Egg loan advice

Jammers20

I need help at what to do next please.

Between 2002 ane 2008 I had three different loans with Egg. I rung them today and they were able to give me the loan numbers, the amounts I borrowed and when.

In 2002 I borrowed £5400, in 2003 I c=borrowed a new amount for £12,364.24 and in 2005 I borrowed £13,718. Each time I borrowed more the loan restarted as a new loan.

I have looked through my paperwork and only have the agreement for my final loan in 2005. On this loan agreement there is no mention of PPI insurance whatsoever.

However, I know for a fact that I had PPI on my original loan and I think on my second loan. I remember being pressurised in the sales call. I eventually cancelled the PPI insurance at some point in 2004 or early 2005 and it was very difficult to do so - I was highly pressurised again to keep it but was able to stand my ground.

For the whole time of the Egg loans I worked as a teacher with entitlements to six months full pay for sickness and the chance of redundancy almost zero.

Now the question I have is do people think I have a claim and if so what are my next steps.

Thanks for your help.

James

di3004

Jammers20 wrote: »

I need help at what to do next please.

Between 2002 ane 2008 I had three different loans with Egg. I rung them today and they were able to give me the loan numbers, the amounts I borrowed and when.

In 2002 I borrowed £5400, in 2003 I c=borrowed a new amount for £12,364.24 and in 2005 I borrowed £13,718. Each time I borrowed more the loan restarted as a new loan.

I have looked through my paperwork and only have the agreement for my final loan in 2005. On this loan agreement there is no mention of PPI insurance whatsoever.

However, I know for a fact that I had PPI on my original loan and I think on my second loan. I remember being pressurised in the sales call. I eventually cancelled the PPI insurance at some point in 2004 or early 2005 and it was very difficult to do so - I was highly pressurised again to keep it but was able to stand my ground.

For the whole time of the Egg loans I worked as a teacher with entitlements to six months full pay for sickness and the chance of redundancy almost zero.

Now the question I have is do people think I have a claim and if so what are my next steps.

Thanks for your help.

James

Hi James and welcome

I would give them a go with your reasons, and you should not have been pressurised, even when you cancelled you can still make a reclaim on what you have paid and interest etc.

If mis sold PPI on all, then complete the reclaim questionnaires for each account, send to the head office or complaints dept of whoever sold you the loan, keep copies of what you send and receive in case you need to refer to your case at some point.
Allow 8 weeks for the decision, although they may resolve before then, or write to ask for more time.

The reclaiming questionnaire replaced the template letters on this site, and you will find them here below link - step 3 of reclaiming, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Also read the details on the link before you get to the reclaiming questionnaire, there is also a questionnaire guide enclosed.

Jammers20

di3004 wrote: »

Hi James and welcome

I would give them a go with your reasons, and you should not have been pressurised, even when you cancelled you can still make a reclaim on what you have paid and interest etc.

If mis sold PPI on all, then complete the reclaim questionnaires for each account, send to the head office or complaints dept of whoever sold you the loan, keep copies of what you send and receive in case you need to refer to your case at some point.
Allow 8 weeks for the decision, although they may resolve before then, or write to ask for more time.

The reclaiming questionnaire replaced the template letters on this site, and you will find them here below link - step 3 of reclaiming, good luck.


Also read the details on the link before you get to the reclaiming questionnaire, there is also a questionnaire guide enclosed.

Thanks - on the last loan the documents say that I had borrowed £13718 at an APR of 7.9% - over 84 months which totalled £211.53. Do you think PPI was included on this loan.

Secondly, does it matter than I no longer have the documents for the first two loans, the loans I know for sure that I had PPi on?

di3004

Jammers20 wrote: »

Thanks - on the last loan the documents say that I had borrowed £13718 at an APR of 7.9% - over 84 months which totalled £211.53. Do you think PPI was included on this loan.

Secondly, does it matter than I no longer have the documents for the first two loans, the loans I know for sure that I had PPi on?

Hiya

Its still difficult to say to be honest, but another suggestion to know for definate would be to write to them, ask them to send you a copy of that agreement - account number XXXXXXX, enclose £1 cheque or postal order, ask them to supply by 12 days of your letter.
The agreement will enclose details of PPI.

They may still hold the copies or otherwise if you contact them direct they will possibly let you know if you had insurance, just ask as a general query.

I had minimum docs for 2 of my ongoing reclaims, but have the account numbers, but know I was sold ppi as they always added it, and they are currently being looked into.
So as long as you have the account numbers that's a great start.;)

Munro_Bagger

Hi Jammers20 - di3004 is spot on as always! Go for it - my OH sent off for T&C start of April, got them and submitted the questionnaire to Egg 20th April...they've been in contact and have offered PPI + interest back!

Jammers20

I have the three loan numbers now and a helpful call centre guy was able to tell me that one loan for £12364 had PPI insurance with it - it was my second loan with them out of three and started in 2003 so I will now fill in the form and go for it!

Jammers20

This is what I have put on the form, section E - any comments happily welcomed :-)


You have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

Your salesperson implied that taking out the policy would assist my credit application.

Your salesperson was very pushy in selling me the policy so that I felt I could not say no. I had never taken PPI insurance on other products nor have I since I had this loan. The direct and very pushy sales technique meant I felt I had no real option but to agree to PPI to be able to take the loan and consolidate my debts.

I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests. Being a teacher I explained my full terms and conditions that all state employed teachers in England receive including 6 months full pay for illness or sickness. This long entitlement means the PPI insurance was worthless in my opinion and if I had ever been off work sick I would not have been able to claim it anyway. Teaching at that time also meant that the threat of redundancy was almost zero and I had other financial support that would have emant i wuld have been able to continue to pay the loan anyway.

When I took out another Egg loan in 2005 - number XXXXXXXX - PPI insurance was again offered. By now I had realised my mistake of taking it on my original loan. The sales person was again pushy and it took my over an hour on the phone to complete the process because they basicaly would not take no for an answer. Eventually they relented.


And the last section:

I am unhappy with the insurance because I feel I would never have been able to make a claim because of the sick pay benefits I receive as a teacher which I informed the sales person of. I felt the policy was never explained properly by the sales person. The sales person also pressurised me into taking PPI that was expensive and unnecessary for myself due to the pay and sickness benefits and also my partner was in full time work as well. The fines you have received as a bank show that you regularly missold PPI to customers and I feel that this is also the case with myself. Your call centre staff have confirmed to me that this loan did have PPI insurance with it.

cpol

Im currently going through the complaints procedure with egg and I have no paperwork regarding my loan from 05. I havent actually filled in a questionnaire but spoken to them on the phone and they have sent me a letter saying they are investigating and i should have a decision within 8 weeks. So I would say YES definately pursue these loans - what have you got to lose other than a bit of time,a few stamps and the cost of a few phone calls?

di3004

Jammers20 wrote: »

This is what I have put on the form, section E - any comments happily welcomed :-)


You have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

Your salesperson implied that taking out the policy would assist my credit application.

Your salesperson was very pushy in selling me the policy so that I felt I could not say no. I had never taken PPI insurance on other products nor have I since I had this loan. The direct and very pushy sales technique meant I felt I had no real option but to agree to PPI to be able to take the loan and consolidate my debts.

I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests. Being a teacher I explained my full terms and conditions that all state employed teachers in England receive including 6 months full pay for illness or sickness. This long entitlement means the PPI insurance was worthless in my opinion and if I had ever been off work sick I would not have been able to claim it anyway. Teaching at that time also meant that the threat of redundancy was almost zero and I had other financial support that would have emant i wuld have been able to continue to pay the loan anyway.

When I took out another Egg loan in 2005 - number XXXXXXXX - PPI insurance was again offered. By now I had realised my mistake of taking it on my original loan. The sales person was again pushy and it took my over an hour on the phone to complete the process because they basicaly would not take no for an answer. Eventually they relented.


And the last section:

I am unhappy with the insurance because I feel I would never have been able to make a claim because of the sick pay benefits I receive as a teacher which I informed the sales person of. I felt the policy was never explained properly by the sales person. The sales person also pressurised me into taking PPI that was expensive and unnecessary for myself due to the pay and sickness benefits and also my partner was in full time work as well. The fines you have received as a bank show that you regularly missold PPI to customers and I feel that this is also the case with myself. Your call centre staff have confirmed to me that this loan did have PPI insurance with it.

That is cool, well done and the best of luck.:T

Jammers20

Dizzy Di, do you think I should go through the SAR process first or go straight in with the questionnaire?

di3004

Jammers20 wrote: »

Dizzy Di, do you think I should go through the SAR process first or go straight in with the questionnaire?

Hiya

That is absolutely up to you.
Not everyone does, but if you want to find more info/details on your account it may help, but otherwise as long as you have the account number, and you know you were sold PPI and mis sold the product you can still continue with your reclaim.

For more on SAR here if required.
https://forums.moneysavingexpert.com/discussion/1475553