Egg PPI refund

emmdvs

Eggs have said they were at fault and have refunded 100% of the payments and interest i've made on the PPI but they refused to pay me and have used the £3k to reduce my loan.

they've refused to budge saying that under Sec 6 of the policy all refunds are used to reduce to reduce the settlement figure/loan

i'm in this mess because of the PPI and could use the £3k to settle most of my debts - but they refuse to pay out.

Surely the terms of the policy are invalid if they were at fault in mis-selling to me - is there anything I can do ?

di3004

emmdvs wrote: »

Eggs have said they were at fault and have refunded 100% of the payments and interest i've made on the PPI but they refused to pay me and have used the £3k to reduce my loan.

they've refused to budge saying that under Sec 6 of the policy all refunds are used to reduce to reduce the settlement figure/loan

i'm in this mess because of the PPI and could use the £3k to settle most of my debts - but they refuse to pay out.

Surely the terms of the policy are invalid if they were at fault in mis-selling to me - is there anything I can do ?

Hi there

They seem to have a law of their own don't they??

Have you anything in paperwork/documents which states this?

Do you mind me asking if you had any arrears with the loan?

If there are arrears then fair enough, but then in my opinion the rest of it should be paid directly to you.

If your not happy in the way this was done, you could contact the FOS and ask what rights you have here, I'm sure they will be happy to give you any information even if your case was not dealt directly with them, but you may have a complaint you want investigating.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck hun please keep us posted.;)

emmdvs

Hi

Thanks for the advice

there are arrears but only one month ~ i've checked the policy and in Section 6 it does say that that refunds will be credited to the loan except where otherwise provided- but i can't find any details re the exceptions!

so i'm writng to Egg again and hoping they'll cave in - at the same time i'll log the complaint with the FOS

dec22

emmdvs wrote: »

Eggs have said they were at fault and have refunded 100% of the payments and interest i've made on the PPI but they refused to pay me and have used the £3k to reduce my loan.

they've refused to budge saying that under Sec 6 of the policy all refunds are used to reduce to reduce the settlement figure/loan

i'm in this mess because of the PPI and could use the £3k to settle most of my debts - but they refuse to pay out.

Surely the terms of the policy are invalid if they were at fault in mis-selling to me - is there anything I can do ?

I have been in the same position and have sent my complaint to the FOS to investigate. Egg just won't budge even though the FOS does provide guidelines for redress and there is a link to it if you go onto the Sticky - How FOS calulate refunds, there is a link towards the bottom (in blue) to the FSO website and the actual tecnical note.

di3004

emmdvs wrote: »

Hi

Thanks for the advice

there are arrears but only one month ~ i've checked the policy and in Section 6 it does say that that refunds will be credited to the loan except where otherwise provided- but i can't find any details re the exceptions!

so i'm writng to Egg again and hoping they'll cave in - at the same time i'll log the complaint with the FOS

Hi hun

Good one, and hopefully they will see it this way, tell them you thought it was fair to refund the 1 month arrears but you have been out of pocket, and wish that the remainder of the refund to be paid directly to you, good luck.;)

di3004

dec22 wrote: »

I have been in the same position and have sent my complaint to the FOS to investigate. Egg just won't budge even though the FOS does provide guidelines for redress and there is a link to it if you go onto the Sticky - How FOS calulate refunds, there is a link towards the bottom (in blue) to the FSO website and the actual tecnical note.

Hi dec22

I think you done the right thing as well.;)
I think its worth for emmdvs to also contact the FOS in regards of this matter if they don't budge, like you said they did not for you, so hope its sorted out through the FOS.

The link here to FOS calculations:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

emmdvs

Many thanks to both of you, I checked out the links, they were really helpful too

everton606

hi all new to all this but sent a letter to egg i have ppi on a loan going into hospital august for a big operation going to be off work up to 3 months got in touch with egg who said i had to be absent 180 days before ppi comes in was quite shocked at this so wrote a letter of complaint. had a letter back today they have offered £2938.38 but they have reduced my loan payments!
i telephoned egg today to say no i want the money so i can pay debts off when i am off work in august it is my money they have fooled me out off. they said no it would have to come off loan, i am going to write to the ombudsman as i think you should be at least asked if you want a cheque or pay off exsisting loan. anybody had any luck with this?

di3004

everton606 wrote: »

hi all new to all this but sent a letter to egg i have ppi on a loan going into hospital august for a big operation going to be off work up to 3 months got in touch with egg who said i had to be absent 180 days before ppi comes in was quite shocked at this so wrote a letter of complaint. had a letter back today they have offered £2938.38 but they have reduced my loan payments!
i telephoned egg today to say no i want the money so i can pay debts off when i am off work in august it is my money they have fooled me out off. they said no it would have to come off loan, i am going to write to the ombudsman as i think you should be at least asked if you want a cheque or pay off exsisting loan. anybody had any luck with this?

Hi there and welcome.

It would not be too bad if they lowered your repayments and refunded what is owed to you directly back to you.
So your right in complaining to the FOS if they will not do this in your favour, good luck.;)

There are many on here who have complaints about EGG, hopefully they may post up soon.;)