Egg Loan - PPI & Reclaim Full Amount

loafy

Hi

Looking for some help with a tricky one with EGG.

I took a loan of £10,500 in Feb 2005 with EGG to clear my two Egg credit cards, and I took out at the time PPI which amounted to £1586.03 with a annual rate of 7.9%.

Term was 5yrs (60months) @ £256.21 which meant i paid back a total of £15,372.60, thus making EGG a profit of £3286.57 after the PPI.

In May 2008 i was made redundant and due to working for the company for 18months i wasnt entitled to any redundancy pay and ended up on unemployment benefits of around £60 a week due to still living at home with parents.

I contacted EGG a few times explaining my sitaution and looked for the money to be stopped for a holiday period or to claim my insurance as i could not maintain the repayments.

A few months passed and no ppi had kicked in and the payments were being missed, causing not only problems with the bank but also stress i didnt need due to not making ends meet. The loan defualted and was handed over to a debit collection agency in the September and understood my sitaution better, and allowed me to make a token payment until I got a job. I gained a job in Nov 08 and started paying the same amount back £256.21 every month until again Dec, where i was made reduandant again (construction industry eh?).

EGG have sent me a Annual Loan Statement recently showing what i have paid etc and also stating the amout of credit, and the amount of Repayment Protection Insurance.

Question is, i have recently reclaimed successfully my PPI from RBS for a loan in 2002 - 2004 and 2004 - 2007, this was a very simple and no pain claim, to be honest it was very easy and they were very helpful along the way.

Can i persue EGG for the PPI, and to claim back all the money for the loan as they broke there agreement? Someone said this could be the case, someone said it might not be, if i can go claiming the full loan + interest + ppi, how do i do so?

Any success stories out there of getting the full loan back as well?

Chris

di3004

loafy wrote: »

Hi

Looking for some help with a tricky one with EGG.

I took a loan of £10,500 in Feb 2005 with EGG to clear my two Egg credit cards, and I took out at the time PPI which amounted to £1586.03 with a annual rate of 7.9%.

Term was 5yrs (60months) @ £256.21 which meant i paid back a total of £15,372.60, thus making EGG a profit of £3286.57 after the PPI.

In May 2008 i was made redundant and due to working for the company for 18months i wasnt entitled to any redundancy pay and ended up on unemployment benefits of around £60 a week due to still living at home with parents.

I contacted EGG a few times explaining my sitaution and looked for the money to be stopped for a holiday period or to claim my insurance as i could not maintain the repayments.

A few months passed and no ppi had kicked in and the payments were being missed, causing not only problems with the bank but also stress i didnt need due to not making ends meet. The loan defualted and was handed over to a debit collection agency in the September and understood my sitaution better, and allowed me to make a token payment until I got a job. I gained a job in Nov 08 and started paying the same amount back £256.21 every month until again Dec, where i was made reduandant again (construction industry eh?).

EGG have sent me a Annual Loan Statement recently showing what i have paid etc and also stating the amout of credit, and the amount of Repayment Protection Insurance.

Question is, i have recently reclaimed successfully my PPI from RBS for a loan in 2002 - 2004 and 2004 - 2007, this was a very simple and no pain claim, to be honest it was very easy and they were very helpful along the way.

Can i persue EGG for the PPI, and to claim back all the money for the loan as they broke there agreement? Someone said this could be the case, someone said it might not be, if i can go claiming the full loan + interest + ppi, how do i do so?

Any success stories out there of getting the full loan back as well?

Chris

Hi Chris

So sorry to learn of your issues here.

Yes you can.
Write to EGG as they set this up for you as the way you did with the others (well done on that one):beer:

I am not sure about the loan side of it but the PPI should not be a problem with your reasons you have.

In regards of the loan itself, maybe it would be best to post on the actual loan thread here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=12

Hope this helps.

loafy

Di3004

i have stuck one in there two, just seeing if anyone has done this before.

I have also contacted citizen's advice for help


chris

marshallka

To claim back the loan you would have to be prepared to take it court yourself. Why would you be able to claim the loan back?

loafy

I just heard that i could potentially claim it back as the PPI never covered me when i was unemployed.

Hence the reason for asking on here to see if it was possible, and how easy it was etc.

The problem with hearsay information is the fact that its only hearsay, and i didnt want to just go to a ppi reclaim company incase all they got back was the ppi and then i would have to give them a % of the ppi reclaim when i know i can do that myself.