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Deloitte - FSCS ----- Picture Loans


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Hello All

 

Just wondering if anyone has had dealings with FSCS/Deloitte regarding Picture as ive sent my completed forms off with relevant documents this week and curious as to know how long to expect to have to wait until the case is looked into or even completed ??

 

Many Thanks

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  • 2 weeks later...

Hi again

 

If anyone can help with this query i would appreciate it , I have recently sent my claim for mis selling of ppi on a loan with Picture , however this is a loan previous to my current loan (which the fscs paid redress 2 years ago ) , the current loan was a top up loan to the one im currently claiming mis selling

 

Does anybody know if still redress on origianal loan if already received redress on the current loan ?? All confusing but tried best to explain the situation !!

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yes!!!

you are prob owed a lot more back that you think

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I was paid out around £14000 two years ago via fscs on my current loan , this is a top up loan to the loan im now claiming on , the paper work says amount of ppi on origianal loan was £7550 and the top up loan was £14950

 

Just hoping my claim on the original loan is accepted and having been paid out on the top up loan already doesnt affect my claim

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Why would being paid out on your second loan affect the claim on your first loan?

 

Also, you need to be aware that, depending on how the top up loan was written, you may have been paying off PPI on loan 1 via loan 2.

 

Have a read of No.1 in my signature for information about this

 

ims

 

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Hi , thanks for helping me !!

 

I dont really understand what you mean about paying off ppi on loan 1 via loan 2 ???? does this affect my claim then and if so is it bad news regarding being redressed at all ??

 

If you had ppi on the first loan it would likely have been a single premium policy and the bank loaned you the money to pay for that policy. When loan 2 came along, if it was a refinance of loan 1, then part of the balance of loan 1 which was re-financed would have included a PPI balance. That means that in loan 2, part of the repayments wwere going to pay off the ppi loan balance for loan 1.

 

It all depends on how loan 2 was constructed.

 

It will not affect your claim but you need to be sure that you are getting the correct amount back.

 

As I said, No1 in my signature will give you chapter and verse on this.

 

ims

 

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Thanks again !!

 

Loan one was for £30000 and ppi added was £7550 however much foolish of me 8 months later i refinanced it again with Picture and on the paperwork for the current loan the ppi added was £14950 ......... To be totally honest i was in such a dire financial situation at the time i didnt understand what i was doing

 

Ive sent my form plus both agreements for loan 1 and loan 2 to Deloittes/Fscs and hope they go in my favour , just hope the fact having already received payout from Fscs on current loan that it doesnt affect this claim on the original loan

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If like you said that i may have paid ppi off on loan 1 via loan 2 does this mean i would receive less compensation ?? please excuse me , just dont understand the process and i cant access your signature page for some reason

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Hi

 

Here's the direct link

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered

 

Why would you receive less compensation?

 

You are after ALL the ppi you paid in loan 1 PLUS whatever ppi in loan 1 which you paid off through loan 2 PLUS loan 2 PPI PLUS the interest on loan 1 PPI wherever paid PLUS the interest on loan 2 PPI PLUS 8% stat interest on all of those payments LESS any amount you have already been refunded LESS any rebates given.

 

Forget about any thoughts of "less compensation"...you want to be put back in the position you would have been in had the PPI not been applied in the first place PLUS 8% on amounts paid over.

 

ims

 

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Hi , i did have both agreements but i sent them off to Deloittes last week as requested along with my application form sent by fscs

 

I hope beacuse the FSCS upheld my claim on the current top up loan that they will also do the same with this original loan !! Im just confused as to know roughly how much to expect if this is the case , what sort of infromation would you require from the 2 loan agreements to assist me ??

 

Many Thanks

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The 2 loan agreements were copies sent to me by picture ( now webb resolutions ) after i rung requesting them as on the form sent to me by FSCS it required this information

 

Loan 1 which started in march 2006 was for £30000 with £7550 added ppi & was for 20 yrs at £356 permonth HOWEVER in october 2006 i refinanced this and the added ppi was £14950 and again for 20 years at £546 permonth

 

Is this information any use ??

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Hi

 

Excellent. I thought for a moment you'd sent off all information without having a copy for reference...sorry.

 

OK I'm working on some figures for you so will post back later.

 

In the meantime, go to No.1 in my signature and download the 2 spreadsheets in the final post of that thread. Also have a read of the thread so that what I post later will make sense.

 

ims

 

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Hi

 

Loan 1 was for 30,000 plus £7,550 for ppi which totals to £37,550. The ppi part of the loan was therefore 20.11% of the total (given by 7,550 / 37,550 x 100). This means that of every repayment you made, 20.11% was for the ppi part of the loan. The monthly repayment was £356 so an amount of £71.59 was for the ppi part of the loan.

 

Loan 1 was taken in March 2006 and so the I assume the first payment was in April 2006. So you would probably have made payments for April, May, June, July, August and September 2006 and then the loan was refinanced in October 2006 into loan 2.

 

If you use the loan analysis spreadsheet I have linked you to, you will see that after six monthly payments, the balance on loan 1 when it was refinanced was about £29,841 of which 20.11% was for the ppi part of the loan i.e. an amount of £6,001.10. So when they rolled the balance of loan 1 into loan 2, an amount of £6,001.10 for ppi was rolled into loan 2. So for every repayment you made on loan 2, part of that repayment was going to pay off the loan 1 ppi. (Unless of course they gave you a rebate on loan 1 ppi when the refinancing happened.

 

So if loan 2 was for £60,000 plus £14,950 ppi making a total of £74,950 then 10% of that loan was for the ppi on loan 1. (6,001.10 / £74,950 x 100). So for every repayment you made, 10% of it was for loan 1 ppi and 10% of £546 = £54.60. In addition, you were also paying the loan 2 ppi and this is 19.94% of the loan (£14,950 / 74,950 x 100). 19.94% of £546 is £108.87.

 

Now, you have already received a payout for the loan 2 ppi which you have accepted and therefore we do not need to worry about that because that is settled. We do need to worry about loan 1 ppi though.

 

So, take the StatInt spreadsheet which I have linked you to and change the personal details in the blue section. Then, in the white list section underneath the coloured bits, enter the 6 monthly repayments of 71.59 giving the date, a description and an amount. The spreadsheet will do the rest for you. Then from October 2006 (or the date of the first repayment of loan 2) you need to enter the amounts for loan 1 ppi being paid through loan 2. List these underneath the 6 payments you have already entered. Again, give the date, a description and the amount (which is £54.60). You need to enter these payments for however many loan 2 repayments you have actually made.

 

The spreadsheet has now calculated your 8% interest on the payments you have made for loan 1 ppi.

 

For the loan 1 ppi you should expect to get back the figures per the spreadsheet plus a refund of the part of loan 1 ppi premium which has not yet been paid through the loan accounts.

 

I don't know what percentage the FSCS are paying out on Picture loans but you would adjust your figures to reflect the fact that they may be paying out perhaps 90% of the value of claims.

 

ims

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