Frustrated just ain't the word!

Rach39

Ok, I shouldn't moan as I was successfull in a claim against Egg for missold ppi on my loan - but they are still giving me the runaround and I find it hard to trust a single word they say! Original monthly repayments worked out around £295 for loan and £68 for ppi (total monthly payment around £363). I then claimed, successfully but they credited the repayment to my loan outstanding balance, even though I had no arrears. This reduced my monthly payments to around £230. I took it up with FOS and they ruled that since I had no arrears the refund should have been made to me. Egg then sent me a cheque for around £5,500 and adjusted my monthly payments to reflect this.... BUT my monthly payments are now around £5 more than when I was paying ppi as well as the loan! I have a suspicion they have not adjusted my account to show cancellation of the ppi (even though they tell me this definitely cancelled and my loan details show this). If they are supposed to put you back in the position you were in before taking out ppi how is this possible? I had thought my repayments should have been the £295 in my loan agreement for the actual loan repayments and an adjustment to allow for fluctuation in interest rates? Have written strongly..... twice.... with copies to FOS but customer services are telling me that I have a complaint noted against my account and someone will write back shortly - meanwhile they continue to take the inflated monthly payments!! GRRRRR! Anyone else in this position?:mad:

di3004

Rach39 wrote: »

Ok, I shouldn't moan as I was successfull in a claim against Egg for missold ppi on my loan - but they are still giving me the runaround and I find it hard to trust a single word they say! Original monthly repayments worked out around £295 for loan and £68 for ppi (total monthly payment around £363). I then claimed, successfully but they credited the repayment to my loan outstanding balance, even though I had no arrears. This reduced my monthly payments to around £230. I took it up with FOS and they ruled that since I had no arrears the refund should have been made to me. Egg then sent me a cheque for around £5,500 and adjusted my monthly payments to reflect this.... BUT my monthly payments are now around £5 more than when I was paying ppi as well as the loan! I have a suspicion they have not adjusted my account to show cancellation of the ppi (even though they tell me this definitely cancelled and my loan details show this). If they are supposed to put you back in the position you were in before taking out ppi how is this possible? I had thought my repayments should have been the £295 in my loan agreement for the actual loan repayments and an adjustment to allow for fluctuation in interest rates? Have written strongly..... twice.... with copies to FOS but customer services are telling me that I have a complaint noted against my account and someone will write back shortly - meanwhile they continue to take the inflated monthly payments!! GRRRRR! Anyone else in this position?:mad:

Hi Rach

So sorry to hear of this, how frustrating this is for you.

Did they also send you a full detailed written breakdown of this?

I do hope this gets sorted out for as soon as possible, its a nightmare isn't it?:mad:

Wishing you luck X;)

Rach39

Sent me no breakdown at all (of course, what did I expect!) and told me on the phone that the payments are more because I got rebate to me not against my loan - that shouldn't make any difference to the principal sum and I think they're trying to blind me with bulls**t!! Have requested full breakdown so I can get analysed by my accountant (won't hold my breath)....

di3004

Rach39 wrote: »

Sent me no breakdown at all (of course, what did I expect!) and told me on the phone that the payments are more because I got rebate to me not against my loan - that shouldn't make any difference to the principal sum and I think they're trying to blind me with bulls**t!! Have requested full breakdown so I can get analysed by my accountant (won't hold my breath)....

A right pain in the you know what!!!:mad:

I'm expecting my hubby to be messed about with one of his as well, waiting for a payout for the last month, and have had to chase them, would help if they did get back with some feedback.

Hope this gets sorted out soon X