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These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.  .  In most cases, regular payments can be cancelled by telling the company taking the payments.   .  However,   you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments.   Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.  .  Be aware, though, that you will still be responsible for paying any money that you owe. and that CANCELLING YOUR CARD WILL NOT STOP THE CPA  .  ..  .  New june 2013  .  Regulator orders Banks and mutuals to review complaints about not cancelling recurring payments from November 2009.  .  Consumers who have set up a regular payment from their account will now be able to successfully cancel that arrangement   by contacting their card provider, the Financial Conduct Authority said.  .  The FCA has been examining how easy it is for customers to cancel Continuous Payment Authorities (CPAs)   due either to payday lendersicon or for other regular payments such as subscriptions or gymicon memberships.  .  CPAs, which are also commonly called recurring transactions or recurring payments,   are relatively easy to set up but can be hard to cancel, causing problems for consumers trying to manage their finances,the FCA said.  .  Now, following the FCA review of how the largest high street banks and mutuals process requests to cancel CPAs, they have agreed that they will ensure that when   a customer asks for a recurring payment to end, that will be sufficient to cancel the arrangement. They have also confirmed that should a payment go through by   mistake following cancellation by a customer the customer will be refunded immediately.  .  In addition to securing this commitment, the largest banks and mutuals have agreed to review every individual complaint they have received about the non-  cancellation of a CPA and to pay redress where payments have continued to be made despite the customer cancelling the arrangement. This applies to all complaints   since November 2009 when the Financial Services Authority, the FCA’s predecessor, began regulating banking conduct.  .  Clive Adamson, the FCA’s director of supervision, said: “It’s important that consumers are confident that banks are meeting their everyday banking needs. Today   customers can be confident that when they ask for a Continuous Payment Authority to be cancelled – it will be cancelled - and that it can be done easily.   . “We recognise that historically this is an area where some customers have struggled but the banks and mutuals have responded positively to our work on this issue.   From now on we expect them to be getting this right. In addition, they have committed to review past complaints.” .  .  Also mentioned your displeasure that as whomever took your money had obviously attempted this many times   probably activating your banks own anti fraud software - nobody had the decency to inform my you this was going on.? .  .In the FSA's own words:  .  ..  What should I do about a payment from my account that I didn’t authorise?  .  Your bank must refund an unauthorised transaction.   Money can only be taken from your account if you have authorised the transaction   or if your bank can prove you were at fault –  . see below.  Contact your bank immediately if you notice an unauthorised payment from your account. .  If you are sure you did not authorise the payment, you can claim a refund.  .  However, your bank does not have to refund you if you do not tell it about the payment until 13 months  or more after the date it left your account.  .  Your bank must refund an unauthorised transaction  .  ------------------  .  Your bank may only refuse a refund for an unauthorised transaction if:  .  ? it can prove you authorised the transaction  – though your bank cannot simply say that use of your password,   card and PIN proves you authorised a payment; or .  ? it can prove you are at fault because you acted fraudulently,   or because you deliberately,   or with gross negligence, failed to protect the details of your card, PIN or password in a way that allowed the transaction  .  -----------------------  .  How quickly must my bank refund me for an unauthorised transaction?  .  The bank must make the refund immediately unless it has evidence that one of the above reasons applies.   Your bank may ask you to answer some questions and fill out a form confirming what has happened,   but it cannot delay your refund while it waits for you to return the form.  If the bank has evidence that one of the above reasons for refusing a refund applies,   it may investigate before making a refund   but must look into it as quickly as possible.   If your bank rejects your claim for a refund it should explain why.  If the transaction was on a credit card, the refund may not happen immediately.   But the card issuer cannot charge interest or ask for repayment of the amount unless it can prove you are liable to pay        
    • Only asking because I want to get my facts right before I approach the bank! Yes, BT is coming out of the same account.
    • not if they want to make the OP the named claimant no!! let them take the other party to court themselves!! the op can be a witness then..   one bitten...read this thread..      
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scrambledbyegg

EGG PPI Offer - Should I accept?

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After a single letter just received an offer from Egg for miss sold PPI, BUT it ignores the original loan (2001) and contains no compound interest, it is only the original premium plus interest at a "contractual rate" it completely ignores the interest on the loan. Should I reject the offer? It is about a grand short of the figure quoted as total payable in the attached.

 

egg_p1blk.pdf

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So you've asked for £3500 and they've offered £2500?


When you've had all the help you need, make sure you stick around to help others too!

Just think, if everyone left the site after they'd got their help, there might not be anyone left the next time YOU come back needing more assistance!!!!!!!

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Hi Scrambled,

 

If in your original claim letter you requested a refund on the original loan from 2001, then personally I would refuse their offer on that basis alone.

 

Am confused by your comment "and contains no compound interest" and then "it is only the original premium plus interest at a contractual rate"

 

If you let us know the date your first repayment was made, I can work out how much your refund should be, then the decision is yours whether or not to accept their offer.

 

DJ

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Hi Scrambled,

 

If in your original claim letter you requested a refund on the original loan from 2001, then personally I would refuse their offer on that basis alone.

 

Am confused by your comment "and contains no compound interest" and then "it is only the original premium plus interest at a contractual rate"

 

If you let us know the date your first repayment was made, I can work out how much your refund should be, then the decision is yours whether or not to accept their offer.

 

DJ

 

Glad I wasn't the only one confused :D

 

 

We need to know the figures to balance up your options :) I was offered £400 less than I'd asked for (although I'd added more than 8% statutory interest on top of the original figure, so I was quite happy to accept their offer). Letting them "off" that £400 is the difference between having a long drawn out battle on my hands, referring to the ombudsmen and making the case longer, or that 4k being in my bank account within 21 days (fingers crossed).

 

It can be fine demanding more and more, but sometimes you have to look at what's the best outcome for you at the time :)


When you've had all the help you need, make sure you stick around to help others too!

Just think, if everyone left the site after they'd got their help, there might not be anyone left the next time YOU come back needing more assistance!!!!!!!

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Hi the original figures are iin the previous attachment for the Oct 2005 loan (I'll have to dig out the 2001 but guessing kinda similar. The offer is 2862 less PPI refund when load defaulted (2009) of 164 plus 113 contractual interest, giving a total of 2811, which is less than the original amount even without the 8%. INteresting they neither accept or deny the loan was miss-sold (existing medical condition), and they only quote the newer loan reference so I guess I could treat them separately.

 

Just a thought on insurance in general, isn't it interesting how the selling of insurance occurs, imagine buying a car in the same way and having to tell the dealer every road you were ever going to drive on with the car before buying, then breaking down on a different road and being told sorry warranty doesn't cover you! The whole finance industry is morally bankrupt and allowed to get away with whatever they like, when was the last time a DCA had its licence removed for mis practice yet if you read these forums it occurs on a daily basis. These forums and the valuable contributors on here offer some of the only real protection out there for consumers. Bit off topic, but just wanted to express my gratitude for here and annoyance for a an industry which takes but never gives.

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Ok Scrambled,

 

How many monthly payments have you made in total?

 

DJ

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I'll have to look that up about about 12-18, from what I can tell the full amount was included in the loan, I'll post the info up a bit later, just gotta pop out.

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Before I was defaulted I paid, 5 payments. The PPi on the first loan was 2343 with 46 payments made. I have attached details on the loan Egg are making the offer on.

egg2_ppi.pdf

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Getting more confused here scrambled.

 

So to clarify, you have had 2 loans from egg. The first was taken out in 2001 and you made 46 payments before Egg defaulted you in 2009 and have now offered you a refund of £2,282.

 

Right so far?

 

The second loan taken out in October 2005 on which you made 5 payments and then ???????? Egg have made no mention of a refund on the second loan.

 

Correct?

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Getting more confused here scrambled.

 

So to clarify, you have had 2 loans from egg. The first was taken out in 2001 and you made 46 payments before Egg defaulted you in 2009 and have now offered you a refund of £2,282.

 

Right so far?

 

The second loan taken out in October 2005 on which you made 5 payments and then ???????? Egg have made no mention of a refund on the second loan.

 

Correct?

 

 

I have a horrible feeling OP thinks he's going to get a huge windfall for the second loan - rather than just a refund of premiums paid.


When you've had all the help you need, make sure you stick around to help others too!

Just think, if everyone left the site after they'd got their help, there might not be anyone left the next time YOU come back needing more assistance!!!!!!!

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Have you tried ringing the person at Egg dealing with your case and asking whether they have investigated your first loan? Secondly I would ask why the contractual interest is so low on the refund. Egg generally won't pay you the 8% statutory interest (I assume this is what you are referring to as compound interest) unless you go through the FOS.

 

The staff are generally quite helpful.

 

Good luck!!

 

PS Forgot to ask, was the balance from your previousloan consolidated into your new loan in 2005?

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The first loan was consolidated by the second one, which after five months was defaulted by Egg (even though I paid before the DN deadline, I later found out it was passed to DCA 1 week before their own deadline!). Having looked at the defaulted amount, I think that that the offer by Egg, although low is not too far off, as has been pointed out its a balance between cash now vs 8%.

 

The letter only references the second loan, which may be my error in that I used the claim form by the FSA and only made reference in the notes to the first loan, in hindsight I am guessing that I should have been more explicit.

 

My question I suppose is this, given the reference on the offer relates to the second loan, if I accept that would it affect a future, separate claim against the first one? The first one I guess would be more appropriate to contest the 8% given the time. My feeling at the moment is to accept, wait for the payment and then proceed with the first one later.

 

On a side note, I have been trying to set up a payment plan with Arden, I have made an offer in line with another similar debt, but they refuse to accept without an income/expense report, am I correct that only a court is legally required to request such information? Should I just make the payments I offered and ignore their refusal?

 

Cheers

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Hi scrambled,

 

If you are happy to accept this offer, personally I would write to Egg making it perfectly clear this acceptance is in relation to the loan taken out in 2005.

 

Then there is absolutely nothing stopping you going after them for the PPI on the first loan.

 

DJ

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I sent off the acceptance yesterday, on the form I added "For account xxxx only" just in case they try and say that their reference number relates to me and not that one account. I should know how they take it in 14 days!

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Nice1 scrambled. Do keep us updated with any developments.

 

DJ

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Quick Update

 

I sent the form off with "only in relation to load xxx" written on it and have been patiently waiting for my account to be credited. The past few days I have had to reminders from Egg asking me to return the acceptance form (little keen perhaps) so I called up to ask if they had received it since it has been nearly two weeks. They said they had, noting it was for one loan only and that they had also sent out an offer for the first loan! That is very efficient since I hadn't even mentioned it to them yet! I am waiting for their letter so don't know what the offer is yet. My original intention was to try and insist on the 8% since the loan was 2001 I am guessing that would be a sum worth pursuing. It will depend on what they offer since my car dies yesterday and unless its a reasonable amount and I stand a good chance of winning its probably better jam today. Anyway I'll keep the post up to date when I receive something.

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Good news for you!

 

Dec

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The second offer cam today with "contractual" interest, which is about 45% of what I believe 8% would be (the loan was 2001). I had intended to stick this one out and try for the full, but the car I just bought turned out to be a dog, so better to take the money and get a decent motor since getting to work depends upon it. I am torn between saying well done Egg (for being so quick and easy) or suspicious for them being so. I'll post on the PPI successes when the cash actually arrives, seeing is always believing with the finance industry!

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More good news. They are quite quick nowadays at refunding you. Mine took about 8 days to land in my bank account from receiving the acceptance form. I assume you'll get a cheque if the loan is settled.

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