Egg Loan - PPI - Missold or not?

doningtonphil

Hello

Some years ago I took out an Egg Loan. At the time I worked for egg but in their Credit Card dept. I was familiar with CRP that we were incentivised to sell (and was well aware that it was not something I would ever take out).

SO I apply for a loan and it got referred to an agent to ask me further questions. My distinct impression of the conversation was that egg would only offer me the loan if I took out the PPI, which I duly did.

In the last 18 months I have applied to Canada Operations to claim for mis-sold PPI. The claim was rejected because they feel the product suited my circumstances (basically I had no means to pay back if I lost my income).

Is that sufficient reason to reject my claim? Is a bank allowed to link the offering of credit to whether they take out PPI or not.

I don't recall the sales conversation much about the suitability of the PPI t cover me in case my circumstances. The questionniare I filled is at part of my claim established my circumstances much more than the sales conversation THe sales conversation was purely around how good the PPI product was and the indication given that I woulddn;t be successful without it.

As Canada Operations have rejected my claim based on finding out more info about me that the loan sales agent did I feel that regardless of how suitable the product may have been for my circumstances, the sale was based on it being a must have

Please can you let me know your thoughts. After all this, am I too late to appeal their decision?

THis query has been prompted because they have just written to me to say that although I was rejected for a PPI claim I may now be able to cliam for the amount of commission (Plevin). Is the fact they are writing because they know for a fact that my product is one that 'qualifies' or is it a 'mailshot' letter sent to everyone?

I hope you can help

Phil

[Deleted User]

It can be a requirement of a loan.

However, it sounds as if you're not sure if it was or not.

doningtonphil

thanks for your reply ZX81

I am sure that it was put across to me that I must take the PPI to be able to be given the loan.

So the question is does being told "you must take out PPI to qualify for this loan" fall within the rules or not?

It seems to me that the rejection has been based on my circumstances being appropriate for the PPI- which was only explored at teh time of the claim, my recollection is that my ability to repay the loan in the event of an 'incident' was not really discussed at the time of the application

[Deleted User]

doningtonphil wrote: »

THis query has been prompted because they have just written to me to say that although I was rejected for a PPI claim I may now be able to cliam for the amount of commission (Plevin).

You need to understand that Plevin is not an opportunity to re-state your original PPI complaint. The PPI complaint failed and it's only such rejected complaints that Plevin applies to. The circumstances of the PPI sale are irrelevant to a Plevin complaint. The only criteria is whether there was undisclosed commission over 50% and this is all you will be refunded.

You cannot repeat your original PPI complaint and you are long since past the six month deadline you had to refer it to the Ombudsman.

-taff

Go back to them and tell them you are complaining about single premium PPI applied to your loan and the curcumstances of that were not fully explained to you.
However, if they rejected your comlpaint more than six months ago, your complaint is over and Plevin is your only hope.