Offer from Egg

petewxm

Hi,
Can some please tell me if this is a good offer from Egg, I spoke to them today over the phone so I haven`t got the breakdown yet.

I had a offer of £2800 from 2 loans

Loan one had PPI for £1240.80

Loan two had PPI for £679

Both loans are 10 years old, so do you add interest on the 10 years or not?

From what I gather you just add both together then add 8% and £400 for inconvenience, which would make their offer ok. But just want someone to say its ok.

Thanks

Pete

amersall

The 8% does not work like that, it is paid for each month that you paid ppi for, each month up to the redress date this 8% decreases so you get less each month.

How do you know they are giving you £400 for inconvenience?, you get the ppi back that you paid less any rebate for a loan that was settled early plus 8%, you best wait for the calculations i think!.

Looks like they have given you the ppi back and the interest on these and 8%.
The 8% is taxable so if the bank does not take the tax off this before they give it to you, then you need to ring HMRC and arrange to pay the tax.