EGG Loan Success Offset??

louloubxx

Good Morning All,


I sent a claim form in to Canada Square on 7/2/2014 and have already received a letter back! So they have made me an offer of £1969.16. They want to offset £750 of that against the outstanding loan but as I understand they cant do that if the loan was sold or assigned? Can someone help?

-taff

they can get the loan back if you have a succesful PPI complaint. And they may not have sold it outright anyway.

louloubxx

Hi thanks for the reply!


I had a look at my credit file and in there it shows that egg group (prudential) owned the loan from sept 2005 and it shows as settled in july 2011. Then there is an entry from arrow global from july 2011. Going by that I would say it was sold on absolute. Would they buy it back as they have got the money back and the tax relief from selling it on?

[Deleted User]

They are clawing back money you failed to pay. Do you really think it fair that you have the debt written off and be able to reclaim the PPI as well?
Regardless, the Bank have already informed you of their intention, they were not asking permission!

dunstonh

If the lender is able to claw back the debt then it can use the refund part of the redress against the debt you failed to pay. Even if an amount was written off as part of a settlement.

louloubxx

Moneyineptitude wrote: »

They are clawing back money you failed to pay. Do you really think it fair that you have the debt written off and be able to reclaim the PPI as well?
Regardless, the Bank have already informed you of their intention, they were not asking permission!

Firstly the Debt hasn't been written off it was sold on to a DCA and I intend on paying it back in full. My monthly payments when I took out the loan were at around £76+ If I hadn't of had PPI my payments would have been half and the loan would've been paid up had the whole £76 been taken off the loan. Egg/Canada Square have already received their money back plus the tax relief for selling it on. I am not working due to illness. Ive had 12 operations and I am waiting on my 13th. I am getting contribution based support group ESA. The £756 they want to offset is needed to pay my father back who lent me money while I was in the ESA Assessment phase. Now I understand that this is not the banks fault but from my rights as a consumer based on the FSA handbook they haven't offered enough 8% interest, taken off a rebate that I have no knowledge of ever receiving. Based on the fact that they were at fault for selling me product that wasn't suitable in the first place I think it's only right that I get what I am entitled to. I think I should be able to decide who I pay my compensation too. The DCA would be getting a chunk of that anyway.

louloubxx

dunstonh wrote: »

If the lender is able to claw back the debt then it can use the refund part of the redress against the debt you failed to pay. Even if an amount was written off as part of a settlement.

It wasn't written off it was sold on. I am willing to pay a chunk of it back to DCA as I stated above but because of not working due to illness I have debts with my father who was supporting through my assessment phase of ESA. Me not being able to work has put the whole family into financial trouble as when I was working I was paying the mortgage and other bills which my father has had to take over. If they buy back the debt then I will have to swallow it. I would just like to get exactly what I am entitled to. They have offered me £400 less than what they should have.

dunstonh

Whether you had an amunt written off, defaulted or are in arrears, they can use the redress against the debt as long as the lender has the ability or commercial arrangement to bring the debt back.

I would just like to get exactly what I am entitled to.

As I am sure Egg would as well when you defaulted.

They have offered me £400 less than what they should have.

How?

As the rules allow them to offset on the basis I have described, why do you think you are not getting enough?

louloubxx

whether or not the loan defaulted I should be able to get what I am entitled to. Before I defaulted I did try to make a claim as I was made redundant but after 5 plus times trying and re asking to send a claim form I gave in perhaps stupidly I would agree. As I stated I was paying £76 a month and over the years this increased to £101 (payment breaks every year) Now had the loan not had any PPI £76 would've paid the balance off way before I had defaulted in fact by the time I defaulted it would've overpaid by £1500. You ask about why I don't think I have been offered enough. Well the FSA and FOS states that 8% per year add to the PPI payment from the date it was paid to the claim date. If it has been assigned or Sold on then the amount needed to restructure the loan should incur interest at 8% per year from the sale date to the date of claim and any paid premiums should be paid at 8% per year from the date paid to the date sold. By working out the PPi figures from the loan details given by the offer letter in line with FOS then the amount they have listed as the 8% is not enough. Look all I want back is what the FOS/FSA say I am entitled to. Then in all fairness they can take the £756 as the redress that I should have received would cover part of it. They have offered me 20% less than the full entitlement then they are offsetting. If that sounds good enough to you then I would like to see you settle for 20% less on what you should receive even with the offset taken?

[Deleted User]

louloubxx wrote: »

whether or not the loan defaulted I should be able to get what I am entitled to.

But you are NOT "entitled" to this money you never paid in the first place, it is the Bank which is "entitled" to offset monies you failed to pay.


As I said earlier, the Bank are not asking permission to off set, they are stating their intention to.

Little point in discussing any further...

louloubxx

ust looking back on my posts as I'm missed loads of replies. Firstly I was referring to the 8% on the premiums I had PAID before I defaulted and the 8% on the difference between the amount sold and what it should have been. Now correct me if I am wrong here but the bigger the balance that defaulted has had a big effect on my credit score and will do so even after 6years of clearing the debt so in my opinion I am fully entitled to the 8% on the difference. I did accept the offer along with the restructuring of the loan. I understand that I am not entitled to what I haven't paid which is why I did accept the loan restructure but it is the 8% that is given as compensation that I think should have gone to me. Would like to know why I am made to feel in the wrong when I was mis sold from day 1 and the loan would've been paid off and would never have defaulted in the first place. I would rather not have the refund instead have a product that was correctly sold to me in the first place and not have a black mark on my file.