FOS upheld claim, but no payment from Egg

di3004

Rach39 wrote: »

Egg are THE most frustrating, annoying bunch out! After considering my claim for missold ppi on my loan for approx 3 months they decided last week to uphold my claim - hooray? No! Without any consultation or discussion they refunded the entire amount of ppi payments, interest etc (total of just over £4800) to my loan account!! My account is still active but is not and never has been in arrears, no payments have ever been missed and I specifically told them on several occasions that any rebate should be made to me personally. They are now telling me it is a 'business decision' and Egg's policy to transfer any refund against any still active loan. I have been through the set off rule with them and the fact that the ppi agreement is entirely seperate with seperate signature required but they just repeat parrot fashion that is is a business decision etc etc. Also tried to tell me it was in their T & Cs - I'd like to see that eg "If it transpires you were missold ppi we reserve the right to keep the money anyway etc etc" Have sent a solicitor's letter giving them 7 days to sort it out and send cheque and have also spoken to FOS who are going to right to them requesting they reconsider but I dare say even if I end up succeeding in this it will probably take them another 6 months or so!! Talk about a hollow victory! Anyone else had this experience?:mad:

Hi there and welcome.;)

You will find there are many who have complaints with these, if you get the chance to browse the threads, you will be surprised with how many.
Read on their experiences, good luck.

Rach39

Nice to know I'm not alone - having trouble finding similar though as search for 'egg' seems to bring up all sorts of egg related discussions!! Will trawl in more depth when I get chance (ie when not in work!) The worst part is the waiting and hassling enough so they remember me but not so much they decide to call in my loan entirely!!

dec22

Rach39 wrote: »

Nice to know I'm not alone - having trouble finding similar though as search for 'egg' seems to bring up all sorts of egg related discussions!! Will trawl in more depth when I get chance (ie when not in work!) The worst part is the waiting and hassling enough so they remember me but not so much they decide to call in my loan entirely!!

I am in the same boat. Had my misselling complaint resolved in 10 days and my loan refunded, due to finish 2 years earlier. As this was my first claim I thought this was standard practice and didn't query it.

I then had a RBS claim settled and they refunded they payments I had made to date to my current account. I rang RBS and explained what had happened with Egg and they suggested that this was the FOS guideline. and I should insist that they correct the refund.

I then asked Egg to put me back in the position as if I hadn't had the PPI and they proceeded to reduce my payments to what they should have been excl PPI but wouldn't refund what I had paid so my loan would still be finishing a year earlier. They just wouldn't budget so I sent my complaint to the FOS in March this year.

I would rather have the money to clear more expensive credit card debt.

Good luck. Keep us posted about their response to the solicitor's letter, if any. They don't seem to take much notice of the FOS either.

Rach39

Reply back to solicitor's letter - maintaining their stance. We have written back saying if they are relying on clause 7 of T & C which says repayment of refunds under the policy will be credited to the Agreement, this does not apply as this is not a refund of policy but completely missold policy and rebate of all premiums, interest and compensation. Also told them since we can pursue in N.I. they should nominate solicitors here to accept service of proceedings. I rang one of the claims helplines to see if they had ever come across this as their payment comes out of any rebate so it kind of screws them up if the payment doesn't come as an actual cheque! They said they have encountered this a couple of times and in their experience it is very difficult to get the lender to change their minds - they then pursue their customer direct for payment of their fees!! Am not planning to back down so will keep you updated :mad:

di3004

Rach39 wrote: »

Nice to know I'm not alone - having trouble finding similar though as search for 'egg' seems to bring up all sorts of egg related discussions!! Will trawl in more depth when I get chance (ie when not in work!) The worst part is the waiting and hassling enough so they remember me but not so much they decide to call in my loan entirely!!

Keep at it Rach.;)
Yes there are lots of various discussions on EGG on here lol.

The waiting is the worst part, but keep on at them stay strong and you will get there, good luck.;)

di3004

Rach39 wrote: »

Reply back to solicitor's letter - maintaining their stance. We have written back saying if they are relying on clause 7 of T & C which says repayment of refunds under the policy will be credited to the Agreement, this does not apply as this is not a refund of policy but completely missold policy and rebate of all premiums, interest and compensation. Also told them since we can pursue in N.I. they should nominate solicitors here to accept service of proceedings. I rang one of the claims helplines to see if they had ever come across this as their payment comes out of any rebate so it kind of screws them up if the payment doesn't come as an actual cheque! They said they have encountered this a couple of times and in their experience it is very difficult to get the lender to change their minds - they then pursue their customer direct for payment of their fees!! Am not planning to back down so will keep you updated :mad:

Nothing is ever straight forward is it?
Your doing the right thing anyway by standing your ground, so good one, keep it up until it goes your way, good luck.;)

marshallka

Rach39 wrote: »

Reply back to solicitor's letter - maintaining their stance. We have written back saying if they are relying on clause 7 of T & C which says repayment of refunds under the policy will be credited to the Agreement, this does not apply as this is not a refund of policy but completely missold policy and rebate of all premiums, interest and compensation. Also told them since we can pursue in N.I. they should nominate solicitors here to accept service of proceedings. I rang one of the claims helplines to see if they had ever come across this as their payment comes out of any rebate so it kind of screws them up if the payment doesn't come as an actual cheque! They said they have encountered this a couple of times and in their experience it is very difficult to get the lender to change their minds - they then pursue their customer direct for payment of their fees!! Am not planning to back down so will keep you updated :mad:

I see lots on here all the time in the same boat. I have even seen people report that FOS has not really done anything about it either. It is annoying.

g3niee

Looks like i was in luck with my claim, sent in the claim for ppi miss selling and received a letter stating that they would refund the full amount and deduct off the remaining balance of the loan less than a week later. This was done the same day. I have had loads of issues with EGG but I cannot complain about this. Good luck everyone with your claim, you never know.

Rach39

g3niee wrote: »

Looks like i was in luck with my claim, sent in the claim for ppi miss selling and received a letter stating that they would refund the full amount and deduct off the remaining balance of the loan less than a week later. This was done the same day. I have had loads of issues with EGG but I cannot complain about this. Good luck everyone with your claim, you never know.

Yes, but my issue is that I didn't want it deducted from the balance of my loan and since was not in arrears and had missed no payments they should not have done this without my authority - I have credit card with higher interest rate and would have rather put the refund to that, plus stuck some in my dwindling mortgage account which is looking very precarious since hubby has had no work since before Christmas! Yes, they have been very fair in making the decision to repay but it's their methods that are entirely unfair!!

johnston972

Hi

I originally took out an Egg Loan in Oct 2002 and agreed to enter into a policy with reduced cover as I had a Life and Critical illness policy already.

In Jan 2004 I topped this loan up and was advised to take full cover at which point I stipulated that I still had the same policy as before and therefore did not require this. However they went ahead and charged me for the full policy.

In Jan 2005 I paid a lump sum off the loan and asked for the associated refund in the policy as my payments had reduced significantly. They told me that I couldn't have this as it had been added onto the loan in full. I expressed my distaste about this but thought they were within their rights.

In Jan 2007 I complained to Egg and they dragged this out for a year and then refused to accept that they had gone against my wishes of a reduced policy.

I then wrote to the Financial Ombudman who wrote to me every month to let me know that I was in 'the queue'. I then heard nothing from Jan 2009 at which point I emailed them to chase progress in April. They said that I was still in line and the case hadn't been passed to an adjudicator yet.

We're now 3 mths on and still no progress and I'm becoming really concerned with this. Should it take 18 months for a complaint to be settled, especially one which I really believe to be in my favour???

Should I chase the FO again?

Any views?????? Other than that Egg are a disgrace for conning people who can't afford it out of their money??

Thanks