Egg loan from 2003 - advice for newbie please

[teaandtoast]

Hello,

 

I am contemplating making a PPI claim on my Egg loan.

 

I originally got an Egg loan for £6,000 with PPI around 2003. In 2005 I needed to borrow a bit more and so Egg 'paid off' the original amount and then lent me £10,000 without PPI (as I realised I would pay it off quicker without the PPI!)

 

This current loan is due to end in March 2011.

 

I don't have any statements or CCA for the original loan so have no idea how much PPI I paid.

 

Can I claim back the PPI on the original loan without any account number? If I send a Subject Access Request do they have to send me statements?

 

Also, will this have any impact on my current Egg loan / credit rating??

 

Any advice much appreciated :-?

[alanalana]

Hello,

 

I am contemplating making a PPI claim on my Egg loan. (claim it back)

 

I originally got an Egg loan for £6,000 with PPI around 2003. In 2005 I needed to borrow a bit more and so Egg 'paid off' the original amount and then lent me £10,000 without PPI (as I realised I would pay it off quicker without the PPI!)

 

This current loan is due to end in March 2011.

 

I don't have any statements or CCA for the original loan so have no idea how much PPI I paid.

 

Can I claim back the PPI on the original loan without any account number? (SAR should get you the information) If I send a Subject Access Request do they have to send me statements? (YES they should have all the paper work as applicable to you as a data subject) On the subject of PPI you can and should claim back as far as you wish on PPI which has most probably mis-sold. The criteria is when did you realise PPI was mis-sold ? if it is only recently through media coverage and sites like this then claim away.

 

Also, will this have any impact on my current Egg loan / credit rating?? (This should in no way impact on your current loan. You are basically claiming back what you paid in premiums on a mis-sold product but please read the stickies at the top of the forum for loads more links and in depth information)

 

Any advice much appreciated :-?

 

See my comment above hope this helps. Just post up any more questions.

 

aa

[teaandtoast]

Thanks for your advice.

 

I'll get the SAR sent off.

 

[teaandtoast]

I've just also had a thought:

 

Say my original loan was taken out in 2002 with PPI. I then got a top up loan to pay off that amount and then borrow a bit more in 2005. So I've got 3 years of PPI 2002 - 2005 to claim back.

 

But also because the top up loan was used to pay off the PPI, that means I've also been paying interest on that PPI since 2005. So I can claim back all that interest as well. And I can claim back 8% interest on that interest.

 

Is that right???

[alanalana]

I've just also had a thought:

 

Say my original loan was taken out in 2002 with PPI. I then got a top up loan to pay off that amount and then borrow a bit more in 2005. So I've got 3 years of PPI 2002 - 2005 to claim back.

 

But also because the top up loan was used to pay off the PPI, that means I've also been paying interest on that PPI since 2005. So I can claim back all that interest as well. And I can claim back 8% interest on that interest.

 

Is that right???

 

 

If you have refinancing loans is shoud go something like this.

Loan 1 £xxx plus PPI single premium £xxx and the interest on this.

You pay loan 1 for xx months keeping up the regular payments without defaults for xx months and then you refinance to the next loan again with PPI. You then pay the second loan PPI for xx months including the interest until you cancel or claim mis-selling when you should cancel anyway. Without taking on any new loan. The old loan should have PPI removed and the monthly payments adjusted.

 

From loan 1 you should be reclaiming the premiums paid which should include the interest added to a single PPI premium. You should have received a rebate on loan one when you refinanced to loan 2. On loan 2 you should reclaim the PPI premiums paid which should include the interest on the single premium.

 

The important thing is this you should claim 8% statutory interest on every monthly payment made and the claim should be from the date the payment was made up until a settlement agreement is signed accepting any offer.

 

Blake Lapthorn - simple interest calculator

 

This is a link to a calculator to work out 8% simple interest.

 

aa

[teaandtoast]

thank you very much for this - I sent the SAR yesterday so I'll see what they come back with and get cracking.