I had an Egg loan way back in 2004 for £10k.
Egg added £1,750 to the loan for PPI
making the total I signed for £11,750.
Cutting a long story short
I ran into financuial trouble in 2008
but made an arrangement to pay reduced amounts
(actually ignorant of the existance of the PPI - I'd forgotten I had it
- and Egg conveniently forgot to remind me.... but no matter).
However, when I became aware in 2010,
I started asking difficult questions eventually culminating in Direct Legal & Collections writing to say to stop paying.
The total remaining debt (including the PPI premium) was then just under £1,650
(ie around £100 less than the PPI)
I haven't paid anything since 2010 (at the point of writing all of this would become statute barred anyway in 53 weeks' time).
I have received a letter from Arrow Global who say I owe £1,650 and they want the money, etc, etc, etc.
I am pretty sure from what I read way back in 2010 that where someone like me borrows a sum of money
(in this case £10,000) and then another amount of money for an associated financial product
(in this case, the PPI for - £1750) then they need 2 separate credit agreements;
one for the ten grand, the other for the PPI.
The thing is, I can't find the references to the legislation.
For clarity, I signed just 1 agreement for a total of £11,750
but that mentions incorporating PPI in the total.
Can someone (should I be right in recalling this, of course)
please explain for me what piece(s) of legislation support me in my belief that this is unenforceable.
ie that I should have had 2 agreements
- one for £10,000 and the other for £1,750.
I want them for my own peace of mind and to perhaps put in a letter telling Arrow Global to go away outlining why.
Thanks for any help anyone can offer