PPI Refund - want cheque not a refund into my loan account.

sillyme

How can I make sure that any PPI refund I might get from my lender (Egg) isn't paid off my outstanding loan, and is actually paid to me in a cheque?

I have another debt I'd like to pay off first at a higher interest rate.

lclclclc

I am having a similar issue with RBS/Natwest. I have been told by them, its their policy.. when I asked for a copy of this, they said they cannot provide me with it.. I have sent an e-mail to FOS, as my PPI case was outstanding..worse case scenario, can it go into your account, and you just draw on it again ?

pinknico

It is usually the case that if you are in arrears they can use any refund to pay these off. Otherwise you are entitled to receive a cheque. A call to the FOS may help.

mikegilbert

Write to them insisting that all monies are refunded to you directly and not paid off your Egg loan. The money belongs to you and is yours to dispose of as you see fit. They may try to take off loan but that would alter total owing and may involve new agreement and or interest rates on that agreement. NO tell them in writing and if they refuse include in letter that you will contact FOC if they do not comply with your request and you may consider legal action and or additional compensation ( which you can claim for )~ for damages that may include inconvenience, etc ( look at FOC test cases on their site for additional awards.)

sillyme

Fantastic. Thanks.

I have just sent off the first reclaim letter and stated at the bottom "...total refunded amount to be repaid to my by personal cheque, and not taken off remaining loan amount."

I'm happy with the interest on my egg account, I need to pay off bloody Barclaycard so I really need to get it in a cheque.

chicqa

Good Luck with this, I had the same thing with Natwest, but I took their word for it and they gave themselves £3,500!! which cleared my overdraft and put my account into credit, but I still can't access it?!?!?:mad:

willo65

If the ppi was added onto your loan in the first place then surely the amount of the ppi outstanding needs to be repaid?

pinknico

With PPI on an unsettled loan, you should receive back all the payments made towards the PPI plus interest and any PPI remaining on the loan should be written off.

In a settled loan all payments made to the PPI minus any amount included in a settlement figure should be returned to you plus interest.

Iheartfreebies

Hi, I'm having the same trouble with Egg, they have refunded my PPI plus interest but onto my credit card which apparently was changed to repayment only last year so I can't get to the funds. I've asked for the refund to be paid to my current account but "it's their policy" to pay it back to themselves. They say the payments were applied to the credit card so they should be paid back to there. Surely I've been paying a higher minimum payment all this time - from my current account? Grrrrr! Any advice would be much appreciated!

Thanks x
PS I have posted this elsewhere but haven't had much luck