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FSCS - Compensation
Comments
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More or less the same time as ours. I would fight this all the way with FSCS.They took their loan out in June 06 and I took mine out in Nov 06.
I contacted Pict/Target a month ago for a settlement figure and it was more than the loan & PPI together - I have asked for a complete breakdown.
Did someone earlier say that they received a call from them recently advising that the monthly re-payment is due.
My OH got a call today advising that our monthly instalment is due - they have never done that before, it has been paid by DD since day 1.
Honey2
Breakdown of our loan.
£35000.00 +ppi £8732.50 = £43732.50
current bal £41346.76
early sett int 1860.30
accrued int 433.70
redemption fee 175.00
less ins rebate 0 .00 (cancelled ppi in Aug 08- hence no rebate other than £2 reduction in monthly payment)
sett balance £43815.84 (More than we started with)
Actual amount paid back £41772.55, as they waived the settlement fee if paid by 15th November 08.
We had made over £10,000 in repayments to them.
They sent a letter in Sept offering to waive settlement fee if paid by this date. Must have been trying to claw back as much cash as possible
Hope this helpsdialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
"Apparently the recorded calls show that they were told by the person from Picture at point of selling that pre-exisitng conditions would not be covered, however they were not told that the policy was for only 5 years and not for the entire term of the loan. They have received a trans script of the calls from about 3 or 4 years ago"
Why was their claim not successful as the phone call doesnt mention the policy only lasts 5 years and they put that on their form, thats a massive mis sale! I think the FSCS has made a mistake.
My first loan was taken out in May 06 and was not given any information about the PPI except it being a type of saving scheme as I would get some back and no information was given on how much any of it would cost over the loan term.
The top up was taken out in Oct 07 but was also sold a brand new more expensive PPI policy and only given a part refund of the original one, there was demands and needs but was never made aware we could purchase from someone else or that there were many things that would never apply to us in the PPI because we were under 65!
you are quite right pinknico, with everything you say, they did make it look like a saving scheme to us also. That is a good point you have made:beer:dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
ooops!! made a big mistake in settlement interest, put £7000 instead of £1000 odd (I wish):Dwould have been nice to get that much taken offdialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0
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One of the issues we had with the sale of ppi with Picture was that we were only quoted the loan monthly repayment figure which included the ppi. At no point in the loan application process did they advise us of the repayment figure without ppi so they didn't give us a fair or informed choice with regards to taking it out.
I am just thinking that this might have been a common tactic with Picture so maybe it would be worth checking to see if your friends had a similar issue.
It was a tactic with them. They could not give a quote on the PPi as it was just classed as an overall loan.:mad: ONE BIG CON:mad:
and unfortunatley we all fell for it:mad::mad::mad:dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
Does anybody know what the accrued interest is on my setlement breakdown.
dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
Marshallka, i've just been reading through the link that you posted yesterday. I hope honey's friend reads this as it does give some very good info which she will find very useful.
thanks again, you are a mind of information:beer:dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
Nothing in the post today - will need to wait till Monday now
Wish this would hurry up arrrrrrgh.
Honey 2 xx0 -
Nothing in the post today - will need to wait till Monday now
Wish this would hurry up arrrrrrgh.
Honey 2 xx
Waiting is the hardest thing honey, esp at weekends, when you know you have to wait until Monday.
Was the info I sent any use to your friend. The one with the docs that we had received.dialysis,mammamia,honey.beaniebabe,saltyfish,funky,Gumbi,Lian,doogle,oldwulf,pinknico,Halpin,alyson,Barloo,jadone,demir,netabc,chickpee,dannyboy,tomgaskel,Lozza001,sandzb,di,marshallka,pengi,lynnie,busbyh,moggy,Kim66,honestbob,tobione,itdonk,arrongborne,thunders,newtonchang,mbones,showergirl, coffeetower,hayston,sappy,dolallytap,AuntieDeedee0 -
This is my loan figures -
AMOUNT OF LOAN £42,000.00
PICTURE PPI £10,479.00
TOTAL CREDIT £52,479.00
SET UP FEE £00.000.00
MONTHLY INTEREST RATE 0.716%
APR 8.9% VARIABLE
REPAYMENT £436.70
REPAYMENT TERM 276 MTHS
so far paid 16157.90 - the settlement figure was for £60,200.12:eek:
Honey 2 x0 -
Yes it was thank you - when I was looking through their paperwrk I noticed a box on their loan agreement which was not on mine. This Loan Agreement is a copy nof the one they signed and has their signature and is dated. Therefore they would have read this then signed it!!!!!!!!!!!
It said :- Picture Payment Protection
You have chosen to purchase our optional five year ppi with joint life cover and single accident, ilness and redundancy/business failure cover for the first named borrower. N.B. Picture PPI is optional and granting of the loan is not dependant on it being purchased.
Honey2 x0
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