Thread: Eggs magical payment insurance, useless...

I dont get this. I find it hard to believe that even Egg (and we all know they are sneaky sods) would add on PPI to a product without authorisation.

I certainly wont defend them, will be going after them next as it happens.

But I have used Egg since they started and have had 2 cards and a loan with them, none with PPI because I never asked for it.

And surely most of their applications are online, so if you tick the box you get it. Its not their fault if people dont take the time to read whats on screen in front of them.

Plus before you actually get the card/loan you get hard copies. You should always read these to make you are signing for what you asked for, as processing errors do happen. And if you sign it without reading it then you have no real argument, as only a fool would sign a contract without reading it.

Originally Posted by Petmidget

I dont get this. I find it hard to believe that even Egg (and we all know they are sneaky sods) would add on PPI to a product without authorisation.


But I have used Egg since they started and have had 2 cards and a loan with them, none with PPI because I never asked for it.

And surely most of their applications are online, so if you tick the box you get it. Its not their fault if people dont take the time to read whats on screen in front of them.

Plus before you actually get the card/loan you get hard copies. You should always read these to make you are signing for what you asked for, as processing errors do happen. And if you sign it without reading it then you have no real argument, as only a fool would sign a contract without reading it.

Hi nathal, PPI is somewhat of a Hot Potatoe at the moment and I fear that many consumers are in your position!

petmidget,
I think that your above comment is extremely unfair!
As there are many consumers that suffered badly from "The Payment Protection Racket", which was either not requested in the first instance or the insurance was mis-sold at the initial 'point of sale'
Do a google on CAB Super Complaint re PPI to the OFT...read the doc. and then you will understand, where I am coming from!

No offence intended

AC

I totally accept the argument of misselling, misleading customers as to what this insurance does and doesnt do, the inference that your application will be looked at more favourably if you agree to the insurance etc.

What i cant believe is that if someone gets a loan/cc and signs an agreement not requiring PPI and presumably know the length of the loan and payments (your 2 most important questions to ask) then it simply "appears", this would throw your payments out of whack and if a loan i had agreed at say 300 then started being taken at 340, i would be on the phone immediately.

I personally think a lot of the "appearances" are people simply not reading whats in front of them. They may not have asked for PPI but the company may have an opt out rather than opt in system, so double check the total amount payable less the lump sum you borrowed, does this stack against the quoted interest rate. I realise this calculation may be beyond a lot of people but it doesnt take much to say £9000 over 3 years at 10%, that is roughly £900 in the 1st year, £600 in the 2nd and £300 in the last. If your total payable is significantly more than £10,800 then start asking questions.

And when applying online check the hard copy agreements against what you asked for, its the paper that is legally binding.

No offence taken and I hope my wider position illustrates I am not saying "your fault" but saying "dont trust them, read everything, if you dont want PPI make sure you dont get it"