Egg Loan - PPI Refunds

stqueen

Hi all,

Has anyone had any experience of attemping to get payment protection insurance refunded off the balance of the loan??

I recieved by Egg annual statement on Saturday, and although Egg have already refunded the portion of the PPI I hadn't yet paid (when I cancelled the PPI in 2006), they DID NOT refund the £450 or so I had already paid towards the PPI. I took the loan out in Feb 2005. So between Feb 2005 - August 2006 I was paying for the PPI which they have now taken off and refunded. They didn't refund the PPI I had already paid during this period.

Surely if they refunded part of it they should of (or could) refund all of it?

I argued that I was mis sold the PPI (it wasn't even mentioned when I took out the loan!), which was the reason why they refunded. Should Egg also have refunded the amount I actually paid on it?

Any thoughts/experiences/success/non success stories?

nickybutch

Hi, The answer to your question is YES, quite simply, they should refund you ALL of the PPI and put your loan back to the state if the PPI wasn't there.
If there is a problem, make a complaint to the Ombudsman Service for FREE and see if they can help you.

On this matter, I have a story for you...
Egg have committed FRAUD on my PPI refund and I am waiting for an outcome on my complaint with Egg at the Ombudsman Service.
I have a loan with Egg since July 2006 which I am in an IVA with due to other debt problems.
In October 2009, I had a PPI complaint UPHELD by Egg and they paid my Insolvent Practitioner £ 2020.01 PPI as a refund.
This was supposed to be reduced in my loan when they said they would do so. The total PPI premium on my loan is £ 3797.97 for a loan of £ 8901.00 over 84 months.
Egg took £ 2281.97 from my loan saying that this WAS MY PPI REBATE and then ADDED £ 384.72 accrued Interest to it PRIOR to selling it for collection.
There have been NO MENTION of the EARLIER REBATE at all.
Egg have committed FRAUD in a BIG way.
The loan is £ 8901.00, the £ 2020.01 is (£1516.00 PPI & £504.01 interest) & ADDED £384.72 to my loan and selling it for £ 10,620.03.
BUT the thing is THE £ 2020.01 DOES NOT BELONG TO EGG, IT WAS PAID TO MY INSOLVENT PRACTITIONER in October 2009.
Therefore, I would be paying Egg £ 2020.01 TWICE for money which ISN'T THEIRS. This is unfair and totally ILLEGAL.
They are going to DENY EVERYTHING ABOUT IT AND THEY ARE GOING TO SAY THAT THE £ 2020.01 IS THEIRS AND THEY DIDN'T PAY IT OUT.
In my opinion, Egg had committed FRAUD and they have broken the law by Adding an extra charge to my loan and selling it on for collection and selling False Information on to them.
Selling it for collection etc is ILLEGAL and I hope that I get the remaining part of my loan back to me quickly. the amount being £ 10,620.03.

My Insolvent Practitioner is hoping to sort this out for me.

Do you think that this is FRAUD or THEFT or what ?
Do you think I have a case here and do you think I am entitled to all of this money ?

By the way, THE MONEY WHICH IS ALREADY BEEN PAID IN MY IVA FOR THE PAST 4 YEARS WILL COVER THE OTHER CREDITOR'S DEBTS INCLUDING THE SUPERVISOR'S FEE.
Meaning that Egg's loan balance is MINE as the rest of my debts is COVERED within my IVA and would CLOSE and COMPLETE my IVA in FULL.

Any Ideas would be great

Nickybutch

amersall

stqueen wrote: »

Hi all,

Has anyone had any experience of attemping to get payment protection insurance refunded off the balance of the loan??

I recieved by Egg annual statement on Saturday, and although Egg have already refunded the portion of the PPI I hadn't yet paid (when I cancelled the PPI in 2006), they DID NOT refund the £450 or so I had already paid towards the PPI. I took the loan out in Feb 2005. So between Feb 2005 - August 2006 I was paying for the PPI which they have now taken off and refunded. They didn't refund the PPI I had already paid during this period.

Surely if they refunded part of it they should of (or could) refund all of it?

I argued that I was mis sold the PPI (it wasn't even mentioned when I took out the loan!), which was the reason why they refunded. Should Egg also have refunded the amount I actually paid on it?

Any thoughts/experiences/success/non success stories?

Hi there, when you cancel ppi you only get a very small rebate of this back, the ppi is still on your loan and you will still pay this, you do not get ppi back you have paid as you cancelled. If on the other hand you go mis sell and win,then the whole of the ppi amount is taken of your loan, thereby reducing your balance and you get the ppi you have paid to date back to you with interest. If you did not go mis sell, then this is now the way to go.

amersall

stqueen wrote: »

Hi all,

Has anyone had any experience of attemping to get payment protection insurance refunded off the balance of the loan??

I recieved by Egg annual statement on Saturday, and although Egg have already refunded the portion of the PPI I hadn't yet paid (when I cancelled the PPI in 2006), they DID NOT refund the £450 or so I had already paid towards the PPI. I took the loan out in Feb 2005. So between Feb 2005 - August 2006 I was paying for the PPI which they have now taken off and refunded. They didn't refund the PPI I had already paid during this period.

Surely if they refunded part of it they should of (or could) refund all of it?

I argued that I was mis sold the PPI (it wasn't even mentioned when I took out the loan!), which was the reason why they refunded. Should Egg also have refunded the amount I actually paid on it?

Any thoughts/experiences/success/non success stories?

Hi there, when you cancel ppi you only get a very small rebate of this back, you do not get ppi back you have paid as you cancelled.
If on the other hand you went mis sell and won,then the whole of the ppi amount is taken of your loan, thereby reducing your balance and you get the ppi you have paid to date back to you with interest.

stqueen

Thanks amersall,

I dug out my annual loan statements last night, and you are indeed correct - when I cancelled the PPI only around 40% of the amount was refunded back to me.

I firmly believe I was misold the PPI (I do not recall been talked through, or asked about this when I took out the loan) - I am awaiting a response from Egg.