PPI Previous rebate paid on egg loan, but wasn't ever paid?

dhaylett

Hello, I have a quick question that I hope someone can help with. We have just received our successful compensation letter from Egg, but in the calculation it lists - previous rebate paid, and then this money is taken off our compensation (its more than the compensation they are offering). The letter says that it would have been added as a credit to our account or given as a cheque refund at the time if we repaid our loan early (which we did). We are positive that this did not happen, we do not have any paperwork relating to the PPI to prove it though. Is there anything we can do? Looks like they are getting away with not paying the full amount owed!
Thanks

dunstonh

Looks like they are getting away with not paying the full amount owed!

Its more likely they have already paid a rebate. Most lenders, when you repay the loan early, rebate some of the PPI premium. There are different ways this can happen
1 - The settlement figure for the loan takes into account the rebate (most common)
2 - a cheque/payment arrives some period after.

So, what they are telling you sounds accurate from what you expect as they have given both methods.

In your case, you are disputing this but its difficult to dispute if you have no evidence of it not being paid. Problem is that if they used method one, you wouldnt actually see the payment as its part of the loan settlement figure. So, is your memory likely to be that good that you can recall what that letter said when it broke down the settlement figure?

dhaylett

Thanks for your reply, yes that is what they are saying, our issue was that we were never aware that there was PPI on the loan, we never agreed to it, if it had have been on the statement we would have queried it at the time. The fact that they could have taken it off the final balance without actually listing it makes sense as that is the only way we wouldn't have known about it. Can we ask them for proof that they applied the credit? Its just my suspicious mind thinking that they can just say they gave it when they didn't - after all they applied PPI without our consent!