FSCS - Compensation

busbyh

honey2 wrote: »

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 x

Our actual loan figues were as above with these rates:


Set-up fee 0.00
Mthly % rate 0.584%
APR 7.2%
Mthly rpay £309.32 (these increased to £350 with rate increases)

The term was 300 months

When did you say you took out the loan. Ours was Mar 06. Just that there is a big difference in APR
Total rip off:mad::mad::mad:


THAT IS A BIG DIFFERENCE TO THE ACTUAL LOAN AMOUNT!! OVER £7000, DOESN'T SOUND RIGHT TO ME,THERE GOT TO BE SOMETHING WRONG THERE, I WOULD THINK!!!

honey2_2

Our loan papers signed Nov 06

Honey2x

busbyh

honey2 wrote: »

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 x

I have looked through ours again and can find nothing like this and definateley no signatures for PPI.

Maybe this is why they have been declined
Although I would still appeal on the other issues. i.e SINGLE PREMIUM.

busbyh

honey2 wrote: »

Our loan papers signed Nov 06

Honey2x

I didn't think the interest rate had risen that much in 8 monthsI will see if I can find any letters as they have to advise each time there is an increase.

honey2_2

Yep my loan form does not have this box on it either - I think they have been refused because it clearly says on the form please read and sign if you agree, it was all there in black and white detailing what the PPI was, who and what it covered and how long for.
They are going back to the FSCS stating they were never asked about pre exisitng conditions, it was Mrs who always spoke to Picture they never spoke to the OH and it was the OH who was covered.

Honey2 x

busbyh

Honey, apologies, I have just found the box you are referring too. It is on the loan agreement under the address box.
I was looking for one of those silly tick boxes.So it is there and the signature applies to everything on that agreement. :eek:

It look like she need to appeal the single premium, maybe. It would appear the FSCS have only looked at this part of her claim. and this is what she has been knocked back on:mad:

honey2_2

These are the exact figures - not sure why our rates were so high - no explanation given, just that was our rate!

I wish we had never heard the name Picture - we still have the loan my OH has been made redundant recently and we are struggling big time with the re-payments, hope a new job is round the corner.

Honey2

honey2_2

Thats what I think as well Busbyh - they are going to appeal as the FSCS have an appeals process where your claim can be looked at by the Chief Exec Hopefully it will come good for them.

If anyone else has this box then do you think the same rule will apply?

Honey2

busbyh

honey2 wrote: »

These are the exact figures - not sure why our rates were so high - no explanation given, just that was our rate!

I wish we had never heard the name Picture - we still have the loan my OH has been made redundant recently and we are struggling big time with the re-payments, hope a new job is round the corner.

Honey2

Yes, I agree.My daughter (it's their loan) has a panic attack everytime she hears the word Picture. That's why we got rid of it with a re mortgage. Still got the same debt but at least the building society interest is not as exortionate. She actually saved £80 per month in repayments by changing.Work that out over the remaining 270 months to pay, its a lot of saving!! and its over 19 years and not 22 that was left with picture.

Hope your OH finds work soon - it is no joke when you are struggling, hopefully when you get this payout, things will be a little easier.
Take care

.

busbyh

honey2 wrote: »

Yep my loan form does not have this box on it either - I think they have been refused because it clearly says on the form please read and sign if you agree, it was all there in black and white detailing what the PPI was, who and what it covered and how long for.
They are going back to the FSCS stating they were never asked about pre exisitng conditions, it was Mrs who always spoke to Picture they never spoke to the OH and it was the OH who was covered.

Honey2 x

Does it ask in the actual box, to read and sign or is this on some other part of the agreement, only it doesn't say it in the box on our form