Help needed to unscamble egg ppi

clueless24

Hi everyone
Long story here goes, took out egg loan in approx 2000 and paid it off in 2005 after sale of house to fund business, took out another loan in 2006 and on both occasions was mis sold ppi, have sent in claim forms this week and I am awaiting a response. In Feb this year after a very long period of illness and all the savings gone I stopped paying the loan and now make a token £1 payment each month whilst I save for bankruptcy, my question is, if my claim is successful will the money be paid to me or to the account which is in arrears and in default.
Thankyou for any advice
Clueless

di3004

clueless24 wrote: »

Hi everyone
Long story here goes, took out egg loan in approx 2000 and paid it off in 2005 after sale of house to fund business, took out another loan in 2006 and on both occasions was mis sold ppi, have sent in claim forms this week and I am awaiting a response. In Feb this year after a very long period of illness and all the savings gone I stopped paying the loan and now make a token £1 payment each month whilst I save for bankruptcy, my question is, if my claim is successful will the money be paid to me or to the account which is in arrears and in default.
Thankyou for any advice
Clueless

Hi and welcome.

So sorry to hear of your issues and hope you feel better now.

What normally happens is, if any arrears outstanding, the refund is paid directly to the arrears, and anything remaining plus interest should be refunded directly to you.

The way I see it, the policy is also worthless to you as well now, because your unable to use it, and its added to the debt which have worsened it if you know what I mean.;)
So you should be okay with this, good luck. X

clueless24

Hi Di3004
Thank you for your prompt response. I thought that may be the case, guess I was hoping if successfull I could use the money towards the bankruptcy fees, never mind, nothing ventured nothing gained. thank you again for your help x

di3004

clueless24 wrote: »

Hi Di3004
Thank you for your prompt response. I thought that may be the case, guess I was hoping if successfull I could use the money towards the bankruptcy fees, never mind, nothing ventured nothing gained. thank you again for your help x

Hi there

Your very welcome.

There is no harm in asking if they will do this for you.

If you don't you will never know, so give it a go and request they refund this directly to you due to your personal reasons, good luck.;)

Remember though anyting remaining and interest must be refunded to you by a forms of a cheque payment. X

clueless24

Good news after following the advice on this site I have successfully reclaimed the misold PPI on my Egg Loan 15 days start to finish and am due a refund of £2546.98, thats the good news the bad news is that I defaulted on the loan back in Feb this year following a long serious ongoing illness when all the savings had gone in paying my creditors, I had thought that the ppi cover would pay my loan when I got to sick to work only when I tried to claim did I discover all the loopholes and conditions and in fact was not really covered at all,
I have two questions I need help with please, firstly there is no explanation as to how they arrived at their figures so how do I know what they are saying is correct, secondly this was a loan originally taken out over 6 years ago i did not default until feb this year and feel really strongly that this was my money and I was deprived of it at the time, not being able to claim on the misold insurance impacted greatly on my financial situation at the time and is a major contributing factor in my current situation (saving to go bankrupt)
Any advise is most welcome
T x

di3004

clueless24 wrote: »

Good news after following the advice on this site I have successfully reclaimed the misold PPI on my Egg Loan 15 days start to finish and am due a refund of £2546.98, thats the good news the bad news is that I defaulted on the loan back in Feb this year following a long serious ongoing illness when all the savings had gone in paying my creditors, I had thought that the ppi cover would pay my loan when I got to sick to work only when I tried to claim did I discover all the loopholes and conditions and in fact was not really covered at all,
I have two questions I need help with please, firstly there is no explanation as to how they arrived at their figures so how do I know what they are saying is correct, secondly this was a loan originally taken out over 6 years ago i did not default until feb this year and feel really strongly that this was my money and I was deprived of it at the time, not being able to claim on the misold insurance impacted greatly on my financial situation at the time and is a major contributing factor in my current situation (saving to go bankrupt)
Any advise is most welcome
T x

Hi, well done to you.:beer:

I would ask them to send you a detailed written breakdown of how they came to that fugure, they should supply to you on request, as you do have the right to know what is what on your account.

Hopefully someone will have some answers on your 2nd question, but to what I am aware of any debt owing, they can refund towards that, and then you can request if they can refund you anything remaining to come back to you, plus interest etc.;)

clueless24

Thank you once again Di3004 for your prompt response and i will certainly follow your advice and write to them, unfortunately there is about 5k outstanding on the loan so no refund there but hey it will have reduced the debt by £2546.98. So thats something positive i guess. Thank you
T x