We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan settlement PPI shock.
Just when I thought I was understanding credit cards/loans, I realised last night that I probably still don't.
Had an Egg loan as in my signature, was £936 last month, this month paid off my usual £350, thought great now down to £586.
Looking at it, the amount outstanding was just over £600. Then looked at my settlement figure expecting it to be about £30 less as the loan was ending in 2 month. But the settlement figure was £458.40, a huge £147 of the £600 odd was still for PPI protection. Just £3 odd in interest left.
Despite having a plan and sticking too it, I simply couldn't be so silly as to not pay the settlement figure. I was just so shocked to see that despite the loan being in the final stages the PPI payable was still at £147.
Why would the PPI be so much still so late in the stage of the loan?
Also it said the figure was for ten days, but looking today the figures have changes on the Egg website (something about interest accuring daily) I paid the money via bank transfer yesterday evening.
Can I assume as I paid the settlement figure which is suppose to be good for 10 days, that I won't owe anything further? or will I owe a few days interest?
Had an Egg loan as in my signature, was £936 last month, this month paid off my usual £350, thought great now down to £586.
Looking at it, the amount outstanding was just over £600. Then looked at my settlement figure expecting it to be about £30 less as the loan was ending in 2 month. But the settlement figure was £458.40, a huge £147 of the £600 odd was still for PPI protection. Just £3 odd in interest left.
Despite having a plan and sticking too it, I simply couldn't be so silly as to not pay the settlement figure. I was just so shocked to see that despite the loan being in the final stages the PPI payable was still at £147.
Why would the PPI be so much still so late in the stage of the loan?
Also it said the figure was for ten days, but looking today the figures have changes on the Egg website (something about interest accuring daily) I paid the money via bank transfer yesterday evening.
Can I assume as I paid the settlement figure which is suppose to be good for 10 days, that I won't owe anything further? or will I owe a few days interest?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards