8% Interest?

amonag68

Hello Guys,

I have had a few PPI complaints upheld within the last 12 months and all followed the FSA guidelines and paid in full adding on the 8% simple interest. If you owe on the loan they will obviousley offset any refund, but you wll always be paid the 8% direct into your bank.

However, Egg have offset their refund against the outstanding loan but refuse to pay any 8% as they inform me its not their policy to do so. I have threatened them with the FOS but they now ignore me by not replying at all.

Can they do this or should they follow the new guidlines set out in recent months.

Regards

Andy

di3004

amonag68 wrote: »

Hello Guys,

I have had a few PPI complaints upheld within the last 12 months and all followed the FSA guidelines and paid in full adding on the 8% simple interest. If you owe on the loan they will obviousley offset any refund, but you wll always be paid the 8% direct into your bank.

However, Egg have offset their refund against the outstanding loan but refuse to pay any 8% as they inform me its not their policy to do so. I have threatened them with the FOS but they now ignore me by not replying at all.

Can they do this or should they follow the new guidlines set out in recent months.

Regards

Andy

Hi Andy

If they upheld and it was not an offer of goodwill, then i assumed they worked inline with the FOS calculations, so 8% interest would then also be awarded, if this is the case then I would try contacting them again to make sure on this - to double check.

Keep at them, good luck.