EGG PPI Claim process -what is it?

[un1boy]

Afternoon all,

 

I was wondering whether someone can help me to understand teh PPI claim process - can you give me a step by step process, or point me to the right place I can get all the information from as I need to help my sister.

 

 

Thanks very much in advance.

[rebel11]

Hi un

 

As these are fairly comprehensive:-

 

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

[ims21]

Hi un1boy

 

A simple rule of thumb process is

 

1 -> Prepare schedule of claim from loan agreements and/or statements.

 

2 -> Complete fos questionaire available from the fos website.

 

3 -> Submit preliminary claim to bank with the above items

 

4 ->They either accept and pay or they baulk and don't pay

 

5 -> If they pay, go out and celebrate

 

6 ->If they don't pay either pass over to fos (slow) or sue in court (quick). This decision may be affected by the size of the claim.

 

Hope this helps

 

ims

[un1boy]

Thanks both

[un1boy]

I had various issues with Egg a few years back, and as part of the complaint they automatically asked me for some more information saying that I had PPI on my account when I was a student and wantied to check it should have been applied.

 

I gave them the info and was told that it was applied correctly.

 

I contacted them recently asking if I was eligible for a refunda nd they said no - because I would have clicked a box to say I wanted it.

 

Is this correct?

[dx100uk]

by default

 

the box was usually pre ticked if you applied online

 

pers

i'd go via the fos complaint route

 

go here:

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

fill out the complaint form

make an SOC

 

and off you go.

 

the FOS are very aware that the egg online app page had this pre-ticked by default

 

dx

[un1boy]

Thanks DX,

 

What's an SOC?

[dx100uk]

http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

dx

[un1boy]

Ok, so I've prepated a SOC with some of the statements I have.

 

Will they only pay what is on the SOC, or all premiums that are owed?

 

If only what is on the SOC, would you recommend I send SAR to get a copy of all statements over the last 6 years?

[ims21]

Hi

 

Didn't ask earlier....is this a loan or a credit card?

 

ims

[un1boy]

Hi Ims,

 

It's a credit card - any reason? Is the process different?

[ims21]

Hi Ims,

 

It's a credit card - any reason? Is the process different?

 

Hi un1boy

 

No the process is the same but the figures you get on a credit card can be significant since you will be claiming back the interest they charged you on the payments at their contractual rate.

 

It is, in my opinion, wise to have all of the statements on a credit card account as the premiums will have been charged on a monthly basis so if you haven't got them all I would suggest a SAR to get them or a transaction history which will show all of the payments.

 

When you submit your claim you will be asking for (and showing on the SOC) all premiums plus the interest they charged you.

 

ims

[un1boy]

Brilliant, so would I change the interest rate on the SOC spreadsheet to match the credit card one?

[ims21]

Brilliant, so would I change the interest rate on the SOC spreadsheet to match the credit card one?

 

Yes

 

if you want to post up your spreadsheet minus personal info I am happy to take a look

 

ims

[un1boy]

Yes

 

if you want to post up your spreadsheet minus personal info I am happy to take a look

 

ims

 

 

Thank you:

 

Sort Code Account Number Claim Date ----

Interest Rate (%APR) 29.90%

0.07170% % per day

TOTAL CLAIM: 1,343.33

TOTAL AMOUNTS 239.91

1,103.42

 

CHARG INT

14.07 74.25

29.32 152.75

30.34 148.08

32.31 149.70

32.31 145.83

33.12 144.96

33.94 144.67

34.50 143.19

 

Can we calim further than 6 years for PPI?

[ims21]

Thank you:

 

Sort Code Account Number Claim Date ----

Interest Rate (%APR) 29.90%

0.07170% % per day

TOTAL CLAIM: 1,343.33

TOTAL AMOUNTS 239.91

1,103.42

 

CHARG INT

14.07 74.25

29.32 152.75

30.34 148.08

32.31 149.70

32.31 145.83

33.12 144.96

33.94 144.67

34.50 143.19

 

Can we calim further than 6 years for PPI?

 

Yes, with ppi you can claim right the way back to the start.

 

If it were me I would change the interest rate to their rate.

 

ims

[un1boy]

Yep, will do - thanks.

 

So, we can claim from the start - even if the account was closed a few years agao and no payments made to it because the balance was cleared?

[un1boy]

And out of interest - which interest rate can be used if it is a loan?

[ims21]

And out of interest - which interest rate can be used if it is a loan?

 

On a loan the interest is already decided up front on the loan agreement as loans are usually single premium policies and the bank lend you the money to pay that premium and incorprate it over the life of the loan. With a credit card the monthly ppi payments vary according to the balance outstanding on the card and over a period of time the card interest rate may change as well. Just a slightly different caluclation involved

 

ims

[ims21]

Yep, will do - thanks.

 

So, we can claim from the start - even if the account was closed a few years agao and no payments made to it because the balance was cleared?

 

Yep

 

ims

[un1boy]

Thank you

 

One more question - If the credit card account had an interest free period, what interest rate do we use? Zero? Or can we use the 8% statutory interest rate?!

[ims21]

Personally I'd use the 8%

 

ims

[un1boy]

Thanks very much for this.

 

Is there a SOC spreadsheet specifically designed for loans instead of credit cards, or do I amend the one used for credit cards?

[ims21]

Thanks very much for this.

 

Is there a SOC spreadsheet specifically designed for loans instead of credit cards, or do I amend the one used for credit cards?

 

Hi

 

Here you go....this one will calculate your claim

 

You only need to enter data in columns A, B and C. The rest of the calcs are done for you. This sheet will calulate your 8% stat interest for you. You the only need to amend the personal details in the blue section of the sheet.

 

Hope this helps

 

ims

 

StatutoryInt.xls

[un1boy]

Guys,

 

I wanted to say a big thank you - I have just had a cheque from Egg. It's not for the total amount claimed though, it's less than half.

 

I sent the SOC with a rate of 29.9% on it as they hadn't responded to my requests for the interest rates applied to the account.

 

They've refunded the premiums, and also interest charged where I would have been in credit if I hadn't paid themad also8%.

 

Is this right - I am not greedy and I am happy to cash the cheque, but out of principle, if they haven't calculated it right I will persue.

 

Thanks again, and any comment will be gratefully received.