FSCS and PPI

[gillwall]

HI LB's
I have a missold ppi claime with the fscs, if the conpensation is upheld how are the funds calculated, is interst etc aplied in a similar way to the FOS.
with thaks
gillwall

[di30]

Re: FSCS and PPI

Hi

Some details below, of how they compensate, a little different to how the FOS do this from what I know of, and you should receive the first 90% of the claim, think the interest works the same.

http://www.fscs.org.uk/what-we-cover...sation-limits/

If you don't mind me asking, who is the company in default thats with the FSCS?

[gillwall]

Re: FSCS and PPI

Hi Di, thanks for the reply the company in default is Creditlink, the ppi added to the secured loans is £4500.0 and £1900.00
Gillwall

[di30]

Re: FSCS and PPI

Hi Di, thanks for the reply the company in default is Creditlink, the ppi added to the secured loans is £4500.0 and £1900.00
Gillwall

Your welcome.

You may then receive all of the PPI as its under a certain amount, plus the interest on each payment, and interest to date. (I think).

The FSCS normally pass the case to a company called Deloittes, who will check through the claims, and if they require more info they will write to you.
As soon as Deloittes completes the case, with the calculations, they return your case back to the FSCS who will go over the details of your case that deloittes dealt with, check the calculations, and once agreed with the figures, they will arrange to send you a cheque.

I take it that Creditlink are already in default then?

When I was going through mine, it had taken a while (different broker), they dissolved, and I waited a year or more with the FSCS until they it was declared the business were in default.

Good luck.

[gillwall]

Re: FSCS and PPI

Thanks DI,
Yes apparently Creditlink where in default december 2010. I have actually enclosed the original credit agreements, and a letter from g e mony stating that the ppi policy was no longer valid, only valid for 5 years (news to us )also enclosed a copy of my hubbys class 2 national insurace excemption certificate, as his income was well below the needed amout. I would suggest this is evedent that he was unable to work through illness (Self Employed).
gillwall

[di30]

Re: FSCS and PPI

Thanks DI,
Yes apparently Creditlink where in default december 2010. I have actually enclosed the original credit agreements, and a letter from g e mony stating that the ppi policy was no longer valid, only valid for 5 years (news to us )also enclosed a copy of my hubbys class 2 national insurace excemption certificate, as his income was well below the needed amout. I would suggest this is evedent that he was unable to work through illness (Self Employed).
gillwall

Your well prepared then, good for you. And as they are already in default, its just a matter of time now, fingers crossed.