PPI Reclaiming Discussion part 4

robbedofmymoney

Balaeric wrote: »

Dear Money Saving Experts

I took out an egg loan in June 2006 for £10,734.28. Of this £5,265.70 was PPI. I then closed this loan in Dec 2006 and took out a larger loan, this time with no PPI. This was to consolidate my credit cards and egg loan together. I have asked egg to refund my PPI. They have written to me an offered me £1010.64. I don't think this is enough but don't want to refuse in case they take the offer away. what should I do?

its difficult to comment on wether this is enough without knowing more details about the settlement figure on your old loan, the interest rate on your old loan, and how the payments were broken down between ppi and loan amount, and then wether or not they gave a rebate on the ppi

Balaeric

robbedofmymoney wrote: »

its difficult to comment on wether this is enough without knowing more details about the settlement figure on your old loan, the interest rate on your old loan, and how the payments were broken down between ppi and loan amount, and then wether or not they gave a rebate on the ppi

Dear robbedofmymoney

Thanks so much for your quick response. Just been onto egg, they have given me incorrect info. The loan amount was actually £19,053.60, when I settled the figure was £15125.86. The APR was 7.9%. The PPI was a lump sum added to the loan at the start. the offer letter states:
PPI premium on loan: £3053.60
less any PPI premium refund taken off loan: £2168.36
Refund of any interst charged on PPI premium at contractual loan rate £125.

She cannot give me anymore info.

Does this make it any clearer for you cause I am none the wiser:(

robbedofmymoney

Balaeric wrote: »

Dear robbedofmymoney

Thanks so much for your quick response. Just been onto egg, they have given me incorrect info. The loan amount was actually £19,053.60, when I settled the figure was £15125.86. The APR was 7.9%. The PPI was a lump sum added to the loan at the start. the offer letter states:
PPI premium on loan: £3053.60
less any PPI premium refund taken off loan: £2168.36
Refund of any interst charged on PPI premium at contractual loan rate £125.

She cannot give me anymore info.

Does this make it any clearer for you cause I am none the wiser:(

this makes sense.

the figure they are refunded is the amount of ppi you actually paid after the rebate is taken off, then they add on the interest that was applied to the ppi up to the date of settlement.

so the ppi refund they are offering is correct.

what they have not offered you is the 8% simple interest for being deprived of your money.

in terms of an amount for this it works out to approx £265.

so if you persued it further witht he fos you would get this much extra but it is likely to take 6 months.

it could be worth writing to egg and ask them if they will be refunding the 8% simple as you have been deprived of your money.

its really your choice.

polkadot

Hello everyone

Just wanted to post back that I sent off the questionnaire to Lloyds yesterday, as well as a SAR so that I can find the info I need for the original loan. Both first class registered mail.

robbedofmymoney

polkadot wrote: »

Hello everyone

Just wanted to post back that I sent off the questionnaire to Lloyds yesterday, as well as a SAR so that I can find the info I need for the original loan. Both first class registered mail.

as my mate punch once said

"that's the way to do it"

good luck and let us know how you get on

Balaeric

Thanks so much, I will ask them why there is no interest added, however I will not turn my nose up at nearly £1100.

eirelav1962

can anybody help ihave aloan with clydesdale bank only 2 payments left to pay do i write to them how do i go about claiming ppi back that i have thanks

amersall

eirelav1962 wrote: »

can anybody help ihave aloan with clydesdale bank only 2 payments left to pay do i write to them how do i go about claiming ppi back that i have thanks

hi there, i put a claim with yorkshire bank for mis sell of ppi, use the template letter off this site or just do what i did, write a letter, keep it brief with loan account number and your name and address with details of why you feel you were mis sold.I posted it to my bank fao of personal loan dept, when you get a reply let us know

amersall

polkadot wrote: »

Hello everyone

Just wanted to post back that I sent off the questionnaire to Lloyds yesterday, as well as a SAR so that I can find the info I need for the original loan. Both first class registered mail.

fingers crossed xx

di3004

eirelav1962 wrote: »

can anybody help ihave aloan with clydesdale bank only 2 payments left to pay do i write to them how do i go about claiming ppi back that i have thanks

Hi there

As amersall says.

Also check out link below where you find the questionnaire recently issued by the financial ombudsman service (FOS), these are used instead of letters, complete and keep copies, you will find further down the page of Stage one.
They have 8 weeks in full to respond with a decision.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, please keep us posted.

Di