FSCS success + cancellation of policy within 90 days to get refund of NCB ?

leesykoi

Hi,

One thing i did find out is that the first cheque you receive is totally up to you what you do with it, as is the NCB refund (whatever the size of that maybe). I want to use the NCB or refund of NCB to reduce the size and exposure of my loan but that is a personal choice.

If i get any further info regarding how FSCS calculate the refund i will let you know (appreciate it if you could likewise as the clock is ticking with my refund claim albeit slowly)

Lee.

amersall

Hi both, you may get a reply from someone who claimed from FSCS on the default thread and got ncb back, so hang fire.

From reading the default thread, it seems to me that the ncb is your cash back of ppi, so i would think you will get this.

leesykoi

I would love to hear from this chap !!!!!!

leesykoi

So has anyone claimed their NCB via FSCS before it was due after cancelling their policy ?

I'm worried if i cancel the policy that the refund from FSCS will be much lower in value than waiting for the NCB next year.

HELP !!!!!!!

amersall

The NCB from what i can gather, is the ppi, if you cancel the ppi then you should get this back, this has nothing to do with the FSCS as they only compensate for the ppi you were mis sold, so i would think that you would get the ppi less any bonus you have already taken on this.
I have this from the companys in default thread that Di set up, this is the same front loaded ppi and through the FSCS, so i would think it will work the same.

Mybe we will have to wait a while longer for someone who has actually done this with Welcome, as they only went into default a short while ago and the FSCS are "helping" them with the ppi.

amersall

23rd september 09.
I received a cheque from Picture today for my 3 year ppi rebate, immediately called the FSCS and asked what to do (they were as surprised as me - as they said last week to ignore ppi rebate letter as I was unlikely to receive it). I was told to bank the cheque and then send a photocopy to the FSCS so that this amount can be deducted from my compensation cheque.


15th october 09
ORIGINAL PPI £21,207.50
PLUS INTEREST £3,003,40
LESS BENEFITS RECIVED £00.00
LESS REBATE DUE UPON CANCELLATION OF INSURANCE £1,373.29
PLUS A REASONABLE RATE OF RETURN £52.93

COMPENSATION FIGURE £22,890.54


But as you only get 100% f first £2000 and 90% of rest we got

£20,801.49

amersall

These got the whole ppi back, so i would think this will be the same if you cancel it.

leesykoi

Hi Amersall,

Thanks for the replies.

In my case FP have stated i will NOT get the NCB if i cancel the policy and in the letter from the FSCS they were quite clear that they would refund me my NCB. The main thing is that they have NOT quantified anything.

My main question is to check if anyone has claimed their NCB from the FSCS after cancelling their policy ?

Thks.

Lee.

susyjf

I am in the same position as yourself. Have just received compensation of approx £4600 from fscs regarding firstplus loan missold by a company called loanline who are now in default. The amount I received was less the ncb of approx£17k which i am due to receive sept 2012 but it is highly unlikely firstplus will pay due to having a couple of late payments.We have decided to cancel the policy and pay whatever we get back from fscs off the loan. Apparently as we have claimed missell from fscs the loan is not put back in the position it should have been if ppi had not been taken. I reckon it is better for me to cancel now and get the ncb and look for a cheaper form of protection on a monthly basis. I am waiting for confirmation of the ppi cancellation from firstplus and then i will forward to fscs as proof of cancellation and hopefully receive another cheque from them. I am an avid reader of this forum and have gained so much useful info on reclaiming, although i dont post very often. if you read the companies in default/fscs claims thread page no 438 post no 8757 this might help.

leesykoi

Hi Susyjf,

Thks for the reply, i have PM'd another member (Hayston) who seemed successful in getting his refund from the FSCS.

I have not claimed ANY NCB during the period of my loan NOR defaulted on any payment so think i should be due the full payment.

I think i will be cancelling my PPI next week and going down the route of claiming the NCB from FSCS.

Hope this is the right decision as i want to use this money to reduce the Firstplus loan amount.

Kind Rgds.

Lee.