Paid off loan early, PPI paid to rebate need help

tanquil

Hi,

I had an Egg loan and have been awarded PPI back but because it was paid off early they have taken almost half the PPI off as a rebate, I have asked them to clarify the amount via email, as instructed in their award letter and by post but they have not come back to me since October.

I have not cashed the cheque as I am unsure that would mean that I accept their offer of compensation.

Could someone clarify if I am able to cash the cheque whilst still disputing the rebate amount or would it be better to wait until they come back to me.

Many thanks

dunstonh

You should not pay the cheque in but wait for a response. Although give it a chase.

It is normal for loans repaid early to get a refund of PPI premium in the redemption figure. So, what they are saying is logical and correct.

tanquil

Thank you,

Thats what I initially thought, the compensation was obtained through a company, a partnership, the lawyer initially advised not to submit the cheque and they have been chasing on my behalf but as Egg has not responded they are advising to put it forwarded to the Ombusman.

Today the other business partner, asked for payment, when I explained what was going on he advised that the cheque could be cashed and that the rebate part of it would be dealt with as a seperate issue.

I am not truly convinced that this is the case hence the confusion.

dunstonh

but as Egg has not responded they are advising to put it forwarded to the Ombusman.

That will add another 3-18 months to the complaint and yield nothing extra. What you are asking for is a breakdown of the calculation and I suggest you ask for this yourself rather than rely on a claims company.

the lawyer

are you sure its a solicitor? Most are not and have no more qualifications than you.