Concerned with incorrect DD payments with Egg & current balance - advice please

kev-1977

Good evening everybody, I was hoping someone could assist me with an unresolved matter with my Egg Loan.

I have attempted to resolve this matter amicably, but feel the situation is now turning rather silly and I need some outside advice.

I will try to explain this as clearly/simply as I can.

1) I contacted Egg and asked them to reduce my monthly repayments from £236.07 to £100.00. This was agreed/confirmed and my new repayments would commence from May 2008.

2) The amount debited from my bank account via DD was £236.07 and not £100.00 - When I logged onto their internet banking, I was amazed to discover my loan was only credited by £100.00

3) I phoned Egg and explained the situation to an advisor whom advised their system only showed they requested a payment of £100.00 - the advisor recommended I applied for indemnity claim which will then verify that £236.07 was in fact taken and not £100.00 proving Egg's error.

4) This led to concern that any indemnity claims of £236.07 would immediately debit my loan of £236.07 and not the £100.00 - however I was assured to apply anyway and this would soon be resolved.

5) After the bank refunded my payment. I was shocked to later discover by Egg Loan was credited by another £136.07 (the £236.07 minus £100.00). It appeared Egg had verified the wrong amount had credited my loan after all, and had reconciled it without my knowledge.

6) After I phoned Egg again and discovered the above. They assured me once I pay £100.00 (the correct amount) via debit card. This would all be reconciled.

At this point, I would like to reveal the balances of the loan.

Egg balance after April payment (£236.07) was made = £3915.82
Egg balance after May payment (£100.00) was made = £3840.82
(as you can see, £75.00 was credited with interest accrued of £25.00)

However, this evening. I was amazed my balance has now increased from £3840.82 to £4051.89 = a difference of £211.07

What I find very strange/coincidental is.
If you take the balance after April was paid (£3915.82) and subtract the new monthly repayment (£100.00) and not add the interest accrued (£25.00), then this results in the balance being £3815.82.
If you then take £3815.82 and add £236.07 (the old payment) then this results in £4051.89 which is the current balance.

I am confused how the balance has risen to this. Other than the indemnity claim which Egg are aware of, I have not requested any other refunds. According to Egg, I have not accrued any charges because this is their error which they have admitted to and have apologised.

This evening, I have emailed Egg with my findings but I am unsure how to proceed.

1) Do I continue phoning/emailing Egg, keeping all my communicaton amicable and hope this situation will soon be resolved in accordance to their standard complaint procedures.
2) Change tact and complain like hell. At work, it seems to be the complainers who shout the loudest are dealt with more quickly by higher levels of staff.
3) I take your combined/experienced advice and use it to my advantage.

As you probably guessed, this has not been the best star tto a bank holiday weekend.

So .... if you haven't got bored yet, have read this far and would like to help. Let me know, and in return I'll let you know what they said.

cheers

jonesMUFCforever

Send them a secure message.
Try to cut down the above post - keep calm- but state that if they do not respond you will be making a formal complaint.

You have to remember one thing though - they are doing you a favour in reducing your monthly repayment when they do not need to do so - don't go in gung ho!

kev-1977

good evening, I have another update .... I will summarise the best I can. I have overpaid Egg £236.07 ... it's not showing on my bank account, not showing on the loan account and they are denying any overpayments. I am unsure what to do.

Throughout April and May 2008 ... the following payments were expected which is also showing payments made on my loan statement.
April 2008 £236.07
May 2008 £100.00

I have paid the following. Every payment can be verified via bank statements
1st april £236.07
1st may £236.07
21st may £100.00
27th may £236.07 (total for may £572.14)

I have received an indemnity claim for:
8th may £236.07 (therefore total paid in may £336.07)

their last written corres was the following:
I've checked with the team who investigate missing payments on
the Egg Loans. They confirmed that the payment on the
1st May 2008 was for £236.07.

The payment which should've been collected was £100.00. You put
an indeminity claim in for this payment which was successfuly
for the total amount of £236.07. Therfore this put your loan
into arrears by £236.07.

You called up on the 24th May 2008 to pay the arrears on the
account for £236.07 which was successful.

The Payments team have confirmed as you put an indemnity claim
in for the £236.07 this was claimed back successfully.
Indeminity claims don't show up on bank accounts or bank
statements, therefore it looks as 2 payments have come out,
but only one has been received by Egg,
due to the indeminity claim.

We can't locate this payment on any of our systems as the
payment was successfully requested back to your bank
account via the indeminity claim. In relation to this query,
there is no further action to be taken.