A few months ago I enquired about PPI on some old Egg Loans I had in the early 2000's. This morning I had a letter from Canada Square with their decision.

On one policy did not have any PPI on it but the other 2 did and they have upheld my complaint.

It says the total redress is £4,256.55 but that out of that amount I am only getting £2,168.60 because of a Final Loan adjustment £1,849.17 is going to a company called Arrow Global Receivables who my loan was transferred to in 2011.

There is also a deduction of £2,365 listed as "Less any previous rebate paid" I was never paid any other rebate but perhaps this is something to do with my not paying off the full initial loan after entering the trustdeed?

To be clear I took out the loan in 2002, and increased it twice in the following year to about £11,000 total.

I then entered into a protected trustdeed in early 2006 which this loan was included in. The trustdeed was finished in 2009 and I had no idea that the loan account was still open.

I will attach a pdf of relevent info from the decision letter.

I know I am lucky to be getting anything at all given that I have been in a trustdeed but I just want to check that the amounts seem right and that them taking the other money off is right and fair.

Thank you for your help!

Also to let you know I did send a SAR to Canada SQ at the start of June but they didn't accept my inital change of address ID and then didn't get back to me for almost a month so the sar info will take longer to recieve. Should hopefully get it in a few weeks.

A trustdeed advisor (not my former trustee) has told me that she doesn't think that the payment to Arrow should be made considering I have completed a trustdeed.

She has advised me to call them to make it clear I have been in a trustdeed and get a reason for why this payment is being made to Arrow.

I am a bit worried about calling them and discussing the trustdeed in case it affects my chances of getting any payment at all.

At the same time it is a lot of money to lose if the payment to Arrow is in error.

egg letter.pdf

You dont ring you write!

And no they cant off set to a dca.

So are you saying that I should send a letter to Canada Sq asap stating I have completed a trustdeed and that they are therefore unable to offset any of this payment to a dca?

Why is it better to write then to call them, is it just to have a paper trail?

Also do you know if the "less previous rebate" part looks right if I never had any pervious payment from them?

You write

Being able to or not is nothing to do with your trustdeed

I wouldn't mention it

Cant see how it still exists mind if it was part of the deed?

In a way they are correct but it should go to the original trustee to share out not all to 'them'

Thank you for your advice.

I still really don't understand the debt was never fully paid off under the trustdeed (I did complete the TD though) and my egg loan was sold to Arrow in 2011.

The Mond Case is being held currently to determine if trustees can reopen trustdeeds to redistrabute ppi payments to creditors or if that money should be reinvested in the debtor.

I think IVA's are different and all money should go to the creditors, the scottish trustdeed is up in the air at present.

I might call the FOS tomorrow and see if they can advise me further about the DCA payment and the less previous rebate issue.

Update:

I decided to call Arrow the company to who Egg have told me they will be sending that amount of around £2000 to

they don't even own that account anymore,

they sold it to a group named Grove in 2014

when I called them they told me they held no record of my account

after speaking to someone from the team that deals with accounts in trustdeeds

they advised that anything as old as my trustdeed would have been discarded and not loaded on to their platform because there is no possibility of financal gain for them.

Both Arrow and Grove agreed that the only people who have any claim on a payment of ppi compensation would be myself or my former trustee who has already told them he has no interest.

I am drafting a letter to Egg now so will include this information as there is literally nowhere else for them to send this money than to myself at this point.

so how'd it go?

After my letter to them they admitted a "mistake" and sent me a cheque for another £3000 so well worth challenging them on that!

so now concluded as a win?

Yes I would say so, thanks for your advice!