Claiming back Payment Protection on finished loan

Wyrdsister_2

I paid off a loan in April that I took out with Egg some years ago to pay off my credit card with them when I was a student. I was surprised that after 3 years of paying nearly £50 a month that I still had so much left to pay off - over £1300 when I thought it should be about £900. I was in a position to pay it so I did. I orignally negotiated the loan over the phone and was quoted ~£2700 as total with interest. At the time when the loan agreement came through I simply checked that the total loan amount stated the ~£2700, signed it and sent it off agreeing to the terms.

I have just looked at the original agreement and in the small print it says that because I had payment protection on my card, they have assumed I want it on my loan as well and it will cost a total of £454. I admit I missed this at the time, all I checked was the total loan amount which married up to what they had quoted me on the phone but did NOT include the extra £454. I didn't want payment protection on the loan and thought they would ask me during the consultation if I wanted it - but they didn't - they tagged it on because I had opted for it when I had a credit card. I KNOW I should have read all the small print of the loan agreement - but really, all I was concerned with - all anyone is concerned with is how much am I paying back in total and how much each month will it cost me, I feel they slipped this in quite sneakily as I would not have agreed to it had it been mentioned during my phone conversation with the adviser. Do I have a case of claiming the portion of this back which I have paid for the last three years? Anyone know?

sparky0107

Wyrdsister wrote: »

I paid off a loan in April that I took out with Egg some years ago to pay off my credit card with them when I was a student. I was surprised that after 3 years of paying nearly £50 a month that I still had so much left to pay off - over £1300 when I thought it should be about £900. I was in a position to pay it so I did. I orignally negotiated the loan over the phone and was quoted ~£2700 as total with interest. At the time when the loan agreement came through I simply checked that the total loan amount stated the ~£2700, signed it and sent it off agreeing to the terms.

I have just looked at the original agreement and in the small print it says that because I had payment protection on my card, they have assumed I want it on my loan as well and it will cost a total of £454. I admit I missed this at the time, all I checked was the total loan amount which married up to what they had quoted me on the phone but did NOT include the extra £454. I didn't want payment protection on the loan and thought they would ask me during the consultation if I wanted it - but they didn't - they tagged it on because I had opted for it when I had a credit card. I KNOW I should have read all the small print of the loan agreement - but really, all I was concerned with - all anyone is concerned with is how much am I paying back in total and how much each month will it cost me, I feel they slipped this in quite sneakily as I would not have agreed to it had it been mentioned during my phone conversation with the adviser. Do I have a case of claiming the portion of this back which I have paid for the last three years? Anyone know?

Hiya,
You will probably get more help on the loans forum the thread is PPI discussion part 2 there are a couple of ladies on there that will be able to give you some better advice, they are Marshallka & di3004 (Ithink)

HTH & good luck