Egg loan and repayment protection

natsplatnat

Hi All!

I would like to run something passed you if I may? (you are all lovely, so I know you won't mind!)

Back in April 2006 I took out a loan with Egg for £10,700. It was a 'loan to end all my financial woes' - but guess what? As with a lot of people and consoldation loans I carried on spending!!

But that is now all being fixed and I have digressed! :rotfl:

I have just checked online with Egg and noticed that it states....

Original cash loan £10,700
Repayment protection £1,436.17

Now, I took the loan out over the phone and my memory isn't that fantastic but......

• Despite my reckless spending, I have never taken out payment insurance on anything (have always been too tight!)
• Would / should I have received any paperwork relating to the loan?
• Could the repayment protection been added on after the loan was taken out?
• Can I cancel it? Am I right in thinking that this falls into the 'reclaim PPI' category?

Many thanks in advance for your help, info and suggestions!

Nats x

(ps also posted on DFW and Loan forum - sorry, not very patient and want to get as much info as I can!)

donotpassgo_2

Welcome natsplatnat,

This happened to us too it wasnt until we heard about ppi and looked on statements that we found out we were paying ppi, we have successfully reclaimed now with several cc and egg loan. If you look at the steps on how to reclaim ppi you will see if you have any reasons for being missold PPI and to be able to make a reclaim> I'm sure Di or Marshallka will be along soon to give you more info and links to info on reclaiming ppi which is on the MSE site.

Just wanted to reply quickly for you good luck with this and keep posting.:D

di3004

natsplatnat wrote: »

Hi All!

I would like to run something passed you if I may? (you are all lovely, so I know you won't mind!)

Back in April 2006 I took out a loan with Egg for £10,700. It was a 'loan to end all my financial woes' - but guess what? As with a lot of people and consoldation loans I carried on spending!!

But that is now all being fixed and I have digressed! :rotfl:

I have just checked online with Egg and noticed that it states....

Original cash loan £10,700
Repayment protection £1,436.17


Now, I took the loan out over the phone and my memory isn't that fantastic but......

• Despite my reckless spending, I have never taken out payment insurance on anything (have always been too tight!)
• Would / should I have received any paperwork relating to the loan?
• Could the repayment protection been added on after the loan was taken out?
• Can I cancel it? Am I right in thinking that this falls into the 'reclaim PPI' category?

Many thanks in advance for your help, info and suggestions!

Nats x

(ps also posted on DFW and Loan forum - sorry, not very patient and want to get as much info as I can!)

Hi there........:D;)

If you no paperwork relating to the loan then I would request for this by SAR, link template here with details, they have 40 days to comply and send all they hold on you.
There is a £10 charge for this by either cheque or postal order, post by recorded delivery.
SAR on here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553
When you taken out the loan, they should have sent you an agreement to sign, hopefully they will send any copies telephone recordings with the SAR as well, or you can ring to request for these alone.

You should also have received Terms and Conds of the the loan and ppi etc, about your cancellation rights and so on.

Yes the chances are they could have added the PPI without your knowledge, if your supplied with any phone recordings then anything about the PPI should have been mentioned to you if they sold you this.

You should be able to cancel anytime you want as well, it would be useful to have the terms and conds of this, hopefully they will supply these within the SAR.
You can write to cancel the same time as reclaiming if you want to.

If this was mis sold to you for any reason then yes it will be in the reclaming category, below is the link to the guidelines of reclaiming, with a check list of mis selling reasons, and templates, write what occurs to you, if they added the PPI without your knowledge then this is one reason alone, but its worth checking the list for more reasons that may also apply to you as wlel.
They have 8 weeks in full to respond, and post all letters by recorded delivery, this is your proof of posting.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


Hope this helps, good luck, please let us know how you get on and ask for help anytime.;)

Di

natsplatnat

Good morning!

A massive "thanks" to donotpassgo and di3004 for your replies!

I am going to have a little root around at home for some paperwork relating to the loan - if no joy, then I will definitely go down the SAR route and take it from there!

Many thanks again, Nats x

di3004

natsplatnat wrote: »

Good morning!

A massive "thanks" to donotpassgo and di3004 for your replies!

I am going to have a little root around at home for some paperwork relating to the loan - if no joy, then I will definitely go down the SAR route and take it from there!

Many thanks again, Nats x

Hi Nats
And your most welcome .

Good luck with this and we are here for you if you need any further help.;)X

natsplatnat

Hi All!

Just a little update a bit of a request for additional ideas (if I may!)

I have trawled through my paperwork and have unearthed a letter from Egg dated May 2006 (one month after I took the loan out).

The letter confirms that they removed the PPI from the loan and duly reduced my monthly repayments. The figure shown is the amount I was paying (was, as I foolishly took a couple of payment holidays!)

Now I have a quandry. Do I get in contact with Egg?

Part of me thinks that I should incase they reduced my monthly payments and didn't take off the PPI amount, so I am essentially paying off a larger balance ith reduced payments. Or do I keep quiet incase I am getting the cover of the PPI without paying for it? (highly unlikely me thinks!!)

All thoughts and comments (on a postcard) gladly welcomed!!!!

Nats x

di3004

natsplatnat wrote: »

Hi All!

Just a little update a bit of a request for additional ideas (if I may!)

I have trawled through my paperwork and have unearthed a letter from Egg dated May 2006 (one month after I took the loan out).

The letter confirms that they removed the PPI from the loan and duly reduced my monthly repayments. The figure shown is the amount I was paying (was, as I foolishly took a couple of payment holidays!)

Now I have a quandry. Do I get in contact with Egg?

Part of me thinks that I should incase they reduced my monthly payments and didn't take off the PPI amount, so I am essentially paying off a larger balance ith reduced payments. Or do I keep quiet incase I am getting the cover of the PPI without paying for it? (highly unlikely me thinks!!)

All thoughts and comments (on a postcard) gladly welcomed!!!!

Nats x

Hi Nats

Maybe the SAR will reveal more information on this, its up to you, you do what you feel you should do, if the repayments did not reduce then the chances are then your still paying for the PPI.
If they were taken off then you should still be able to reclaim what you did pay up until they did remove this.

Otherwise see what the SAR brings if you have requested for this.

Link for the SAR template posted in my above post, good luck.;)

dec22

natsplatnat wrote: »

Hi All!

Just a little update a bit of a request for additional ideas (if I may!)

I have trawled through my paperwork and have unearthed a letter from Egg dated May 2006 (one month after I took the loan out).

The letter confirms that they removed the PPI from the loan and duly reduced my monthly repayments. The figure shown is the amount I was paying (was, as I foolishly took a couple of payment holidays!)

Now I have a quandry. Do I get in contact with Egg?

Part of me thinks that I should incase they reduced my monthly payments and didn't take off the PPI amount, so I am essentially paying off a larger balance ith reduced payments. Or do I keep quiet incase I am getting the cover of the PPI without paying for it? (highly unlikely me thinks!!)

All thoughts and comments (on a postcard) gladly welcomed!!!!

Nats x

I'm not sure if this helps or makes sense but I have had the PPI refunded on my Egg loan but the main agreement (View Statement option) still shows the PPI value. When I look at the current loan details (View Loan information) screen, it shows PPI as zero. One shows the original loan details and the other any amendments/changes.

Hope that makes sense?

Have you checked your loan agreement to see what the monthly PPI payment was and see if your payments have been reduced acordingly?

Good luck!!

natsplatnat

Hi!

Again, many thanks for your replies!!

dec22 - I looked at the current details on my loan, and you are right..... it states "insurance - NONE!"

So its a case of panic over - although it does mean that I am not owed and money and cannot claim any either - will just have to keep chipping away at my loan!

Cheers again, Nats x