PPI Reclaiming Discussion part 4

jo_and_tim

marshallka wrote: »

I am glad you went this route and they are able to help. I thought they would and so glad on this one. Let us know how you go on and very best of luck.;):cool:

do you have any idea how long it takes once you go to the fos thanx:p

di3004

KC_Skint wrote: »

OK so I'm TOTALLy new to this forum lark- please bear with me if I'm in the wrong place etc

I took an Egg Card out in Nov 1999 (I assume I applied online) which I still have and am still paying for :mad:

I have contacted Egg who have told me the Card Protection was taken out on application.

I have recently been made redundant and so may benefit from the insurance ironically...

What would people advise I do? The debt on the Egg Card is shamefully high - £13,500. The insurance people (St Andrew's) have indicated that they would pay 10% of the balance each month I'm redundant.

You see my dilemma: Do I proceed with mis-sold PPI claim, or do I use the insurance I have inadvertently been paying a fortune for? Does anyone know of success in an online application for an Egg card from so long ago? I genuinely didn't know I was paying it (now £100 per month!), but is that just me being a dunce?

I'm not planning on being redundant for long, but in the current climate who knows?

Thanks in anticipation of any advice...

Hello and welcome.;)

I would try to have a few opinions on this so hopefully someone will come along to give their opinion as well.

The insurers state that they can pay just 10% of the balance every month? So basically this is not going to meet the minimum of your repayments then?

If mis sold for any particular reason, if it were me, I would be reclaiming on the PPI for a full refund, but the choice is yours, if they are not going to be paying out the full min repayment I would not be happy with this, but I am hopefully at working out what it would be a month....as hopefully working out calculations sorry......:o

If you decide to go for the mis selling, you actually write to the ones who discussed, arranged and sold you this product and not the actual insurers.

Give them 8 weeks to respond in full, keep on at them until they either resolve in your favour, or until they issue you with the final decision.
If eligible you can take your complaint to the Financial ombudsman service (FOS) if your not happy with the outcome of your complaint.
Post by recorded delivery for your proof of posting.

Here is the link to help you through this, but you do not need to write the figures down at this point, you will find template letters a checklist of mis selling reasons and so on to help you through this.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Again, hopefully someone else will come along to give some info on this one for you and with what they think would be your best options, good luck.;)

di3004

jo_and_tim wrote: »

do you have any idea how long it takes once you go to the fos thanx:p

Hi there

As soon as your complaint is with the FOS, your case will be on a waiting queue system to be passed on to the adjudicator, this can take some time, but once with the adjudicator, the norm is approx 6 weeks if straight forward, but just as long as there are no hold backs such as the business you are complaining of, requesting for extra time.

Sometimes the business do not agree with the adjudicators decision, if this is the case then your case will be moved on to the actual ombudsman, again, there is some waiting time.

One of mine taken 14 months, but it was a complexed case.

If your in financial hardship, you could let the FOS know and request for fast tracking, they will consider this for you, but be aware there is also a queing system for this as well, due to the amount of people in these difficulties.

Hope yours will be straight forward, wishing you luck.;)

Please keep us posted, cheers.

amersall

KC_Skint wrote: »

OK so I'm TOTALLy new to this forum lark- please bear with me if I'm in the wrong place etc

I took an Egg Card out in Nov 1999 (I assume I applied online) which I still have and am still paying for :mad:

I have contacted Egg who have told me the Card Protection was taken out on application.

I have recently been made redundant and so may benefit from the insurance ironically...

What would people advise I do? The debt on the Egg Card is shamefully high - £13,500. The insurance people (St Andrew's) have indicated that they would pay 10% of the balance each month I'm redundant.

You see my dilemma: Do I proceed with mis-sold PPI claim, or do I use the insurance I have inadvertently been paying a fortune for? Does anyone know of success in an online application for an Egg card from so long ago? I genuinely didn't know I was paying it (now £100 per month!), but is that just me being a dunce?

I'm not planning on being redundant for long, but in the current climate who knows?

Thanks in anticipation of any advice...

hi there, if you make a claim on the insurance it is then fit for purpose, i personally would go for mis sell, but that will be up to you. the 10% is total rubbish, you will get more if you go mis sell, do as di says and you wont go far wrong

KC_Skint

Hi Di
Thanks for coming back to me, and so quickly too!:T

I think the amount paid by the insurers would be £1,300 per month, which is quite a bit more than we are paying now (approx £500, which following redundancy we are struggling to afford). This is why I'm not sure what to do. If I knew that someone else had successfully claimed, I'd go for it.

As you say, hopefully someone will come forth with tales of delight...

Thanks again

KC_Skint

Thanks so much for your reply Amersall :T

I thought the 10% was quite good!! I'm guessing I'm a little naive

I am concerned that if I have selected a tick box for Payment Protection on the initial application on-line, then isn't it hard for me to claim as being mis-sold? It's that long ago I don't remember it.

Egg have paid out to people, but the report on this site states that it was for cards taken out over the phone, and years after mine.

I don't know what to do

di3004

KC_Skint wrote: »

Hi Di
Thanks for coming back to me, and so quickly too!:T

I think the amount paid by the insurers would be £1,300 per month, which is quite a bit more than we are paying now (approx £500, which following redundancy we are struggling to afford). This is why I'm not sure what to do. If I knew that someone else had successfully claimed, I'd go for it.

As you say, hopefully someone will come forth with tales of delight...

Thanks again

Hi there and your very welcome.

Yes do wait for a few opinions before you decide, either way good luck to you.;)

marshallka

KC_Skint wrote: »

OK so I'm TOTALLy new to this forum lark- please bear with me if I'm in the wrong place etc

I took an Egg Card out in Nov 1999 (I assume I applied online) which I still have and am still paying for :mad:

I have contacted Egg who have told me the Card Protection was taken out on application.

I have recently been made redundant and so may benefit from the insurance ironically...

What would people advise I do? The debt on the Egg Card is shamefully high - £13,500. The insurance people (St Andrew's) have indicated that they would pay 10% of the balance each month I'm redundant.

You see my dilemma: Do I proceed with mis-sold PPI claim, or do I use the insurance I have inadvertently been paying a fortune for? Does anyone know of success in an online application for an Egg card from so long ago? I genuinely didn't know I was paying it (now £100 per month!), but is that just me being a dunce?

I'm not planning on being redundant for long, but in the current climate who knows?

Thanks in anticipation of any advice...

So they would pay you £1350 each month? Is this what you are saying and this is for 12 months so could that pay most of your balance if you stayed unemployed for maximum time?? Its difficult if they have definately agreed to pay this. I know "some" would say this is rubbish but I personally think it may benefit you and needs to be thought about. In todays climate its very difficult to get employment again as we all know. I would think about it carefully and weigh up the pro's and con's here.

marshallka

KC_Skint wrote: »

I thought the 10% was quite good!! I'm guessing I'm a little naive

I also think 10% is goodespecially on your balance of over 13K

KC_Skint

Thanks Marshallka :T

Problem is, I can't afford to 'stay' out of work for long, as we have a mortgage, a son at university, blah blah blah. I am hoping to be working within a couple of months, but of course cannot guarantee this!

I am assuming that if I go for mis-sell, this means I cannot then claim on the insurance, even if un-successful in the mis-sell claim? Is this right? So confusing!

Also, I guess time is not on my side while I go down the mis-sell route. However, if I am working again within a month or so then it would be better to not have claimed.

Aaarrrgghh!! If I knew someone had successfully claimed in similar circumstances, then I'd go for it.

I'll wait and see what else pops up - this site is SO useful!

Thanks again