Not sure I have a claim from Egg?

KezInSarfLahndan

Hi,

Hoping someone can help. I was rather crap with my finances a few years ago and took out several consecutive loans with Egg. Each one to pay off the previous plus a bit more.

There were 4 in total. One for £8,000, the next for £12,989 and I've lost the credit agreements for the last two but I know the amount of the last one was for £22,576 :eek:

I tried to cancel the PPI at one point but was told I couldn't because it was "front loaded" and i'd already paid for it. I thought this was ridiculously unfair at the time (especially since no-one explained that's how it was done) and it turns out I wasn't alone in thinking this since this method of charging has now been banned apparently.

In addition to this, looking at my two load agreements that I have, even though each loan was paid off significantly early with each of the "top up" loans. I got charged what looks like full whack PPI each time. So even though I had fully paid the PPI for the first loan and since it was getting paid off before it's term by the next loan, I was essentially paying PPI on a loan that I had already paid PPI for. Each loan is clearly marked as a "top up" loan so i would have thought it would have been fair to just charge me PPI on the difference between the 1st and 2nd loan (and so on for the subsequent loans?).

Also, the first loan had PPI of 6% but the second one was 13.7%! I'm assuming that this method of charging continued for the next two loans that I don't have the agreements for.

Surely this duplicate PPI charging can't be fair? Since the subsequent loans were sold as top-up loans, i wouldn't have thought they would have been treated independently for the PPI calculations?

I totally accept that I was rubbish at the time, and I should probably have checked the small print but does anyone think that I have a case for unfair PPI charging?

Many thanks in advance!
K

di3004

Hi there

How soon after you taken out the loan did you request to cancel the PPI?
There should have been a cooling period, where some is 14 others may be 30, so if you cancel within that time, they reduce the loan by removing the PPI.
If you tried cancelling within the cooling period they should have done so, and you have the right to cancel at anytime anyway, but it will not reduce by much of cancelled after the cooling period.

With the reasons you have to make a reclaim, simply just complete the reclaim questionnaires as on step 3 below, as long as you have the account numbers that is fine, you do not have to worry about the figures of the paperwork, as they should provide them to you on request, or when the complaint's resolved they should send you a breakdown.

You complete the reclaim questionnaire send to the responsible bank/business who sold you the product, remember to keep copies in case you need to refer back to them again at some point.
Good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

KezInSarfLahndan

Thanks for your response Di!

It wasn't within the 30 days that I tried to cancel, so I guess that was probably my own stupidity.

I've managed to track down all the account numbers for the 4 loans (but not all the details) so I'll get the questionaire filled in and sent off. I've nothing to lose I guess?!

amersall

Front loaded ppi is a mis sell, good luck.

KezInSarfLahndan

Just thought I'd come back and update. I've just received an offer for £9132 from Egg ( or Citigroup as they are now). I didn't have all my loan details and the loans were paid off over 7 years ago but the offer took less than a month to arrive.