Thread: Need some help please egg

Hi
I'm a bit confused about what I can claim back for mis-selling of PPI from Egg on a loan.

It was a single premium PPI added at the start of the loan.

I am self-employed so it would have been useless to me is my reason for mis-selling.

When I send my claim letter, do I charge interest at the loan rate which was 7.9% and also 8% statuory interest? or is it just the loan rate of 7.9%

Would really appreciate some help as i'm confused!

I had a look at the CAG PPI interest calculator spreadsheet and that confuses me is there a tutorial for this anywhere?

Many thanks

Citybloke

Bump

Originally Posted by Bosund

Hi,

Have a look at this thread, entry 33.

http://www.consumeractiongroup.co.uk...PPI-claim.html

Bosun.

Many thanks Bosund.

Originally Posted by dx100uk

is the loan completed or still running?

dx

Hi dx100uk

There are only 2 payments remaining - It was a 5 yr loan.

Does it make a difference?

I think like many self-employed people, PPI was purcahsed in good faith, when in reality it's unlikely they would pay out if I didn't have any work for a period of time.

Originally Posted by dx100uk

quite right!!

it makes it easier if it completed as such!

anyhow.

all you have to do is workout what PPI + {its interest} they charged you each month.

then use a simple compound calc and charge them that figure from month they did it , to the date of you claim at 8% stat int.

dx

Cheers dx - Letter going off today recorded delivery....sit back and wait now...

Hi All

Sent a letter to Egg claiming back PPI on a loan as I was self-employed and they wrote back agreeing and say a cheque will be sent in 10-14 days.

Am I entitled to also claim back 8% statutory interest on top of the interest rate of the loan they are repaying?

Be great if someone could confirm yes/no.

Thanks

Citybloke

hi, the 8% statutory interest should be included in your refund, what do they say in the letter you have recived from Egg?

Originally Posted by rhos123

hi, the 8% statutory interest should be included in your refund, what do they say in the letter you have recived from Egg?

Hi rhos123,
In their letter to me, they state they have completed their investigation and are refunding the loan PPI premium plus interest at the loan contractural rate and they detail the figures for the PPI and seperate contractural interest.

A cheque will follow in 10-14 days and the case is now closed.

Looks like the case is not closed, as I will be letting them know they have 'forgotton' to include the 8% statutory interest i did actually request in my claim.

Will post the letter off to them on monday.

don't let it drop either, make sure you get that 8% on top!!

Cheers.....I won't let it drop!

Will update on their response when I receive it back.

Originally Posted by citybloke

Hi rhos123,
In their letter to me, they state they have completed their investigation and are refunding the loan PPI premium plus interest at the loan contractural rate and they detail the figures for the PPI and seperate contractural interest.

A cheque will follow in 10-14 days and the case is now closed.

Looks like the case is not closed, as I will be letting them know they have 'forgotton' to include the 8% statutory interest i did actually request in my claim.

Will post the letter off to them on monday.

hi, if Egg have not stated in the letter about the 8% interest, then i think they are pulling the wool over your eyes. dont cash the cheque until you get the 8%. they may have closed your original complaint. however you can always open a new complaint. did they say in the letter that you can take this up with fos?

Originally Posted by rhos123

hi, if Egg have not stated in the letter about the 8% interest, then i think they are pulling the wool over your eyes. dont cash the cheque until you get the 8%. they may have closed your original complaint. however you can always open a new complaint. did they say in the letter that you can take this up with fos?

Is it acceptable for me to say I will accept the cheque they are sending as part settlement, and expect them to send an additonal cheque for the 8% statutory interest?

Originally Posted by citybloke

Is it acceptable for me to say I will accept the cheque they are sending as part settlement, and expect them to send an additonal cheque for the 8% statutory interest?

yes you could state this to them, however i would get it in writing from Egg that they agree to give you the 8% .

Originally Posted by rhos123

yes you could state this to them, however i would get it in writing from Egg that they agree to give you the 8% .

Oh yes, will deffo get it in writing.

Thanks for the advice - will update when I have news from Egg.

what date did you take your loan/PPI with them?