PPI Reclaiming Discussion part 4

jack_hacket

hi,
ive only just heard about this and thinking of claiming for my egg loan, I took out a rediculous 20k about 4-5 yrs ago.
Ive searched and searched the site but cant find an answer to my question.
my question is I still have a year left to pay, will the loan carry on or will i have to pay it all now? can they cancel it on me????
because i cant afford to pay it back all at once and my rate was better than ill ever get now!!!!!
please help.

di3004

jack_hacket wrote: »

hi,
ive only just heard about this and thinking of claiming for my egg loan, I took out a rediculous 20k about 4-5 yrs ago.
Ive searched and searched the site but cant find an answer to my question.
my question is I still have a year left to pay, will the loan carry on or will i have to pay it all now? can they cancel it on me????
because i cant afford to pay it back all at once and my rate was better than ill ever get now!!!!!
please help.

Hi and welcome.

I assume you were mis sold the costly PPI?

If you reclaim, then they do not cancel your loan, but if successful your loan repayments will generally reduce, and no you do not have to pay it all back, the only thing you may find, is if your in any arrears (missed payments) and successful they could possibly refund the ppi towards the loan to reduce the balance, and anything remaining should be refunded directly to you.
But they don't all work this way.

Lots on here have reclaimed ppi from their own banks, but they cannot discriminate you for reclaiming what is rightfully yours if mis sold.;)

For more on reclaiming with guidelines, templates, a checklist of mis selling reasons here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You should find this link useful.

Please ask for any help and good luck, please also keep us posted.

jack_hacket

thank you for your very fast reply.
I think i took the loan out over the phone, altho it may have been th einternet, its hard to remember 4-5 yrs ago, and im almost certain i wasnt told about it, i wouldnt knowingly take it as i have a very stable job.
so it cant hurt to sent the letter and see what happens?

di3004

jack_hacket wrote: »

thank you for your very fast reply.
I think i took the loan out over the phone, altho it may have been th einternet, its hard to remember 4-5 yrs ago, and im almost certain i wasnt told about it, i wouldnt knowingly take it as i have a very stable job.
so it cant hurt to sent the letter and see what happens?

Hi and your welcome.

You could if you want to request a Subject Access Request (SAR), this may be useful as they must send all they hold on you on your accounts, they have 40 days to comply, but you must enclose £10 cheque or postal order, I suggest posting by recorded delivery for your proof of posting.
SAR letter template here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

That is right, as long as you have the account number it is fine to try to make a reclaim, and keep at them, keep us posted and ask for help when you need this, good luck.

I posted the link on reclaiming on my earlier post, they have 8 weeks in full to respond and again if possible recorded delivery.;)

jack_hacket

thats ace thank you.
ill keep u posted!

di3004

jack_hacket wrote: »

thats ace thank you.
ill keep u posted!

Not a problem:D:)

If they try fobbing you off with any response, most of us receive them, do not let then put you off, this is basically standard, its a matter of standing your ground and do not be put off by anything they say.;)

We are here to help step by step.;)

carrfarmer

morning all
i have had my statements for lloyds visa and m/card to claim back the charges and have noticed that there was ppi on both cards.after reading through them the ppi was stopped in march 2007 and the other in april 2007.i did not request this,didnt even realise there was ppi on the cards.
has anyone else found that the ppi was suddenly stopped,i wonder why they stopped it

southend

hi everyone, well done if you you have managed to relaim your ppi and interest.

Yes you have to be treated fairly.

If you are still goung through this process - If your full term of the remaining loan

left is lets say 3 years Barclays do try to charge you an early exit fee although you

just want justice and refunded then fine you due to their mistake and will try to get you to take

out another loan to repay the original one to claim back the ppi for around

the same period you have left ie 36ths, often this will be a higher interest ratewatch

out, they often will change it back to the origninal loanl percent at the same time,

they may not explain some banking terms in any response - careful.

dec22

jack_hacket wrote: »

hi,
ive only just heard about this and thinking of claiming for my egg loan, I took out a rediculous 20k about 4-5 yrs ago.
Ive searched and searched the site but cant find an answer to my question.
my question is I still have a year left to pay, will the loan carry on or will i have to pay it all now? can they cancel it on me????
because i cant afford to pay it back all at once and my rate was better than ill ever get now!!!!!
please help.

Hello

I had 2 claims with Egg, one for a loan over the internet and another which refinanced the first one which was then sold over the telephone.

I won my claim on the second loan sold over the telephone but the refund was offset against my loan even though I wasn't in arrears (this was about 18 mths ago). At the time it was Egg's policy not to refund directly to you if you had debt with them. This does appear to have changed recently as I have seen quite a few people on the forums being refunded directly into their bank account even though their loan is still running. I have asked the FOS to get Egg to refund me directly but is still with the FOS waiting for an Adjudicator.

My claim re internet loan/PPI and pre-ticked box was rejected by Egg and so I sent it to the FOS, also waiting for an Adjudicator.

Currently, as Di says, prpoviding you have no arrears, they would probably refund you directly all the payments amde to date and the remaining balance will be credited to your loan and your payments reduced as if you didn't have PPI.

Hope this helps and isn't too confusing. Egg seem to be responding quite quickly to claims, so good luck!!

southend

hope all goes well for you,

Barclays have suggested verbally the same for me too. I am in the same situation and i am sure you will be ok.
I am certain Dec22 is right, Let us know how you get on