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2005 Egg Loan loan ppi ***settled in full with interest in only 4 weeks ***


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Hi everyone

I am new to this forum and finding it really useful as it has prompted me to look at my cards and loans.

I have other queries but I post again on those.

This one is about an Egg loan I applied for online ( I think)

 

Has anyone successfully claimed back against Egg for PPI sold online. I think I did my application online and don't recall speaking to anyone at Egg about this.

 

I vaguely recall being under the impression that I had to take PPI and the info on the website implied this was to be recommended. Also all examples shown of loan repayments usually had the ones with PPI first.

 

I wasn't aware that I could buy this elsewhere at the time of agreeing to the loan.

 

I have my documents .

 

This includes a covering letter - does not say PPI is optional

 

Loan Agreement which shows PPI seperately, but the montly payment does not seperate this. does not say PPI is optional

 

Terms And Conditions - Policy Summary Key Facts says can be cancelled at any time but detailed Loan Policy says can cancel within 31 days .

 

I was in full time secure employment in public sector , been with employer 17 years , sick pay for 12 months and a no redundancy policy existed.

 

I feel pretty stupid now as it appears I have wasted my money and did not need this cover and could have cancelled this.

 

What do you think my chances are of making a claim?

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Hi

 

You have a very good chance of getting your ppi back plus interest.

 

Have a look at the Single Premium PPI Q & A from the link in my signature then post back and we can move forward for you.

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

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Thank you , that is really useful.

 

Would you recommend completing the questionnaire from the FOS , together with my calculations using the spreadsheet in the article.

 

Would you say my main reasons were they did not make it clear in the letter and loan details that this was optional ( only in the T&C)

that I was influenced by the blurb on their website about payment protection

the loan examples shown first on the website had PPI

that I did not need the payment protection as I had a safe job for many years and would receive paid sick leave?

That I was not made aware I could buy this elsewhere

 

Regards

W

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Thank you , that is really useful.

 

Would you recommend completing the questionnaire from the FOS , together with my calculations using the spreadsheet in the article.

 

Yes...fos questionnaire and the spreadsheet called "StatIntSheet1"

Would you say my main reasons were they did not make it clear in the letter and loan details that this was optional ( only in the T&C)

that I was influenced by the blurb on their website about payment protection

the loan examples shown first on the website had PPI

that I did not need the payment protection as I had a safe job for many years and would receive paid sick leave?

That I was not made aware I could buy this elsewhere

 

Yep, they are good enough reasons. Also, for information, Egg have been in big trouble regarding their on-lne loan/ppi sales using pre-ticked boxes which had to be de-selected to, in effect, opt out. The fair way was of course to offer people to opt in.

 

Regards

W

 

Regards

 

ims

  • Confused 1

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks once again. I will let you know how I get on.

I am also tackling Masterloan which ended in 2008 , which I believe had PPI on as my recollection is they would not grant loans without this.

Santander for 2 store cards with PPI

HSBC - flexiloan PPI

NAt West - late payment fees

 

Reading details on this forum has made me look back and realise just how much money I have wasted over the years , which if successful would add up to a tidy sum .

 

Regards

W

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Hi

 

Yep...I think a lot of people are in the same position having been fleeced by these organisations which can, of course, no longer be trusted.

 

If you need help with the others, just start a new thread for each and the advice can be tailored to each one.

 

It also helps others as they progress through their claim process too.

 

Good luck with it all.

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi

I thought this might be of use to others , apologies if this is old news.

There are many screenshots of the Egg site accessed by the Internet Archive Wayback Machine. I googled and then tyoped in the address for Egg - Egg.com , you then select the year and a calender appears with dates highlighted where they have pages. I

 

I found several on PPI and it is interesting to see how their blurb changes over the years. In April 2003 they were quoting statistics from various institutes on unemployment to reinforce their pitch and linked this to people falling into arrears . This is part of one screen I managed to copy - too many pictures etc to copy the whole screen , but gives you an idea of the emphaiss they placed on PPI !

 

From EGG.com April 2003

Flexible Cover Our loan payment protection is as flexible as the Egg Loan itself. You choose whether to cover yourself against accident and sickness, unemployment or loss of life, or a combination of these, (although you can't have life cover on its own). You could receive benefit until you return to work, your loan ends or up to 12 months for unemployment cover, whichever is earlier.

 

BACK TO TOP

 

Help getting back to work If you have to make a claim, you could be offered confidential, independent counselling or practical help and guidance to help you get back to work.

 

BACK TO TOP

 

Great value peace of mind The cost of cover depends on the size and term of the loan and the level of cover chosen. As you'll see from the loans calculator Egg Loan Payment Protection is very affordable. A written quotation and a copy of the loan payment protection policy are available upon request. Cover is subject to status, terms and conditions apply

 

 

Am I eligible? As long as you're a UK resident aged between 18 and 65 and are in permanent full time or part time work you will usually be eligible for cover. There's no need for a medical or medical questionnaire.

 

BACK TO TOP

 

It couldn't happen to me Easy to say isn't it? But the truth is none of us really know what's around the next corner. Take a look at the statistics below, and then ask yourself if it could happen to you. They don't make the cheeriest reading, but they're worth thinking about before you take your loan and still have the chance to arrange some cover.

 

 

  • In February 2001, over 3.1 million people of a working age were receiving benefits for sickness or disability.
    (Source - Social Trends, 2002)
  • In the third quarter of 2001, 193,000 people were made redundant in the UK.
    (Source - Labour Force Survey, 2001)
  • Mortgage lenders repossessed 11,970 properties during 2002. Financial problems resulting from unemployment was one of the causes.
    (Source ? Council of Mortgage Lenders, March 2003)
  • During the last quarter of 2002, 4.8% of males and 3.6% of females of a working age in Great Britain were unemployed.
    (Source ? Labour Force Survey, March 2003)
  • In January 2003, 19.1% of people in the UK claiming benefit for income support, sickness and incapacity had been doing for more than six months.
    (Source ? Office of National Statistics, March 2003)
  • In 2001, sickness and unemployment caused more than 26% of mortgage arrears in the UK.
    (Source ? White Horse Mortgage Services, March 2003)

Right, enough of the scary stuff. But with these figures in mind can you really afford not to take out repayment protection?

 

BACK TO TOP

 

General Insurance Standards Council Egg Banking plc sells loan payment protection insurance only on behalf of AXA Insurance UK plc and AXA Sun Life plc. Egg Banking plc and Axa Insurance UK plc are members of the General Insurance Standards Council. Full Terms and Conditions of the insurance will be sent to you when you apply.

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Have submitted my complaint using FOS template together with my calculation of the amount I should be refunded( using spreadsheet recommended by IMS).

 

Really appreciate the quick response on this site , it inspired me to to get on with my claim to Egg and also fire off SAR's to various companies as well as cancel the account cover on 2 store cards I have .

 

I will update when I hear anything.

 

Regards

W

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Good on you WFLOSS

 

Keep at 'em.....always remember its your money they've had.

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Update

Received a letter from Egg acknowledging receipt of my complaint.

Says that FSA has allowed them 12 weeks to deal with large volume of PPI complaints, but they are committed to resolving my complaint as quickly as possible and in any event by 1 December. Goes onto say if I am not happy with the outcome I can compain to FOS.

 

I also cancelled ny PPI on 2 store cards and was slightly amused by the fact that they have PPI complaints as an option to select when you ring them, also that when I got through the security questions , they did not ask a single question about why I was cancelling and could not get off the phone fast enough.

 

Regards

 

W

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  • 5 weeks later...

Hi everyone

Fantastic news , I received a letter from Egg today together with a cheque which refunds the PPI and interest I paid on the loan , plus 8% interest .

 

I am amazed this was dealt with so quickly as I only put my claim in about a month ago.

 

I can't believe how easy it was , obviously all the reading threads and really useful advice I received on here paid off.

 

I completed the FOS questionnaire and used the spreadsheet IMS provided, it helped that I had my loan agreement so didn't have to send SAR.

 

Laughing all the way to the bank and once the cheque has cleared will donate to CAG.

 

Hope the others are as forthcoming!

 

Regards

W

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BRILLIANT NEWS :whoo:

 

Well done W....enjoy your "winnings"

 

I'll get the thread title changed to reflect your success

 

Best regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi IMS

Massive thanks to you personally for your very helpful advice it's really appreciated. It does feel like I've won something and with very little effort, especially when compared to some of the cases in the other threads.

 

Regards

W

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You're more than welcome....happy to have helped

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Well done-thread title changed in reflection.

Many of the stalling Banks and FSPs have been told to deal PDQ and I think egg may be looking for brownie points from the FSA

 

http://www.guardian.co.uk/business/2011/aug/30/hsbc-payment-protection-insurance

Edited by MARTIN3030
LINK

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Martin

You could be right . They wrote too me to say I would hear by 1 December, so I was amazed when they responded so soon and with a cheque.

 

Thanks for changing the thread title, I hope it encourages others .

 

Regards

 

W

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  • 6 months later...

WFLOSS It certainly does! It has encouraged me to dig out the paperwork of some loans that I took out years ago, all but the Egg one, which I too took out in 2005, have no PPI on, but the Egg loan has £6800 of PPI on a £23,000 loan!

 

I am mightily encouraged by the reaction you got and will be getting my act together this week.

 

CAG, thank you for existing!

 

Steve

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Hi again WFLOSS,

 

Inspired by your successful Egg loan claim I wondered whether you would be prepared to share the details of your successful claim to Egg. Naturally you won't want to post any personal details or even the amounts, but the wording of the claim would be very helpful. I am happy and prepared to do the leg work myself, but a successful claim is a great model to work with if it is possible.

 

If you don't want to post it on the forum here, please send me a private message. I'm new to the forum, so can't post you a message directly to make this request.

 

I look forward to hearing from you.

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Hi

Not been on here for a few weeks so did not see this.

 

I completed a FOS questionnaire which I downloaded from their website.

 

Prior to doing that I read up on the FSA guidance , case studies on FOS website and read around this site so I was prepared.

 

The basis of my claim was that I did not need it as I would have been protected by my employer, so I stated what protection sick pay etc they offered, also my pension benefits and policies on redundancy sickness etc.

 

Primarily though I did not believe that PPI was optional as I applied online and I think that either the PPI box was ticked or the example that came back included PPI. When I received documentation it was not made clear that PPI was optional and I could cancel or obtain this somewhere else.

 

I had my agreements so I could refer to the letters they sent . If you don't have them send a SAR so you have all the relevant paperwork.

 

My form was brief .I stuck to the facts and having looked at all the FSA guidance I included what seemed relevant in my circumstances. The appendices in the guidance are useful and the common failings so it is really worth a read.

 

I was not a 100% certain on some things as it was so long ago , so if that was the case I said that i.e I said that I didn't believe I spoke to anyone I did the whole thing online.

 

The form does provide prompts as to what you should include.

 

But I would advise you do a lot of research and look at FOS and FSA websites before you complete the form so you get a feel for what you need to include. I spent a long time doing this, so I had an idea of the grounds for misselling.

 

I also read hundreds of threads on here although they were not Egg cases that also helped.

 

This is your claim so simply state the facts of your case when you have researched misselling .

 

Good Luck

 

Regards

W

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Hi, congrats on your reward ! I too went about it alone for an Egg loan I applied for in 2006 online and today got a letter stating that a cheque payable to me will be sent for the amount detailed between 2 - 3 weeks - I am delighted !

 

However, on the breakdown they have listed the total PPI amount, interest to be paid, 8% interest but have deducted nearly £3k from a previous rebate which I have never had.

 

I am not sure what to do.

 

Also, the loan has been with a debt collector for a year or so which I have been paying a minimal monthly payment. I am very surprised that they are not deducting the PPI from the actual outstanding debt - is this normal ?

 

Do I risk phoning them and them then saying to me, 'oh we will take it off the money you owe us' - even though it is with a debt collector !

Would be grateful of any suggestions, that this is really quite new to me !!

 

Finally, as the original OP stated, she got her cheque at the same time as the letter. Hoping that they do send me mine as they have promised !

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  • 3 weeks later...

Hi WFLOSS,

 

Thank you for coming back and clarifying that for me.

 

I'm sending in my complaint on Monday (14th May) so I'll let you know how I get on.

 

I'll post the details of my claim here if it proves successful, and will donate to Consumer Action Group when the cheque comes in.

 

Steve

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Hi, congrats on your reward ! I too went about it alone for an Egg loan I applied for in 2006 online and today got a letter stating that a cheque payable to me will be sent for the amount detailed between 2 - 3 weeks - I am delighted !

 

However, on the breakdown they have listed the total PPI amount, interest to be paid, 8% interest but have deducted nearly £3k from a previous rebate which I have never had.

 

I am not sure what to do.

 

Also, the loan has been with a debt collector for a year or so which I have been paying a minimal monthly payment. I am very surprised that they are not deducting the PPI from the actual outstanding debt - is this normal ?

 

Do I risk phoning them and them then saying to me, 'oh we will take it off the money you owe us' - even though it is with a debt collector !

Would be grateful of any suggestions, that this is really quite new to me !!

 

Finally, as the original OP stated, she got her cheque at the same time as the letter. Hoping that they do send me mine as they have promised !

 

they can only offset against notified arrears on debts they OWN

if you are paying a DCA then they might not own it.

they cannot offset to a SOLD debt.

 

you also need to QUESTION where this rebate came from or too?

was this a previous loan that was refinanced with them.?

 

and dont phone write

you need a paper trail.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 4 weeks later...

Hi. I took out an Egg Loan for 10K in September 2005. I felt I was slightly pressured into taking out ppi for the term of the loan.. it amounted to 3K after the final payment. I was newly self employed at the time. As a music engineer, I regularly experience times of 'unemployment' as work can be erratic at times. (In the Unemployment insurance it states I am not covered "if I'm engaged in an occupation of which unemployment is a regular feature"). I want to attempt to claim but was wondering if anyone here knew if I had a case?

 

Cheers.

 

G

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