Egg PPI on Credit Card - Got my SAR, What to do now? HELP

[jellynose]

Hi

 

After a lot letters Egg have finally sent me my SAR information.

 

It appears that I had been paying PPI since I opened the card account in 1999.

 

However, it mysteriously stopped without my having cancelled it in March 2005,

 

I am not sure how I would have asked them to stop paying something I didn't know I was paying.

 

I closed the Egg account in 2007.

 

It says that I applied via the internet for my card, I cannot remember ticking any box saying that I wanted PPI.

I was reading something about this box being pre ticked on the Egg website in the early days, do you know if this happened in 1999???

If so did this mean I was mis-sold?

 

I have calculated the amount to be £2277 paid in PPI on my credit card so you will understand that I am keen to pursue this claim.

 

Can anyone help me with my case, I have got this far with the template letters on this site, but just need a bit of help.

 

Many thanks

[ims21]

Yes Egg did operate either a policy of a pre-ticked box or a system whereby you couldn't proceed with an application if you unticked the PPI box (which effectively made the PPI compulsory.

 

Did you get actual statements going back to 1999?

[jellynose]

Hi ims21

 

Thank you for your reply

 

Yes I got all of the statements right back to 1999.

 

What should I do next please

[ims21]

Ok, to find out the amount that you could be die back you can complete this spreadsheet. Follow the instructions in the notes tab.

 

For a credit card you should get back the premiums paid and the contractual interest charged as a result of them. In addition, if the removal of the PPI causes the account to show a credit balance for any month then you would get 8% simple interest on that credit balance for that month. The spreadsheet works that all out for if completed correctly.

 

Also, as the card is paid off, you will get 8% simple interest on the difference between the balance paid off and the reconstructed balance (i.e. without the PPI) running from the date the account was paid off right up to the date of settlement of the claim.

 

FosRunningPPI v102.xls

 

Go the fos website and download a copy of the consumer questionnaire and complete it.

 

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

 

Send the completed questionnaire and a print of your spreadsheet to the lender together with a brief covering letter requiring refund. They will have 8 weeks to investigate and give you a final decision on your complaint.

[jellynose]

Thank you.

 

I want to say sorry in advance for this stupid question but.....

 

I have just started the spreadsheet. Under the personal details section it asks for the interest rate. when I check the statements the interest rate changes from 0.793 per month in November 1999 to 0.869 per month in June 2000 to 1.093 per month in September. What rate should I put in the box.

 

Sorry again but this is my first attempt at doing this.

 

Thanks

[ims21]

You can use the average of the rate you were charged on the card

[jellynose]

Thank you

 

Another quick (and probably stupid) question

 

Under monthly spend

 

My first statement from November 1999 says closing balance was £522.22

my next statement (December 1999) says that my closing balance was £1880.42

 

so my monthly spend for December would not be the closing balance on the statement of £1880.42 but would be £1358.20, which is £1880.42 take away £522.22 (Novembers monthly spend).

 

Is this correct, I think that answer is yes but just wanted to check that the monthly spend was not just the closing balance on the statement.

 

Thanks

[ims21]

If you made no payment in that month then yes.

 

Safest way is to whip through with a calculator and add up the total spend of the month including interest, PPI and everything else too.

[jellynose]

I think I have got it. I just add the card balance figure into the correct cell and it calculates it for me.

 

I need to open my eyes more

 

Thanks again:-)

[ims21]

You need to enter the monthly spend and the monthly repayments to get it to work properly. The card balance is a calculated cell.

[jellynose]

I see that now.

 

Thanks for the info.

 

I will just take away the previous months closing balance from the closing balance of the next month to get the monthly spend.

 

Cheers

[ims21]

That won't give you the monthly spend....see above about monthly repayments

[jellynose]

Thank you

 

I was never clever at maths (probably the reason why I got into this mess in the first place)

 

Here is a breakdown from my first statement 01/11/99 - 16/11/99

 

Opening Balance £0.00 BHS £20.80 Next £16.99 Iceland £6.05 BHS £9.50 Tesco £62.09 Harveys £395.48 Boots £8.25 Credit card payment protection £3.06 Closing balance £522.22 Minimum Payment due £15.67

 

And here is my second statement from 16/11/99 - 16/12/99

 

Opening Balance £522.22

Boots 9.60 Harry Corry 9.99 QVC 34.41 Makro 138.44 QEB 793.43 Iceland 6.05 McKibben 10.00 Tesco 7.41 Textstyle 120.93 Dixons 17.99 PAYMENT to Egg -15.67 Winemark 15.05 Tesco 66.50 Tesco 75.48 Wysebyse 25.74 Tesco 27.82 credit card payment protection 11.03 Interest at 0.793 per month 4.34 Closing balance 1880.76 Minimum Payment due 56.42

 

 

 

Please help with what my monthly spend was? I just thought that it was as simple as taking away the closing balance from one statement from the closing balance of the next?

[jellynose]

Sorry just wanted to add to my post with around 8 years information to input into the spreasheet I want to do it correctly

[ims21]

Thank you

 

I was never clever at maths (probably the reason why I got into this mess in the first place)

 

Here is a breakdown from my first statement 01/11/99 - 16/11/99

 

Opening Balance £0.00 BHS £20.80 Next £16.99 Iceland £6.05 BHS £9.50 Tesco £62.09 Harveys £395.48 Boots £8.25 Credit card payment protection £3.06 Closing balance £522.22 Minimum Payment due £15.67

 

 

Monthly spend = £522.22

 

And here is my second statement from 16/11/99 - 16/12/99

 

Opening Balance £522.22

Boots 9.60 Harry Corry 9.99 QVC 34.41 Makro 138.44 QEB 793.43 Iceland 6.05 McKibben 10.00 Tesco 7.41 Textstyle 120.93 Dixons 17.99 PAYMENT to Egg -15.67 Winemark 15.05 Tesco 66.50 Tesco 75.48 Wysebyse 25.74 Tesco 27.82 credit card payment protection 11.03 Interest at 0.793 per month 4.34 Closing balance 1880.76 Minimum Payment due 56.42

 

Monthly spend = £1,374.21

 

Please help with what my monthly spend was? I just thought that it was as simple as taking away the closing balance from one statement from the closing balance of the next?

 

Answers in red above

 

Monthly spend is exactly what it says is....the total amount you actually spent on the card in that month.

 

In the Monthly Payment column you would enter the amount you paid off in the month.

 

The spreadsheet will calculate the balance which should agree with your statement balance.

[jellynose]

Thank you again, I really appreciate your help

[jellynose]

As I am completing the spreadsheet the 8% box is staying at £0.00. Is this correct? I thought that there was an 8% simple interest to be added on. Am I doing it wrong?

[jellynose]

Here is my sheet so far, am I doing it wrong?Copy of FosRunningPPI v102.xls

[ims21]

Looks ok apart from the fact that you haven't entered an interest rate for the card.

[jellynose]

Thank you again ims21

 

In regards the interest rate for the card. You were saying in a previous post that I should use an average. I have 255 pages of statements to go through. Should I note the interest rate on every statement, add them up and divide by 255 to get the average rate?

[ims21]

Yep that would do it.

 

Rather than a calculator you might find it quicker to list them in a spreadsheet - up to you

[jellynose]

Cheers ims21

[jellynose]

Hi Everyone

 

I have attached a copy of the spreadsheet detailing all my PPI payments to Egg.

 

ims21 has given me loads of advice about this in my other thread here:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?363768-Egg-PPI-on-Credit-Card-Got-my-SAR-What-to-do-now-HELP&p=3970426#post3970426

 

I have a few questions:

 

1. I have attached another tab on the FOS spreadsheet called Egg APR. Now when I do my calculations to try and work out the ARP for the card, I am getting 1.1%. Now I know this is not correct. Can someone please have a look and help me? I have put in rate of 18% on the spreasheet as the APR payment but that is just a number I plucked from the sky.

 

2. On the spreadsheet the compound interest part has figures in it but the 8% simple interest does not. I thought from ims21 reply to my post listed about that 8% simple interest would be payable. Did I complete the spreadsheet properly?

 

3. I am going to fill in the Financial Ombudsman questionaire to send with the spreadsheet. I didn't know/what PPI and back when I took out my egg card the box for PPI was pre ticketed. Would anyone who has successfully claimed from Egg on this basis be willing to share what they wrote on their questionnaire with me. I know this is a big ask but thought that I would try.

 

I am seriously considering paying a company to do this, I don't want to but I am unsure of how to word my claim to Egg. Help please.

[ims21]

Two threads merged....please keep to one thread for the Egg PPI claim.

 

The 1.1% you have worked out is the average of the monthly rate...you now need to convert it to an APR using this spreadsheet and that is the rate you would use in the main part of the spreadsheet.

 

 

MonthlyToAPR.xls

 

 

Don't use a claims company....the process is simple.

 

You now need to download a copy of the fos questionnaire available from here

 

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

 

Fill it in and then send it to the lender together with a print of your spreadsheet and a brief covering letter saying here's my claim, give me my money.

 

They will then have 8 weeks to investigate and give you a final decision.

[ims21]

Oooops.....I see you already have the questionnaire.

 

Just complete it with what you believe was the case...I would bet that PPI box was pre-ticked. Get your claim in and see what they say.

 

When you have entered the correct interest rate the spreadsheet will work out any 8% interest if it is due.