EGG Reward letter - previous rebate deducted but haven't had any - please help !

Sarah40

Hi, I put a post out earlier this morning, but just read my reward letter again and now even more confused. Hope someone can help !!

Our Egg loan was taken out around 2006. I basically took my chance when claiming for PPI on my own and won ! That's the good part.

The loan was for £10k and has been in the hands of a debt collector for a year or so (stating that we still owe them just over £9k which cannot be right).

I am assuming that Egg will be true to their word as per letter and send a cheque payable to me within 10 - 15 business days.

I would have thought however, that the money would have come off the debt, but they have not mentioned this at all.

On there calculations, they have listed the total PPI Premiums, interest paid on the premiums, 8% interest, but have deducted nearly £3k from a previous rebate I have already received but I haven't received anything ! WHAT DO I DO !!

BLINDEDBYMEDIAPROPAGANDA

Sarah40 wrote: »

Hi, I put a post out earlier this morning, but just read my reward letter again and now even more confused. Hope someone can help !!

Our Egg loan was taken out around 2006. I basically took my chance when claiming for PPI on my own and won ! That's the good part.

The loan was for £10k and has been in the hands of a debt collector for a year or so (stating that we still owe them just over £9k which cannot be right).

I am assuming that Egg will be true to their word as per letter and send a cheque payable to me within 10 - 15 business days.

I would have thought however, that the money would have come off the debt, but they have not mentioned this at all.

On there calculations, they have listed the total PPI Premiums, interest paid on the premiums, 8% interest, but have deducted nearly £3k from a previous rebate I have already received but I haven't received anything ! WHAT DO I DO !!

Usually the money would come off the debt owed to the lender and you should also inform the Debt company. The rebate is probably from a previous loan that you have topped up with the new one and the rebate is how its worked out.

dunstonh

Normally, you would expect the redress to go against amounts written off, defaults and arrears before coming to you. Many firms do this check between telling you that you are successful and issuing of the funds. So, your next letter may well say they are paying the capital element to the collection agency.


You may not have received anything directly on the rebate. It will usually be deducted from the redemption figure on the loan.

PPISUCKS_2

The rebate may probably be when you have paid off the loan and you have not paid all PPI premiums so a partial payment from your upfront PPI policy would have been rebated. I would contact EGG though to make sure they have not got this incorrect and ask for some sort of proof that this payment was made? There has been cases when banks have made mistakes on refunds so just double check before you acceot anything.

Sarah40

BLINDEDBYMEDIAPROPAGANDA wrote: »

Usually the money would come off the debt owed to the lender and you should also inform the Debt company. The rebate is probably from a previous loan that you have topped up with the new one and the rebate is how its worked out.

The letters does actually say 'PLease be aware for the purposes of your refund, we have calculated all associated loans together (those on which have 'topped up' on.'

I can only recall the loan and an Egg card, but that had a very small limit on it (can't remember how much but know more than £1000) and that was in the late 90's.

Thanks for all the answers. Would it be right to think that as the debt was sold to a debt collector, that technically, the account would have been closed which is why they are refunded me (or atleast may refund me).

And thereafter, I sort out the debt with the debt company directly.

I still don't unerstand why they have deducted £3k from a previous rebate as I have never applied for one so will call them.

BLINDEDBYMEDIAPROPAGANDA

Sarah40 wrote: »

I still don't unerstand why they have deducted £3k from a previous rebate as I have never applied for one so will call them.

Yes best to call them and ask them to send a breakdown of their calculations;)

PPISUCKS_2

Yes more than likely the debt was sold on to the debt company therefore they would have closed the account.

Sarah40

So, should I be excited that money is coming back to me and thereafter would I be able to explain to the debt company that presumably the amount they are saying is owed, is in fact wrong as the PPI would have been included in it?

Really appreciate the help !

PPISUCKS_2

Yeah the PPI would have been included in the debt. I would advise them a PPI complaint has been made and that you would like a break down from them of what you actually owe!

Sarah40

Great thanks ! I shall run to the bank as fast as I can when I get the cheque !!

PPISUCKS_2

I would! : )