Thread: Reclaiming PPI: Where next???????

Originally Posted by claim_monkey

Hi all,

I am in the early stages of reclaiming my PPI on a loan taken out with Egg. The basic premise of my claim is that as a newly qualified student who was a bit hard up for money to pay bills I phoned my friendly online bank to see if I could extend my credit card overdraft to pay some bills (Stupid I know but I was young and desperate!) The assistant on the end of the phone said that they may be able to help me more and would ring back in a short while...

... upon ringing back I was informed that I was eligible for a loan from EGG to consolidate all my debts into one payment. "Great" I thought, but there was a catch... I had to sign up for payment protection as my credit rating was not good enough as I was only just out of University.

Needless to say I took the loan and PPI as it was going to help me out of a tight spot. It is only recently that I have found out that PPI cannot be sold as a condition of being accepted for a loan and have written to EGG asking for this to be refunded (as I have never needed this protection)

I have received a reply stating that they have been unable to trace the original phone call (possibly because it was an outgoing call made to me!) and that I should have used my 30 day cooling off period to cancel the policy from my loan!

Does anyone have any advice on where to go next for the best results? I know that I can contact the financial ombudsman services but is there another route I should be taking at the same time?

Any advice in this would be great


Many thanks in advance


Claim_monkey

Hello claim monkey,

When did you take the loan out with them, if it was after 2005, you options are the fos or court, if it was before this time the fos will not investigate the claim and therefore your option is only court.

You can report them to the Financial Services Authority, the office of fair trading and trading standards, they will keep a note of you complaint, but will not investigate individual claims, but store them for a mass complaints against the company and then they will:grin: So it is important to report any misconduct to these enforcement authorities:grin: