Egg ppi

JM_Twyman · 7 May 2009 at 9:19AM

Hi

I am trying to reclaim PPI from an old EGG loan, and have received several letters from them saying they are still looking into my case. The last one I received was 8 weeks after my original complaint, stating that "As we have not been able to reach a decision within eight weeks you may exercise your right to refer your complaint to the Financial Ombudsman Service.... (blah blah blah...) .... We hope we can rely on your support to enable us to complete the investigation and reach a decision.'

I am not sure what to do now... should I give EGG more time, if so how much, or is this (as I suspect it is) a delaying tactic, and should I go to the Ombudsman Service anyway?

Any suggestions as to what I should do next? Any advice would be welcome!

Thanks

Jo

carlw · 7 May 2009 at 9:46AM

Hi Jo

Egg seem to take their time with these. With my claim they kept sending me letters saying they have not had time to look into it yet and in the end it took over 8 weeks to say they had not mis sold me PPI. I then went to the ombidsman and its taken the ombidsman 18 months to start work on my complaint and then they very quickly ruled in my favour. Egg have until 12/05 to agree or disagree but its unlickly they disagree from what i have read. If i were you i would go straight to the ombidsman. It is just delaying tactics, 8 weeks is plenty of time to look at your complaint. Why should you do them a favour.

Good luck

pureppi · 7 May 2009 at 9:55AM

Personally I would go to the FOS now. Even if its not a delaying tactic by the lender they are unlikely to offer you the full amount at this stage anyway, also it can take up to 12 months for the FOS to reach a decision and they are only getting busier. You want to keep the momentum going here and you really dont have much to lose. Remember 90% of PPI complaints to FOS are upheld (source IFA online 17/03/09)

Good luck

heres the cutting from IFA online
Upheld PPI complaints nearing 90% - FOS

Tuesday 17th March 2009: 14:00
By Scott Sinclair

Nearly every complaint about payment protection insurance (PPI) is being found in favour of the consumer, according to the Financial Ombudsman Service (FOS).

It says the number of cases being upheld in 2008/9 is approaching 90%, significantly above the 50% ‘benchmark' average across all other products combined.
Moreover, the total number of PPI complaints is set to hit 30,000 by the end of the financial year, again substantially above the 20-25,000 forecasted in January.
This represents an average of around 500 new cases every week, although the FOS says it recorded more than 800 complaints last week alone.
The 30,000 figure compares with just 10,000 PPI complaints in 2007/8 and only 1,800 in 2006/7, which represents just a sixteenth of this year's expected total. Additionally, cases in 2006/7 largely concerned claims on the policies; this year they concern the sale of the product.

Egg ppi

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