount monthly. Very very confused. Lastly has anyone got a COMP rules PPI calculator as I don't understand how £2643.25 insurance over nearly 7 years even under COMP rules comes to £5446.17? Also, can you refer and FCSC decision to the Omudsman?

-taff

blackcurrant wrote: »

Question is, regardless of the compensation amount they have come up with, why haven't they adjusted my payments to reflect the cancelled insurance. If its not, I'm effectively paying the same amount post cancellation of insurance. At the very least they should tell me if there is an adjustment to how long it will take me to complete the loan payment even if I'm still paying the same amount monthly. Very very confused. Lastly has anyone got a COMP rules PPI calculator as I don't understand how £2643.25 insurance over nearly 7 years even under COMP rules comes to £5446.17? Also, can you refer and FCSC decision to the Omudsman?

If they have sent you a cheque for the money and the associated interest, you should have used this agaisnt the loan you are currently paying. By sending you the cheque and you cashing it, they are not also going to take the interest and/or PPI payments off your payments, otherwise that's paying you twice.
They do say that they will apply it agasint your outstanding loan on their site, so did you get a cheque or are they supposed to be removing it form your loan?

You can't refer FSCS decisions to the ombudsman no, but their compensation payments are not the same as the FOS guidelines.

jaynemacdonald1979

Deloitte have emailed me to say my complaint is in final stages of review anyone have a clue what this means?. Any nearer to a figure or can it still be knocked back?.