Egg Loans PPI

amersall

Bear_Spender wrote: »

Evening, I started this thread over 2 years ago - anyone thinking the PPI reclaim route is simple I wish you well. Like I say 2 years down the line after the FOS awarding the decision in my favour, it sitting with Egg, I have just had a letter through from Egg trying to fob me off with a settlement figure only £405.78 more than 2 Years ago. This figure btw also "includes £300 to compensate for any distress and inconvenience caused" - Im speechless - What a joke!

They have sent me a breakdown of calculation and im trying to understand the following 8% simple interest is per year not a total amount isnt it?

I am fuming I dont know where to start now... 2 Years and im still not sorted? Am I being unrealistic with the amount im entitled to for being mis sold 3 policies? Should I just walk away should I question everything that is in front of me? Anyone else had a similar situation?:mad:

Hi there, is this just 1 ppi refund and you have 2 to go?.
As Di said, post your figures from EGG for this refund.
And marshalka or robbedof will tell you what you should get back.

From looking back at your past posts, you did cancel ppi am i correct?, as you only get ppi back that you paid to date, so it will depend how much ppi you actually paid before you cancelled.

amersall

Bear_Spender wrote: »

Hello All, Just to keep you updated, I have today received 2 Cheques totalling £2500 refunding all payments and interest that it should have been. What a fantastic result. I walked through the door and for the first time in ages I cried!! Seriously I did! What a feeling!! I have a question, should the interest be 8% for the total amount or 8% per year, the figure a court would award, or should it be 4% per year times the number of years the payments have been since?

DOnt get me wrong I am over the moon, but if there are short changing me??? It does say as they have fulfilled my complaint, my next step is the ombudsman service??!

A MASSIVE THANK YOU TO ALL WHO HAVE HELPED ME!!!

DI - A MASSIVE KISS TO YOU!!!! XXXX

Is this the other 2 ppi you mentioned?.

di3004

Your very welcome Bear Spender. X:A

Bear_Spender

Hey there, it has been ages, literally as I had no response for months and months Yes im good thanks, hope your well - ok sounds like a plan

here we go ill write it as Egg have written to me, I need to verify the figures. The thing that is grate-ing me at the moment is minimal difference between 2 years ago and now plus the £300 "compensation". But we will see where we go now

Contractual payment with PPI £297.77 £346.00 £419.82
Contractual payment without £283.77 £325.85 £376.32
Diff £14.00 £20.15 £43.50
Number of payments made 1 6 29
Total £14.00 £120.90 £1,261.50

Contractual payment after PPI Cancelled £435.00
Difference in contractual payment after PPI canc £28.88
Number of Payments made after PPI Canc 20 Payment difference after PPI canc £577.60
Final Settlement difference £334.02

Total Refund £2,308.02

8% interest on Payment difference £9.71 £13.70 £27.55
8% Interest on Settlement Figure £89.07
Total 8% interest £140.03

Total Refund + Total 8% interest£2,448.05

Sorry struggling to get the columns aligned - there are 3 separate loans all of which are being settled here in this single cheque. is there an easy way to post a pic of the excel ss I have created?

On the 25/62009 they sent me 3 cheques totalling £2342.27, I didnt believe this was correct so started the ball rolling and did not cash these cheques and now like I say been sent a cheque for £2748.05 inclusive of £300 incovenience?

Your going to need the dates the payments were made arent you? Ill dig them out now Thanks in advance

Bear_Spender

amersall wrote: »

Hi there, is this just 1 ppi refund and you have 2 to go?.
As Di said, post your figures from EGG for this refund.
And marshalka or robbedof will tell you what you should get back.

From looking back at your past posts, you did cancel ppi am i correct?, as you only get ppi back that you paid to date, so it will depend how much ppi you actually paid before you cancelled.

This is all 3 Loans in 1 settlement, yes appreciate that only til it was cancelled, some of these loans are going back 10 years

amersall wrote: »

Is this the other 2 ppi you mentioned?.

All 3 in 1 settlement

Bear_Spender wrote: »

Hey there, it has been ages, literally as I had no response for months and months Yes im good thanks, hope your well - ok sounds like a plan

here we go ill write it as Egg have written to me, I need to verify the figures. The thing that is grate-ing me at the moment is minimal difference between 2 years ago and now plus the £300 "compensation". But we will see where we go now

Contractual payment with PPI £297.77 £346.00 £419.82
Contractual payment without £283.77 £325.85 £376.32
Diff £14.00 £20.15 £43.50
Number of payments made 1 6 29
Total £14.00 £120.90 £1,261.50

Contractual payment after PPI Cancelled £435.00
Difference in contractual payment after PPI canc £28.88
Number of Payments made after PPI Canc 20 Payment difference after PPI canc £577.60
Final Settlement difference £334.02

Total Refund £2,308.02

8% interest on Payment difference £9.71 £13.70 £27.55
8% Interest on Settlement Figure £89.07
Total 8% interest £140.03

Total Refund + Total 8% interest£2,448.05

Sorry struggling to get the columns aligned - there are 3 separate loans all of which are being settled here in this single cheque. is there an easy way to post a pic of the excel ss I have created?

On the 25/62009 they sent me 3 cheques totalling £2342.27, I didnt believe this was correct so started the ball rolling and did not cash these cheques and now like I say been sent a cheque for £2748.05 inclusive of £300 incovenience?

Your going to need the dates the payments were made arent you? Ill dig them out now Thanks in advance

Apologies the Contractual payment figures are for the 3rd set of figures only.

amersall

Bear_Spender wrote: »

This is all 3 Loans in 1 settlement, yes appreciate that only til it was cancelled, some of these loans are going back 10 years




All 3 in 1 settlement



Apologies the Contractual payment figures are for the 3rd set of figures only.

Hi there, Marshalka or robbedof will be here i hope!!! they will know if the calcs are right or not,they know how to work these out to the nearest penny. I am not too good with total calculations!! should have listened in maths:rotfl:

I notice one loan (if i have read this right) you only paid i months ppi on,then you cancelled the ppi, this will mean you will only get that months ppi plus the interest back this is all i know!

I have worked out

loan 1 ppi paid £14 x1= £14
loan 2 £20.15 x 6 = £120.90
loan 3 £43.50 29 =£1.261.50

that makes a total of £1.396.40 that is what you have paid, so the rest is 8% plus interest plus the £300.Does this make sense to you especially as you cancelled the ppi on all loans?.

There maybe a bit included in there for ppi from one loan going to the next one with a small rebate.

It may be best if you post the full breakdown for each loan that you recieved from Egg, the more info you give the better for our math wizards

Hope this has not baffled you anymore than you already are i have that effect sometimes;)


Help marshalka and robbedf :eek: where are you?.;)

Bear_Spender

Thanks for the info. Its ok, all help is greatly appreciated!!

I get the vlaue of payments with and without and the difference.

Its the interest that has baffled me I think

8% should be paid per annum on the value of the value fo the payment from the date it was paid till now? so for each payment there should be a "pot" of interest accumulating for each one?

amersall

Bear_Spender wrote: »

Thanks for the info. Its ok, all help is greatly appreciated!!

I get the vlaue of payments with and without and the difference.

Its the interest that has baffled me I think

8% should be paid per annum on the value of the value fo the payment from the date it was paid till now? so for each payment there should be a "pot" of interest accumulating for each one?

Hi there look here and you can work the 8% out
http://www.moneysavingexpert.com/reclaim/bank-charges
If you scroll down the page you will come to bank charges calculator.
This works out the 8%, so if you paid ppi of £10 a month for 6 months, you get the 8% for those months, you put the date and the amount of the monthly ppi you paid (not that you have not paid) and it will total at the side for you, you can do all 3 loans with this and then you will know if they have paid you the correct 8%.
This decreases as you do each month, as you will have been deprived of this for less months.
Hope this helps.

Bear_Spender

Thanks for the info again, ive just been trawling though my paperwork egg sent to me 2 years ago and the figures they were stating to me then in terms of premiums and insurance were much higher for instance the 3rd loan back then they were quoting a premium refund of £1417.99 and interest in 2009 at £612.57 and now is £1261.50 and £27.55 ??!! hmmn im no maths genius but those figures are slightly different?

jacketshen

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