FSCS ppi redress of loan

[gillwall]

Hi LB,s
I have 2 missold ppi's with the FSCS, just wondered if any one has received compensation from them, and how the readress is calculated.
thankyou
gillwall :tinysmile_grin_t:

[EXC]

Re: FSCS ppi redress of loan

There are plenty of people that have received compensation from FSCS for mis-sold PPI.

They will calculate compensation equal to 90% of the financial loss incurred.

[gillwall]

Re: FSCS ppi redress of loan

Thank you

[leclerc]

Re: FSCS ppi redress of loan

Usually it is paid onto any existing loan that you have which means if the missold PPI is substantial, it will clear the loan and leave something over which you get in your hands.

[EXC]

Re: FSCS ppi redress of loan

I believe that if the claim is against Welcome Finance the compensation will be first applied to any outstanding loan amount - regardless of whether it's in arrears. For others it may first be applied to any loan amount in arrears.

Obviously if neither apply or if there is a surplus compensation amount it'll be paid directly to you.

[di30]

Re: FSCS ppi redress of loan

Hiya

With mine being a settled loan/paid off the refund was awarded to me, and ask said above its the first 90% of the claim you should receive.

Mine was in regards of another company that dissolved and defaulted and resolved over a year ago.

If I find my letter to this of how they came down to the calcs I shall post them up for you. x
Good luck.

[gillwall]

Re: FSCS ppi redress of loan

ok thanks,
my loan was arranged through creditlink, (now in default) for g e mony, the loan is secured taken out in 2005 for 25 years, ppi 4500.00, original loan 30.000, as of today 38.000 still owing, more than the original loan, this is mainly due to late charges, defaults etc, from the fact of hubbys previous disability/sickness to work back in 2007, (hubby is self employed)).
thankyou
gillwall
All sounds for complecated, not sure how they will calculate this.