Advice on PPI offer From Egg

[olliepup]

Hi folks,

 

I'm enquiring on behalf of my wife, we wrote to egg 6 months ago and they said we had no PPI.

 

We were going through some statements and found that there was PPI and wrote again.

 

It seems that Canada Square Operations are looking after this now and acknowledged that PPI was taken out.

 

The thing is she did cancel the PPI before the end of the PPI term.

 

The offer has come as follows.

 

Total PPI premiums which you have paid £xxxx

PLus interest on premiums paid £ xxxx

Plus 8% interest £xxxx

Sub total £xxxx

 

The Sub total is quite a healthy sum but the next line reads as follows

 

Less any previous rebate paid £xxxx

 

Now this reduces the total by quite alot, the thing is she has received any previous rebates or had any money back when she re structured the loan a few years back.

 

Is it the case of the total premiums paid is the total amount of the policy if you were to full fill the whole term of payments?

 

And the said rebate was the amount left of unpaid payments as she cancelled it early and never did the full term.

 

The offer that is left is quite good, is it worth trying to get the rebate back as it is worded ' premiums which you have paid' or is it just the case of how the policies work that i outlined above??

 

Also does anyone have a phone number to contact them as it seems strictly writing as i can't find a number anywhere.

 

Many Thanks in advance.

 

Olliepup.

[ims21]

Much of the answer to your question as to whether the offer is correct or not will depend on the figure for the item described as "Total Premiums Paid".

 

Is it the actual premium amount that was added to the loan at the start?

 

Do you have the agreement?

[dx100uk]

if she got a rebate, then she didn't pay PPI PCM on that portion of the loan.

 

are you sure it was a restructure a not refinance?

 

did you do an FOS CQ + SOC + covering letter

 

i'e do you know what you should have gotten back

 

dx

[olliepup]

We don't have the agreement and the loan is now finished.

 

She did re finance the loan and changed the term so i pressume they must of re done the PPI.

 

She didn't get any rebabte back as such as in no repayment or deduction off new loan but once the loan was up and running for a few months we cancelled the PPI.

 

So i think they have followed it back and most of the offer is interest etc which amounts to 1800 quid on one loan and 540 quid off the other.

 

The loan with the 1800 quid offer is the one which has the several thousand off due to rebate, so they must charge up front for PPI and as we cancelled never actually paid the full amount?

 

We just sent a standard PPI reclaim letter as we didn't know which loan had PPI or not and originally they said we didn't.

 

Maybe we should just be happy with what we are getting??

 

Thanks

[ims21]

If it were me I would SAR them to get as much information as you can about these accounts.

 

Template for SAR is here

 

http://www.consumeractiongroup.co.uk/forum/content.php?609-Can-t-find-the-letter-you-want-Look-here

 

Add a line that says it is to include copies of all and any agreements you have ever had with them.

 

You can also ask them for a full and detailed breakdown of their offer.

 

If any rebate was given then it is likely to have been at the point of settlement of the loan but without the raw data you cannot check.

 

It may also be the case that you have PPI rolled from one loan into another but again, without the base data you won't be able to check hence the suggestion to SAR them.