PPI on Egg loan - Success!!!

PrincessGlitter_2

Hi,

This is my first post, so hope i'm posting in the right section!

I took out an Egg loan in 2003 and was told on the phone that I would need to take out PPI to ensure the loan was approved. I said that I didn't really want it, but the adviser was really pushy and basically told me to take it out to make sure the loan went through and then I had up to 14 days to cancel once I had the money. Needless to say I didn't cancel it!!

I called them back in 2005 to cancel the PPI element of the insurance and was given a really hard time, basically he went through all my income and outgoings and said I shouldn't cancel, but I persisted. He eventually relented and removed the PPI and I got paperwork through to show this. When I got my last annual statement from Egg I noticed that they have changed their layout and PPI is clearly showing and on my original £10,000 loan it shows a figure of about £3000. Now I don't know if this means this is how much I paid already or if it's still on my account.
I intend to query this with Egg and find out for sure that it has been removed.

However my question is do I have a good chance of re-claiming the PPi paid as I really didn’t want it. Or because I didn’t write and cancel will I be penalised? Has anyone else had any dealings with Egg and managed to prove miselling on a loan purchased over the phone??

Thanks

di3004

PrincessGlitter wrote: »

Hi,

This is my first post, so hope i'm posting in the right section!

I took out an Egg loan in 2003 and was told on the phone that I would need to take out PPI to ensure the loan was approved. I said that I didn't really want it, but the adviser was really pushy and basically told me to take it out to make sure the loan went through and then I had up to 14 days to cancel once I had the money. Needless to say I didn't cancel it!!

I called them back in 2005 to cancel the PPI element of the insurance and was given a really hard time, basically he went through all my income and outgoings and said I shouldn't cancel, but I persisted. He eventually relented and removed the PPI and I got paperwork through to show this. When I got my last annual statement from Egg I noticed that they have changed their layout and PPI is clearly showing and on my original £10,000 loan it shows a figure of about £3000. Now I don't know if this means this is how much I paid already or if it's still on my account.
I intend to query this with Egg and find out for sure that it has been removed.

However my question is do I have a good chance of re-claiming the PPi paid as I really didn’t want it. Or because I didn’t write and cancel will I be penalised? Has anyone else had any dealings with Egg and managed to prove miselling on a loan purchased over the phone??

Thanks

Hello and welcome.

Yes you do have a good chance here of reclaiming this back so go for it.

Check the link below for more info, which includes template letters, a checklist of mis selling reasons and so on.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You could also contact the FOS as another option and ask if they can write to the bank on your behalf, you just give them the details first, I'm sure on request they will do this for you.

Contact details of the FOS here:
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, if you require any help, just give us a yell.;)

(PS) a Suggestion, contact/write to the bank and ask if they could post you a copy of all telephone recordings, some will supply these on request.

TonyManchester

Hi all

I recently (2 years ago) put a 15% deposit down on a spanish apartment (30,000 euros) and it appears the developer went bust/problem with the land etc

I bought this through Countrywide UK PLC who are completely disclaiming responsibility

I am in the midst of claiming section 75 through my CC provider (tesco c card) But they are telling me because the contractual amount was £210k euros it's over the limit and therefore I cannot claim my £30k euros?

Is this correct?

Thanks

Tony

di3004

TonyManchester wrote: »

Hi all

I recently (2 years ago) put a 15% deposit down on a spanish apartment (30,000 euros) and it appears the developer went bust

I bought this through Countrywide UK PLC who are completely disclaiming responsibility

I have am in the midst of claiming section 75 through my CC provider (tesco c card) But they are telling me because the contractual amount was £210k euros it's over the limit and therefore I cannot claim my £30k euros?

Is this correct?

Thanks

Tony

Hi Tony and welcome.;)

I am not sure on this to be honest, but you could call the FOS for advice on this one and see what they say, they should be able to tell you, and may even offer to write on your behalf, also on request, give them a call ,good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

TonyManchester

Hi There and thanks

I have already contacted them but they will only get involved after 8 weeks or when I have a conclusion from TPF.

I wanted to know why I cant claim for the 30k euros which is what I have paid so far.

is it true that if the original amount is greater that 30k you cannot claim for any of it?

Regards

Tony

di3004

TonyManchester wrote: »

Hi There and thanks

I have already contacted them but they will only get involved after 8 weeks or when I have a conclusion from TPF.

I wanted to know why I cant claim for the 30k euros which is what I have paid so far.

is it true that if the original amount is greater that 30k you cannot claim for any of it?

Regards

Tony

Hi Tony

It maybe because you already started the process then with the bank?

The FOS have actually acted on my behalf by writing to the business, by giving them 8 weeks to respond, but maybe this varies I don't know.

I don't think it should matter, no matter how much it is to what I know of, but hopefully someone else will post soon to clarify this for you.

as0ta

PrincessGlitter wrote: »

Hi,

This is my first post, so hope i'm posting in the right section!

I took out an Egg loan in 2003 and was told on the phone that I would need to take out PPI to ensure the loan was approved. I said that I didn't really want it, but the adviser was really pushy and basically told me to take it out to make sure the loan went through and then I had up to 14 days to cancel once I had the money. Needless to say I didn't cancel it!!

Use the link and templates Di3004 gave.

I would suggest that you personalise your letter with your own experience with Egg. Include the highlighted bit from your post but don't say that you were given the days to cancel as this will not help your case.

I called them back in 2005 to cancel the PPI element of the insurance and was given a really hard time, basically he went through all my income and outgoings and said I shouldn't cancel, but I persisted. He eventually relented and removed the PPI and I got paperwork through to show this. When I got my last annual statement from Egg I noticed that they have changed their layout and PPI is clearly showing and on my original £10,000 loan it shows a figure of about £3000. Now I don't know if this means this is how much I paid already or if it's still on my account.
I intend to query this with Egg and find out for sure that it has been removed.

Also include this in your letter. Say that after looking at your recent annual statement from Egg, it clearly shows that you are still paying for the insurance (whatever Egg has labeled it as. :rolleyes:)

From my experince, the more you make your letter personal (while using the templates), the better chance of getting a refund without the hassel. And don't admit anything that would jeopardise your case, such as you recall egg giving you the 14 days to cancel. I've had a refund from Egg, Lloyds, Barclays and RBS without any problem. :j

However my question is do I have a good chance of re-claiming the PPi paid as I really didn’t want it. Or because I didn’t write and cancel will I be penalised? Has anyone else had any dealings with Egg and managed to prove miselling on a loan purchased over the phone??

Thanks

I think you have a case.

PaulinWeston

Sorry - But I don't think it's correct to suggest to the OP that they should not include facts they know to be true just to "help their case". This is clearly misleading the credit card company and, if it were to go to the FOS (or perish the thought, to court) would land the OP in considerable trouble. When you sign the FOS complaint form you are asked to declare: "I would like the Financial Ombudsman Service to consider my complaint. I confirm that all the information I have given you is true and accurate to the best of my knowledge. "

Moreover, I don't think the FOS would look favourably on the MSE community if it were to become aware that we were encouraging people to make (what some may consider) false claims.

the OP says: "However my question is do I have a good chance of re-claiming the PPi paid as I really didn’t want it. Or because I didn’t write and cancel will I be penalised?" Not wanting PPI isn't the same as it being mis sold! There may well be other reason why it was mis-sold and there are plenty of other, very helpfull threads that give a good indication what these might be and if they apply.


Sorry - but if this upsets anyone, but I feel it has to be said.

as0ta

Those are the facts. The OP was forced to buy insurance s/he did not want or need, only to to told that it would help the loan application.

That is mis-selling and not a false claim. They'll already do everything and anything not to refund it back. So telling them something that will give them an easier way out? 14 days to cancel something that was forced on the OP even though the OP told the advisor, so many times that the OP didn't need it in the first place? The response would be simple. It doesn't matter if it was forced on the OP, they were given 14 days to cancel. So no refund.

People come on here to get advice and any experience in related matters.

PrincessGlitter_2

Hi

Well I came home yesterday to a response from Egg saying they had carried out a full review about my PPI and have arranged for all my premiums to be refunded together with the assosiated interest charges!!

PPI Premium on Loan £3893.27
Less any PPI refund taken off loan £2129.85
Refund of interest charged on PPI at contractual rate £819.81

Total £2583.23

I'm amazed this came through so quickly. They state they are sending the money to my nominated account and I will have it in 7-10 working days!!

My only question is do I trust that these figures are right as I'm a little confused by how they have worked it out?

di3004

PrincessGlitter wrote: »

Hi

Well I came home yesterday to a response from Egg saying they had carried out a full review about my PPI and have arranged for all my premiums to be refunded together with the assosiated interest charges!!

PPI Premium on Loan £3893.27
Less any PPI refund taken off loan £2129.85
Refund of interest charged on PPI at contractual rate £819.81

Total £2583.23

I'm amazed this came through so quickly. They state they are sending the money to my nominated account and I will have it in 7-10 working days!!

My only question is do I trust that these figures are right as I'm a little confused by how they have worked it out?

Hello there and well done to you.:beer:

I would ask them to post you a full detailed written breakdown, they should send these if you request for them, then if you see anything amiss, realistically they should put this right for you, good luck.;)