Egg Loan PPI, Defaulted.....

[wednesday1867]

I took an Egg loan to clear my Egg card in October 2005, i defaulted pretty much straight away they took a payment i was saving for someone else :o maybe me realise couldnt carry on and went to Payplan.

Anyhow my questions,

Today i receive a statement regarding my loan account, i probably did accept PPI.

The ppi amount was added on 10 Oct 05 a total of £1954.91.

My default arrived 09 Jan 06

On the statement at the bottom, it says.

PPI rebate available @11/06/2007 £833.24

So if i defaulted 3 months after agreement date, they have charged me £1120 more or less or 3 payments, most of which bounced

So as im obviously not able to use the insurance, can i claim the whole lot back? If so how do i go about it and whats the rebate all about? Why wouldnt they just credit it me back?

Thanks for any info and advice.

[itsmeandonlyme]

So as im obviously not able to use the insurance, can i claim the whole lot back? If so how do i go about it and whats the rebate all about? Why wouldnt they just credit it me back?

unfortunately, it's up to them if they want to rebate it to your account, but you can insist you want the refund in a form of cheque....most of CAG memebers have tried...some achived..some didn't

they will argue and dissagree..but it shouldn't stop u...we r right behind you...good luck

[wednesday1867]

Think i'm gonna send them a secure message regarding the PPI, along the lines of

Dear Egg,

Firstly thank you for the promptness in which you dealt with my request for statements relating to my Loan agreement.

I do have some points to raise,regarding the PPI, as your aware the account was only active between the months of October 2005 and January of 2006 ( date of default). In October PPI was added to my loan amount, the sum of £1954.91. PPI to cover a loan of 60 monthly payments which equates to a monthly premium of £32.58183 (60 x £32.58183 = £1954.91)



I then noticed at the bottom of the statements, a line which reads " PPI Rebate Available @ 11/06/2007 £833.24", so my understanding of these facts are that i have paid £1121.67 to insure my loan for 3 months, because after January 2006 the PPI would of been void as my account had defaulted. So as my earlier figures make out, i should of paid 3 x £32.58, a total sum of £97.75, a vast difference to £1121.67.

Now even though on my statement it states that the rebate is available, the amount has been removed from my balance? Has this rebate gone through? Has £833.24 been taken off my outstanding amount? If not, i would like to accept the sum of £833.24 payable by cheque to myself as a partial settlement.

Now as my loan was due to run for 60 months and only ran for 3, i am happy yo pay for the 3 months PPI to go along with the loan payments. I will then be looking to reclaim the rest, £833.24 (rebate if not already received) and £1121.67 minus £97.75, which leaves a total to be refunded of £1023.92 by cheque to myself. I will be willing to pursue this through the court system if an amicable settlement cannot be reached.


I look forward to you treating this with the same promptness and speed as you did with my original request.


Yours thankfully

Feels a bit long winded to me, any views? Ill be sending it tomorrow evening, so any advice would be muchly appreciated.


Thanks

[wednesday1867]

Also noticed on the statement a payment in Jun 06, 5 months after giving me the default.

Payment £250.23................Ca pital £155.53...........Interes t £94.70

And in March

Payment £204.95............Capita l £90.33................Int erest £114.62



Cant charge me interest after defaulting me can they?

[wednesday1867]

Well sent them emails regarding both points, lets see what happens

[wednesday1867]

Well the email went down like a lead balloon.

No mention of the "rebate"

Just along the lines of

"The PPI charges aren't equally shared out over all of your payments.

As the Egg Loan amount decreases every month so does the amount you pay towards your premium, as it is protecting a lesser balance."

No idea how to go back at them

BUt they are saying they have charged me roughly 58% of my premium to cover me for 3 months?

Just had an idea for this reply, what do we think.

Dear Egg,

Thank you for your prompt reply.

Again regarding the PPI cover on my Egg loan, i take on board that the payments are not shared equally over the course of the loan. In your reply you never mentioned rebating me the £833.24 which on my statement says is "available". So to cover my loan amount for 3 months (prior to Default) i have been charged either 100% of premium has i have not received a cheque for the available rebate, or 58% of my premium if infact i do receive a cheque for £833.24.

When the loan defaulted, the ppi should of been cancelled and the relevant amount refunded to me as obviously being behine in payments make the policy void.

I would appreciate it if you could send me a copy of the relevant paperwork i signed to aqgree to the ppi and a copy of the policy.

Thanks


Or do there figures look right? Cos when i defaulted i'm effectively cancelling the ppi has i cant use it.

[wednesday1867]

Well i changed the message a bit more, along the lines of 5% of contract time used for 58% of premium.

Anyway, Egg dont mess about do they, just over an hour later, i have a reply, someone a Lending Servicing Specialist is passing it over to someone in the Client Liason Team, no idea on job titles, but asked me if my details were correct. Heres hoping for a cheque more than likely a copy of the policy

[wednesday1867]

Received my reply today.

They are sending my agreement out as proof i requested the the PPI

They have forwarded the rest to someone else, not a lot of work to take 3 days See if i get the afore mentioned rebate as per my statements and a bit more for the cancellation. Not sure it wasnt refunded earlier tho, Theres about a £1300 shortfall between what the DCA say i owe them and what EGG say my outstanding balance is

Does anyone have the t&c's for EGG PPI? Want or rather need to see what it says about level of refund after time length of protection.

[wednesday1867]

Does anyone think ive got any chance of this....

I did tick the box (not sure if i did or didnt)

Over the course of the credit card, i was over the limit for say 10 months out of say 60.

So the policy is void as im over my limit, does anyone reckon ive got a realistic chance of reclaiming the 10 months premiums back plus interest on them? As they have decucted the payment knowing full well it wasnt any use, due to my account being in arrears?

So many questions

[wednesday1867]

Well received this today, not sure what we call it, but the sheet is printed with "plus PPi" nothing about it being optional?

http://i197.photobucket.com/albums/a...ggLoanPic2.jpg

http://i197.photobucket.com/albums/a...ggLoanPIc1.jpg

I think its time for a proper cca request and i might receive something better than that

EDIT

JUst read somewhere, you cant cca a closed account? If this is so, then i can reclaim the PPI on my closed Egg Card? Even if it was mis sold or applied without my authority?

[wednesday1867]

Anyone know where i stand with sending a Subject Access Request to Egg? Its for my old Egg card, if the account is closed, is is still posible to claim back the PPI, if i didnt sign for it, or with the accont being closed, they can say we have got the agreement anymore and thats that?

Thnanks

[wednesday1867]

Update*

I havent been happy with the responses ive had from Egg's secure messages, so taken it to the man straight to Derby sent them a big letter 26 June, asking them about the PPI and interest payments after i defaulted on the loan.

Today received a letter "We've received your complaint" well Egg lets see what you do with this, if nothing is provided within the 12 working days, ill sed a pre lim for the PPI.

Ill keep it updated