PPI Reclaiming Discussion part 4

geridoc

Just a quick question. I have just received a letter from Egg regarding my claim regarding PPI on my credit card. This is in response to my first letter (which was simply based on the fact that Egg has been fined by the FSA).

They've said that they'll pay £2564.12 in premiums plus 8% simple interest.

My question is - should they not be paying me compound interest given that I paid compound interest on these premiums?

Any help gratefully accepted - they say that they will pay this amount into my credit card account in the next 3-5 working days. If they do that, do I lose the chance for compound interest?

Thanks,
Geri

di3004

geridoc wrote: »

Just a quick question. I have just received a letter from Egg regarding my claim regarding PPI on my credit card. This is in response to my first letter (which was simply based on the fact that Egg has been fined by the FSA).

They've said that they'll pay £2564.12 in premiums plus 8% simple interest.

My question is - should they not be paying me compound interest given that I paid compound interest on these premiums?

Any help gratefully accepted - they say that they will pay this amount into my credit card account in the next 3-5 working days. If they do that, do I lose the chance for compound interest?

Thanks,
Geri

Hi Geri and welcome.

Well done on your success :beer:

They can vary to what I know of but if they upheld in your favour with it not being an offer as such but accepted mis selling liability then they should put you back in the position as if PPI was not taken out and interest does come into it, which would also include Simple interest and 8% of what a court would award for being deprived of your money.

So basically they should follow the same procedures as the financial ombudsman service (FOS) they they uphold.
Maxdp posted a thread on how the FOS calculated ppi refinds, I will post it here for you:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps and gives you some ideas on this.;)

toadyfrog

toadyfrog wrote: »

Hi, I don't know the full details, but Auntie had a loan and PPI, at the age of nearly seventy she tried to claim on the PPI and was told because she was over retirement age she couldn't claim anything, she eventually had to go bankrupt. She is now discharged. Would she be able to claim back any of the PPI paid up until bankruptcy.

Sorry its a bit vague.

Sorry I missed out a comma she took out the loan years before but was still paying it by the time she reach 70 and thats when she tried to claim on the insurance after losing her job.

geridoc

thanks so much for getting back to me so quickly - and thanks for the warm welcome too

MoodyBlues

Lloyds appear to be giving me the run around. They just sent back my postal order, gave some nonsense about not being charged PPI for a period I knew I wasn't being charged, and haven't given me details of charges before 2006 which is what I asked for!
At least they sent me the postal order back I suppose...
I have had some advice from di3004 which I will be following.

Has anyone else had problems with Lloyds?

di3004

toadyfrog wrote: »

Sorry I missed out a comma she took out the loan years before but was still paying it by the time she reach 70 and thats when she tried to claim on the insurance after losing her job.

I would check out the policy details anyway and any reasons as applied in Martin's guidelines of reclaiming, in case any of them still apply to your aunt, just in case.;)
But due to the grounds of trying to reclaim and they would not pay out, she does already have grounds to complain and reclaim, hope this is useful.;)

Eggfree

Hi everyone,

I have a question regarding PPI I took out on 3 Egg Loans.

The loans were:

1.5K from 2nd July 05 and ends 2nd June 2010

3.8K from 24th Feb 02 to 15th April 05 (Now paid)

10.6K from 20th Jan 03 to 05th Dec 07 (Now paid)

I can clearly remember almost being forced to take the PPI with my loans in order to be accepted which I thought was strange as I was young, had been in my job for 7+ years and had no medical conditions. I have never taken any PPI with anyone else because it was only Egg who made me feel like I had to!

Is it worth me sending a letter even though 2 of the main loans are now paid in full?

Really appreciate any feedback

di3004

Eggfree wrote: »

Hi everyone,

I have a question regarding PPI I took out on 3 Egg Loans.

The loans were:

1.5K from 2nd July 05 and ends 2nd June 2010

3.8K from 24th Feb 02 to 15th April 05 (Now paid)

10.6K from 20th Jan 03 to 05th Dec 07 (Now paid)

I can clearly remember almost being forced to take the PPI with my loans in order to be accepted which I thought was strange as I was young, had been in my job for 7+ years and had no medical conditions. I have never taken any PPI with anyone else because it was only Egg who made me feel like I had to!

Is it worth me sending a letter even though 2 of the main loans are now paid in full?

Really appreciate any feedback

Hi and welcome.

Yes with your reasons, and with being young and vulnerable the chances are possibly high with being mis sold the PPI, so worth giving it your best shot, keep at them if you have to until you get somewhere, if they do not resolve in your favour by 8 weeks then move on to the Financial ombudsman service (FOS) and ask if they can investigate this for you.

It makes no difference if the loans are still active or paid off, you can reclaim on them all.

For more help with guidelines of reclaiming/template letters, a checklist of mis selling reasons here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you have the same reasons for all then write on one letter but remember to enclose the 3 account numbers.

Post by recorded delivery and do not worry about writing down the amounts, its useful you have records of them but they will or should send you on request the detailed breakdown anyway.

Good luck, please keep us updated on this.

Cheers.:)

Eggfree

Hi, thanks for the help!

I will send a letter today explaining the reasons why I think I was mis-sold the PPI.

I dont have any of the loan documentation as it was so old now, is this going to pose a problem?

I will keep you updated on my situation

di3004

Eggfree wrote: »

Hi, thanks for the help!

I will send a letter today explaining the reasons why I think I was mis-sold the PPI.

I dont have any of the loan documentation as it was so old now, is this going to pose a problem?

I will keep you updated on my situation

Hi there, your welcome.

I take it you do have the account number though?
This should be okay.;)
Good luck