PPI on Egg Credit Card

TaxPlayer

I have today received just over £1,000 from egg for the PPI payments I made for my Egg credit card. From making a phone call to complain, with one call last month to chase them up, they have refunded all my payments plus 8% interest in about 6 weeks!

However, as I was never able to pay off the credit card balance in full each month, my reasoning is that I have paid interest at 24% on this PPI amount.

Am I therefore entitled to claim back this interest also?

Thankyou for any commenst or experience you may be able to share.

bathgatebuyer

:j Well done! You'll have to let me know how you did this as they're playing hardball with a few of us on here. Was your card one of the ones that was sold via phone?

Some people will try and claim the contractual rate of interest given that this is what they have foregone to have the PPI cover, although the courts use 8% as the standard amount that they apply.

sparkiedave

What, out of interest, did you use as your grounds for complaint?

marshallka

TaxPlayer wrote: »

I have today received just over £1,000 from egg for the PPI payments I made for my Egg credit card. From making a phone call to complain, with one call last month to chase them up, they have refunded all my payments plus 8% interest in about 6 weeks!

However, as I was never able to pay off the credit card balance in full each month, my reasoning is that I have paid interest at 24% on this PPI amount.

Am I therefore entitled to claim back this interest also?

Thankyou for any commenst or experience you may be able to share.

You could always try to argue this but as it stands from the courts they award 8% statutory interest to these types of compensations. I don't think its right either when you have actually been charged more. Its very unfair.


Let us know the outcome.

pinknico

TaxPlayer wrote: »

I have today received just over £1,000 from egg for the PPI payments I made for my Egg credit card. From making a phone call to complain, with one call last month to chase them up, they have refunded all my payments plus 8% interest in about 6 weeks!

However, as I was never able to pay off the credit card balance in full each month, my reasoning is that I have paid interest at 24% on this PPI amount.

Am I therefore entitled to claim back this interest also?

Thankyou for any commenst or experience you may be able to share.

Hi I have managed to claim back this interest on a credit card. No reason you shouldnt try.

mahon252

sparkiedave wrote: »

What, out of interest, did you use as your grounds for complaint?

I would also be interested in knowing your grounds for claiming back the ppi as I am also trying to do the same.

di3004

mahon252 wrote: »

I would also be interested in knowing your grounds for claiming back the ppi as I am also trying to do the same.

Hi there

What companies are involved here? if you don't mind me asking.

There are many reasons of why many were mis sold PPI, for example, PPI being added automatically to the loan as one single payment plus interest etc, some were told they have to take this to be eligible for a loan, there may be medical reasons such as pre-existing medical/illnesses where no claims can be made on this and so on.

Have you checked this out here?
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some useful info and reasons of ppi mis selling.

If you feel you have a case then I would try to reclaim.

Just yell if you need further help/info, good luck.;)

oscar52

Speaking from experience of working for a CC company (MBNA) I doubt you would get your contract rate of interest from them rather than the 8%.

Most companies use a payment allocation whereby your interest and charges are paid first - therefore your PPC (if this method was used) would never have accrued interest.

TaxPlayer

In reply - The circumstances were that the PPI was bolted on to my credit card as a freebie for three months. Then, as Egg counted on, I forgot to cancel the policy and ended up paying for 10 months until I got round to cancelling it. I know - not great money saving from me. However, I complained that I never agreed to this and dont recall signing anything. Having chased them up a month or so later, I was asked to wait for a letter they were preparing and then lo and behold . . . a cheque arrived. I just assumed they were doing this across the board. Obviosuly not.

So I dont know why my claim was sucessful with very little effort and others are struggling. My advice - keep persevering and good luck !

meandmaboy

TaxPlayer wrote: »

In reply - The circumstances were that the PPI was bolted on to my credit card as a freebie for three months. Then, as Egg counted on, I forgot to cancel the policy and ended up paying for 10 months until I got round to cancelling it. I know - not great money saving from me. However, I complained that I never agreed to this and dont recall signing anything. Having chased them up a month or so later, I was asked to wait for a letter they were preparing and then lo and behold . . . a cheque arrived. I just assumed they were doing this across the board. Obviosuly not.

So I dont know why my claim was sucessful with very little effort and others are struggling. My advice - keep persevering and good luck !

Hi,
I'm much in the same position as you I've had 2 cheques totalling £700.00 for 2 policies.:j :j :j :j :j
I was phoned & offered a free trial which I refused, against my wishes they put this policy on my account, when i discovered this months later & tried to cancel egg were having none of this & took a further 4months for them to cancel this.:mad: :mad: :mad: :mad:
At the end of 2008 I received letters from egg re mis-selling phoned them up explained above to them & they said they would be in touch & the next i knew the cheques were in the post.:T :T :T
Good Luck to everyone else.

Iheartfreebies

Hi, do you still have a balance on you Egg card? The reason I ask is that although they've agreed to my refund they will only add the funds to my Egg card which I can no longer use and I want a cheque! All I keep getting is "it's our policy":mad: