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Egg Loan PPI Advice Needed Please. **Resolved**


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Synopsis

Took out £10000 loan over 60 months with PPI in July 2004. Hit financial problems in September 2008 and been paying on a free DMPsince then.

In March 2012 made a claim for Mis-sold PPI.

April 2012, Claim Upheld and Offered £21XX.XX + £38X.XX = £25XX.XXplus another sum for 8% interest.

What are theproblems?

1. They have offered £70X.XX for 8% interest. My calculations (using the spread sheet from here)show a sum of £10XX.XX, a difference of £37X.XX.

2. They have sent £28X.XX of my PPI to the DCA. Reason not specified. But their letter states, “As your account isstill open, in line with the Financial Services Authority guidelines and as aresponsible lender with a commitment to treating customers fairly (TCF) (sic), your loan has been credited with £28X.XX to put yourloan in the position it would have been in had you not taken PPI, as far aspracticably possible.” Is my accountstill open, they sold it to a DCA?

3. Transaction history from SAR shows that Loan wassold at a balance of 17XX.XX in July 2011. CRA shows this as the last balance on the balance history for Egg. However, DCA CRA entry shows Opening balance of £28XXwhich is original default figure. A difference of £11XX.

4. Reworking the loan without the PPI shows that theloan + interest total repayment would have been for £118XX.XX

5. The total of the payments I have made to EGG andDCA total £139XX.XX and DCA shows £15XX still outstanding meaning a totalrepayment of 155XX.XX This is £37XX.XXmore than the reworked loan. Evenoffsetting the PPI refund (minus the 8%) against this, still leaves anoutstanding amount of £11XX.XX. Presumethat £11XX of this is the DCA figures.

Can anyone make sense of this and advise course(s) ofaction.

Many thanks.

Jedicris

REMEMBER! Hunger is the enemy - NOT the hungry!

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if the debt is sold they cannot offset!

 

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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Hi

 

What is the name of the spreadsheet you used?

 

If the account was sold to a DCA then they cannot set off anything.

 

ims

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

 

1. Single Premium PPI Q&A Read Here

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4. The CAG Interest Tutorial

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5. Feel Bullied by Creditors or Debt Collectors?

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6. Staying Calm About Debt

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The spreadsheet I used was this one: PPI Redress Calculation FOS Single Premium Policies.

 

I was sure that they couldn't offset but thanks for confirming.

REMEMBER! Hunger is the enemy - NOT the hungry!

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Hi

 

This is the one you should use

 

StatIntSheet v101.xls

 

Compare the result of this one to the offer they have made.

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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OK,

 

That was in fact the same spreadsheet but I input all the figures into it - just to be sure - and got the same result.

 

Tries a few combinations to try and see how they got their figures but nothing so far.

 

Jedicris

REMEMBER! Hunger is the enemy - NOT the hungry!

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Hi

 

OK can you post up the figures from the agreement please and a copy of the spreadsheet and I'll have a look.

 

Make sure you remove all personal information first.

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

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Hi

 

Ok first thing that leaps out is that you have put all 60 payments in there. If you went on a DMP, did you not make reduced payments?

 

Were there missed payments before the DMP?

 

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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If they have definitely assigned the account to a 3rd party, then they are not permitted to offset..

 

Regarding your suggestion that the refund will be set off against a debt now owned by NEW DCA, this is wholly inappropriate and unacceptable according to the Law of Property Act 1925.

You no longer own the alleged debt and have no right to withhold monies in respect of it. If NEW DCA wish to pursue me for any amount they allege I owe them, that is their prerogative.

 

The authority for my views is the case of Edlington Properties v. Fenner & Co. Ltd [2005] EWHC 2158 (QB) which affirms this position, that the assignor has no right of set-off to a third party (assignee) for a damages claim brought against it post-assignment, as any equitable set-off in this regard is personal in nature and the debt sold is not transferred subject to it.

 

Further information on the right of setoff can be found on the Financial Ombudsman’s site which clarifies in layman’s terms the rights of banks to take the action you indicated in your settlement letter. Banking: firms' right of 'set off'.

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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

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3: Feel Bullied by Creditors or Debt Collectors? Read Here

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi Citizen B,

 

Thanks for that, will try to get that in the post tomorrow.

They have sold it. In amongst all the SAR info that they sent, are several entries stating that it has been sold to DCA.

 

Thanks

Jedicris

REMEMBER! Hunger is the enemy - NOT the hungry!

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There are two places where you have to put the new DCA's name in.. I couldnt get the colour option to work so that I could highlight them better :)

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi ims21,

 

I had considered that amongst the various scenarios that I had run but didn't seem to get anywhere near their figures.

 

No payments were missed before going on to dmp.

 

Two examples attached.

 

Jedicris.

Eggloan StatIntSheet to DCA v101.xls

Eggloan StatIntSheet to Default v101.xls

REMEMBER! Hunger is the enemy - NOT the hungry!

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There are two places where you have to put the new DCA's name in.. I couldnt get the colour option to work so that I could highlight them better :)

 

Thanks CitizenB

REMEMBER! Hunger is the enemy - NOT the hungry!

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Have you received any previous rebate, perhaps if they cancelled the PPI when you defaulted on the loan?

 

How about letting us have the figures they have offered....a fresh paid of eyes may find something

 

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

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Hi ims21,

 

Many thanks, perhaps a fresh pair of eyes are needed.

 

Figures are:

Total PPI Premiums (a) £2171.40

Plus interest on premiums paid (b) £384.43

Plus 8% interest © £704.61

Total Award of compensation £3260.44

 

To me it all seems OK apart from the 8% interest.

 

Even if I only take the premiums up to when it defaulted, I still get £958.19 for the 8% interest on a total premiums paid for 49 months equaling £2093.20, instead of the £2555.83 that they have quoted.

 

If the loan had gone full term then total payments would have been 60 x £42.72 = £2563.20

 

Hope the fresh set of eyes can see past the kerfuddle.

 

Many thanks

 

Jedicris.

REMEMBER! Hunger is the enemy - NOT the hungry!

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Hi

 

Just got in from work....will have some supper and play with some numbers a bit later

 

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

 

Ok I've had a look and from the information available I reckon they are out by some £250 on the statutory interest too.

 

The figures for premium and the contractual interest are, I think, ok.

 

I would be inclined to write to them and ask for the breakdown of the figures...they should send you a schedule of the individual components. After all, if you were to take this to fos then that is what they can order to be provided so lets see of we can get it now.

 

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 ims21,

 

Many thanks for this.

 

Glad that I'm not imagining it and going dolally.

 

Letter of to them in the morning to ask for breakdown.

 

Many thanks again.

 

Jedicris

REMEMBER! Hunger is the enemy - NOT the hungry!

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  • 2 weeks later...

Hi Everyone,

 

Egg have responded to my letter about the difference in the calculations regarding the 8% interest and about the offest they have made.

 

Makes for interesting reading. They say that they have the right to offset EVEN IF the loan has been sold.

 

Letter posted to site.

 

Jedicris

redacted letter about eggloan.pdf

REMEMBER! Hunger is the enemy - NOT the hungry!

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oh no they haven't!!!

 

if this is barclaycard admining it

they know full well they cant do that!!

 

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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sorry yes its a loan!

 

silly me

 

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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