EGG PPI Claim - say i had a rebate ...did I?

[Shazza2108]

I have just had a very similar offer from Canada Square Operations who I believe have taken over from Egg Banking.

 

My offer also deducted an amount of around £2,600 for a "rebate previously paid or applied to my account", of which I have no knowledge. Is it worth challenging this amount, surely if I have made payment of around £4,100 on premiums I am entitled to receive that full amount back with the interest payable?

 

Any thoughts appreciated.

[dx100uk]

have you sar'd them

or have you gone with a claims company [hope not]

 

dx

[theta]

After seeing your post, I went back to the paperwork they sent me after my SAR and checked

(although perhaps I should've done that before returning the signed acceptance form! ) and here's what I found:

 

The PPI Premium that was applied according to the Application Report (and the figures in the letter) was £5071.13

On another page titled Account Information Report there's a Loan PPI Rebate with the following:

 

Account Number: xxxxxxxxxxx

Rebate Description: PPI PREMIUM - EGG LOANS

Amount Paid: 2471.64

Current Reb: 0.00

Chge Date: 01/07/2006

Term: 84

Co/Dlr#: 2

Cd: 3

Amount Earned: 2471.64

 

If you subtract the above number from the PPI Premium you get: £2599.49 which is the amount they stated as 'rebate' in their letter.

 

Their explanation in the letter was:

This is a previous rebate(s) paid to your loan as a result of your PPI being cancelled

or would have been included as part of the settlement figure(s) on early closure of your account(s)

 

In my case,

I settled my loan early and I do remember speaking to them and asking them to pay it off over the phone there and then

and I was told that they would send me a letter with the settlement figure as it was not what I could see on their website.

 

I also remember being (foolishly as it turns out) quite happy that the settlement figure was substantially lower than what I thought I had to pay.

 

I cannot remember the details, but it all makes sense to me now. (although it won't be the first time that my calculations were wrong! )

 

I hope this helps, but if you do challenge them and find out that they have been BS'ing us let us know!

 

 

Theo

[Shazza2108]

I originally claimed (myself) in June 2012 and received an acknowledgement from Egg at that time. I sent a reminder in August, then another in November and in the November letter I indicated that I would submit a SAR request if need be. I then got a letter dated 15 January 2013 (received by me on 26 January) which they claim to have already sent to me in July last year and I never received, which is my offer letter with acceptance form attached.

 

I just feel that since I physically paid the sum of £4.1k plus interest of around £350, I should at least receive that full amount back together with the 8% compensatory interest they offer.

[theta]

Although I'm hardly an expert I would advise to submit a SAR anyway and have a look at the numbers yourself. Also, you don't mention whether you settled the loan early or cancelled the PPI or anything like that. Although you did physically pay £4.1 plus interest, as I explained above you probably got some back when (and if) you settled the loan early.

 

As I understand it, say you took a loan out for £10k and they added £5k PPI on top. You'd be paying the interest for the £15k for the duration of your payments. Assuming that you decide to pay them off with a lump sum payment part way through, then I reckon what happens is they refund you part of the PPI premium, which is what I think happened with my loan. Although on the Egg website my loan account showed £12-13k to pay back, they deducted the remaining PPI premium and I ended paying back around £10k I think.

 

Hopefully dx or someone else more experienced than me will be able to confirm whether my reasoning is based on fact or fiction!!

 

Good luck with your claim.

[ims21]

Should have sent a SAR first really but no harm in doing one now. Then you will be able to check the figures.

[Shazza2108]

I did settle the loan early, but my understanding of the reduced amount being payable at that time was to take account of the interest which had been added at the start of the loan and that this interest obviously ceases to be payable on early settlement of the loan. Lenders initially calculate your loan repayments on the assumption that you pay the interest right to the end of the loan so this reduces the settlement figure once the interest is recalculated. Does anyone else agree with this? I may send a SAR today anyway to hurry things along a bit.

[dx100uk]

pointless to speculated without the info

 

dx