Egg/Barclaycard PPI - Mis-sold but not due a payment?
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CheekyBeer
Posts: 2 Newbie
Hi all,
After reading a bit about reclaiming PPI on this site I went ahead and used the resolver tool to file a claim against Egg - now Barclaycard. I had an Egg credit card for years and also had a loan with them. Luckily I still had some of the old paperwork which I duly attached. I can't post attachments or links on this forum but here is the response letter (essentially saying yes I was mis-sold but I'm not due anything...)
Typed-up from the letter I received:
"Your Egg Card Repayment Protection (CRP) complaint has been upheld. Egg credit cards were transferred to Barclaycard in November 2011 and we will refer to your CRP as Payment Protection Insurance (PPI).
I have now finished investigating your complaint and agree that we mis-sold you PPI on your credit card on 29 January 2002. I am sorry that this policy was mis-sold, however no refund is due for the reason stated below.
About my decision
I have made my decision after reviewing your application form, the information you provided, and information provided by and our internal system evidence.
Based on the evidence I have reviewed about the sale of your PPI policy I am upholding your complaint as I agree the PPI policy was mis-sold.
What this means for you
When we uphold a complaint about mis-sold PPI we usually offer a refund of the insurance premiums paid, as well as interest on the premiums you paid to date. We also offer an additional interest payment as statutory compensation. However, in your case I can confirm that although PPI was included with your credit card, no PPI premiums were received. This means there is nothing to refund to you."
Am I being fobbed off here, seems very strange to me - how did I have PPI but never pay for it on my credit card?.
Also note that in their reply they did not mention the loan I had with Egg at all - even though I posted a scan of the agreement noting I had PPI as per:
"About Your Loan:
Principal Loan: £5000
Loan Payment Protection: £537.60
Total Amount: £5537.60"
^^ I have the scanned full version of this with Egg company branding etc.
I'm going to give them a call later today but I think they're just going to throw a load of legal mumbo jumbo at me & fob me off again.
Thoughts? Ombudsman time or is this just how these things can go? Thanks in advance!
After reading a bit about reclaiming PPI on this site I went ahead and used the resolver tool to file a claim against Egg - now Barclaycard. I had an Egg credit card for years and also had a loan with them. Luckily I still had some of the old paperwork which I duly attached. I can't post attachments or links on this forum but here is the response letter (essentially saying yes I was mis-sold but I'm not due anything...)
Typed-up from the letter I received:
"Your Egg Card Repayment Protection (CRP) complaint has been upheld. Egg credit cards were transferred to Barclaycard in November 2011 and we will refer to your CRP as Payment Protection Insurance (PPI).
I have now finished investigating your complaint and agree that we mis-sold you PPI on your credit card on 29 January 2002. I am sorry that this policy was mis-sold, however no refund is due for the reason stated below.
About my decision
I have made my decision after reviewing your application form, the information you provided, and information provided by and our internal system evidence.
Based on the evidence I have reviewed about the sale of your PPI policy I am upholding your complaint as I agree the PPI policy was mis-sold.
What this means for you
When we uphold a complaint about mis-sold PPI we usually offer a refund of the insurance premiums paid, as well as interest on the premiums you paid to date. We also offer an additional interest payment as statutory compensation. However, in your case I can confirm that although PPI was included with your credit card, no PPI premiums were received. This means there is nothing to refund to you."
Am I being fobbed off here, seems very strange to me - how did I have PPI but never pay for it on my credit card?.
Also note that in their reply they did not mention the loan I had with Egg at all - even though I posted a scan of the agreement noting I had PPI as per:
"About Your Loan:
Principal Loan: £5000
Loan Payment Protection: £537.60
Total Amount: £5537.60"
^^ I have the scanned full version of this with Egg company branding etc.
I'm going to give them a call later today but I think they're just going to throw a load of legal mumbo jumbo at me & fob me off again.
Thoughts? Ombudsman time or is this just how these things can go? Thanks in advance!
0
Comments
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It may have been offered free for the first 12 months? You may have cancelled it?Am I being fobbed off here, seems very strange to me - how did I have PPI but never pay for it on my credit card?
If neither of those apply, CC PPI is only charged on an outstanding balance. If you paid the balance off every month, then you'd pay no PPI.
If there were any PPI charges they would be itemised, separately on the monthly statement.0 -
societys_child wrote: »It may have been offered free for the first 12 months? You may have cancelled it?
If neither of those apply, CC PPI is only charged on an outstanding balance. If you paid the balance off every month, then you'd pay no PPI.
If there were any PPI charges they would be itemised, separately on the monthly statement.
It's possible it was offered free for the first 12 months, was so long ago I have no idea. Either way I guess I have to take their word for it on the credit card. That does leave the loan however - am certain I have PPI on that as remember talking about 'what ifs' with my partner at the time as I was in a new job.0 -
Loan would likely be considered separately, just await their response and take it from there.0
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Am I being fobbed off here, seems very strange to me - how did I have PPI but never pay for it on my credit card?.
Most common outcome where someone has PPi on the account but never pays a penny (so nothing to refund) is where they did not borrow on the card but paid it in full each month. You only pay PPI if you borrow past the interest free period.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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