PPI reclaim query

Flea

Hi,

I'm in the middle of trying to reclaim a PPI from Egg from a £6,000 loan I took out in 2006. I sent them a letter from the templates from MSE (thank you). This morning I have received a letter from Egg with a copy of the conversation stating that the do not feel I have cause to complain as the terms and conditions were explained to me, and I agreed.
I have since listened to the conversation and still feel that I was mis-sold the insurance but I was wondering if you have the time to read the following, I would appreciate your comments as I don't know if I can persue this further?

The call is 45 minutes long..which was painful to listen to but I did explain in the 1st 15 mins that the loan was to clear a Credit card.
- I explained that I would be paying off the loan within a year as I was due some inheritance money.
- I also explained that I had one other loan (with LLoyds) and a credit card (with Egg) and when he asked I told him that they weren't protected
- When asked if I had personal insurance, I explained that as my sister was a Financial Advisor she had put all policies in place to make sure that I would be ok for critical illness, loss of job and death.
- When asked, I told him that if I fell ill that my employer would pay 6 months full pay and 3 months half.
The majority of the conversation was around if I fell ill or had loss of earnings. At the end of the conversation, when the loan was agreed,he gave me 2 choices to pay for 84 months @£132 and 72 @135.92 - he mentioned the apr was 7.9 and also listening he did ask if I agreed with the terms and conditions, which I did. However, being niave I didn't realise that I could have chosen not to take the insurance!
Do you think I have a leg to stand on? I feel so cheated by Egg and specially listening to the conversation again, I feel like I was rail roaded in that call :-(
Any advice would be gratefully received

Flea

Also, sorry forgot to mention, that the loan was paid off after 9 months as I stated. Also forgot to say that he didn't give me the choice not to take the insurance - it was the only amount he quoted!!

mediator04

Flea

There is a reclaiming help thread on here http://forums.moneysavingexpert.com/showthread.html?t=1251243&page=522

It maybe quiet at present-and some-body will post to help on that thread at some time today i expect.

"mediator04".

di3004

Flea wrote: »

Hi,

I'm in the middle of trying to reclaim a PPI from Egg from a £6,000 loan I took out in 2006. I sent them a letter from the templates from MSE (thank you). This morning I have received a letter from Egg with a copy of the conversation stating that the do not feel I have cause to complain as the terms and conditions were explained to me, and I agreed.
I have since listened to the conversation and still feel that I was mis-sold the insurance but I was wondering if you have the time to read the following, I would appreciate your comments as I don't know if I can persue this further?

The call is 45 minutes long..which was painful to listen to but I did explain in the 1st 15 mins that the loan was to clear a Credit card.
- I explained that I would be paying off the loan within a year as I was due some inheritance money.
- I also explained that I had one other loan (with LLoyds) and a credit card (with Egg) and when he asked I told him that they weren't protected
- When asked if I had personal insurance, I explained that as my sister was a Financial Advisor she had put all policies in place to make sure that I would be ok for critical illness, loss of job and death.
- When asked, I told him that if I fell ill that my employer would pay 6 months full pay and 3 months half.
The majority of the conversation was around if I fell ill or had loss of earnings. At the end of the conversation, when the loan was agreed,he gave me 2 choices to pay for 84 months @£132 and 72 @135.92 - he mentioned the apr was 7.9 and also listening he did ask if I agreed with the terms and conditions, which I did. However, being niave I didn't realise that I could have chosen not to take the insurance!
Do you think I have a leg to stand on? I feel so cheated by Egg and specially listening to the conversation again, I feel like I was rail roaded in that call :-(
Any advice would be gratefully received

Hi Flea

So I assume then insurance was automatically added without your consent and he explained the amount to you where you thought it was just for the loan itself without PPI.


Well if you explained all you did to him then realistically you should have been given a choice.

Now you have the proof that this was not mentioned and if you want to try to pursue then give it a go.

Check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some useful info on the link and an template letter to help, but if any of that in the link occur to you I would add them in the letter alongside with what you have said.

They have 8 weeks to respond in full, if this is unsuccessful another letter maybe required or until they send you the final response.

However, if still unsuccessful you should then be given the opportunity to take your complaint to the Financial ombudsman service.

Let us know how you get on and we can help you move on with this if required, fingers crossed it will go on your favour first time round.

Good luck and remember to post by recorded delivery.;)

Incipience

Flea.. Egg have already been fined by the FSA and are under strict orders to investigate and refund its customers.

If they are playing hard ball then a simple threat and then followed up by a letter to the FSA will soon have then sorted out.

You have to remember that these companies will try anything to put you off, just write back and tell them that you do not agree.

They will then have to issue a final response, which for all intents means nothingm except it allows you to go to the Financial Ombudsmen.

Failing that talk to a lawyer (many are free now)

Incipience

Note.. it took me 3 complaints to get mine back from EGG, once they realised that I was not going to go away they caved.

di3004

Incipience wrote: »

Note.. it took me 3 complaints to get mine back from EGG, once they realised that I was not going to go away they caved.

Well done Incipience.;)

Hugbubble

Incipience wrote: »

Note.. it took me 3 complaints to get mine back from EGG, once they realised that I was not going to go away they caved.

I had a similar situation as the OP in that they sent me a copy of the recording saying I had agreed to it. She didn't actually give me an opportunity to say no to the insurance, she just explained the loan and quoted me with the insurance as if it was integral to the loan. They told me to go away too after 2 letters so my case is currently with the ombudsman, and has been since last June.

My question (sorry for hijacking the thread) is whether it is worthwhile contacting Egg again, in light of the recent FSA fine for mis-selling, giving them a chance to settle. the ombudsman seems to be taking forever.

Flea

Thank you all for your replies - I have written back to Egg challenging them and saying if they don't respond within 2 weeks then I will be going to the Financial Ombudsman. Listening to the call frustrated me so much as I was so niave then, I didn't realise that I could have said NO Thanks...do I have to take the Insurance? He didn't give me a choice!! It's the principle now more than the money!! Although that would be nice :-)
I will keep you updated with how I get on!!
Thanks again