Old Egg card 2001 now Barclaycard

[michaelt]

Hello

 

Some advice please would be appreciated with regards to Credit Agreements and PPI

 

I have a copy of my Old Egg Card Agreement dated 28/01/2001 - Amazed I kept it but its the only CC I currently have which is now with Barclaycard

 

 

The first page of the Credit Agreement has a section on PPI

----------------------------------------------------

Limit x

 

Interest and Credit Charges x

 

 

Repayments x

 

 

Your Repayment Protection premium is payable to the insurer at 69 pence per £100 of your monthly

statement balance for the accident, sickness, unemploymen, life and serious

illness cover you have choosen in accordance with the Egg Card Repayment

Protection Policy document supplied to you

 

 

 

The argument I am currently having with Barclaycard is they state that PPI was optional on the Credit Agreement, and I am stating the following

 

No sign of the word optional against the PPI details on the first page of the Credit Agreement or maximum amount on the credit agreement

I was made to feel that PPI was not optional once again after the on-line application with its pre-ticked box

No where did it say interest would be added to the PPI

I could only cancel the PPI policy if I took out a new credit agreement - this is now considered to be unfair by the FSA

 

 

Are my arguments valid, I appreciate any comments and differing opinions, thanks in advance

[dx100uk]

sounds like the old pre-ticked or

untick me

or cant workout how to proceed

without leaving it ticked

 

known issue with the EGG online application website

 

lots of threads here already on this issue

very well known.

 

dx

[citizenB]

What are you looking to achieve - reclaiming the Payment Protection Insurance or having the agreement declared unenforceable ?

 

I think you would be on dangerous ground to try and force the issue of unenforceability on your own as the claimant. You would more likely succeed in reclaiming a mis sold policy.

 

Although looking at the quotes you have retrieved from the FSA handbook, it looks like you have a pretty persuasive argument backed by the FSA !!

[michaelt]

Hello there Citizen

 

I am trying to reclaim the ppi back rather than the enforcement route and a court case. (as I currently owe nothing on the card - but owed thousands a while back - balance cleared with an Egg loan with guess what PPI forced on me by an Egg representative during the telephone application - still got the original agreement sent off to Canada Square) I have replied back to Barclaycard as they now hold my Egg account with the information I gathered.

 

I just wanted to know and possibly make people aware of if a Credit Agreement has no optional section on the front of the agreement for PPI or on the reverse of the Credit Agreement - then PPI becomes part of the Credit Agreement and cannot be cancelled without cancelling the whole of the Credit agreement.

 

I was hoping that people would look at the thread and confirm this.... Thus making others aware.

 

Hopefully someone like yourself and more learned visitors to the thread will confirm this.. making it grounds for easily justifying PPI and also possibly the non-enforceable route if money owed.

 

Any further advice/information and hopefully confirmation welcomed

[dx100uk]

well i'm not going to enter the debate on that ..pers i dont think there is anything in it

there are plenty of examples of PPI being reclaimed & cancelled on EGG CC accounts.

 

it is just removed as per FOS/FSA guidelines to place the consumer back into the position of no PPI.

they also state there is no need for a new agreementbut a restructure.

 

my focus would be on the refinancing loan .

 

you've had PPI + int added to rolled over PPI + INT from the CC..loads of money.

 

if you are reclaiming on the loan, you need to include the CC PPI rollover too .

 

and any PENALTY charges as a result on either account too.

 

dx

[michaelt]

Hello and thanks DX

 

I just want to add my two pence worth on how I see Egg practices as being despicable.

 

Think about it.........

 

Mass Marketing exercise used by Egg to promote PPI through the website just before the actual application for the Credit Card. A pre-ticked box on PPI offering no guidance on the removal of the tick. Note Internet sale classed as "Non Advised" sale a cracking excuse for getting out of future claims/legal actions on PPI issues.

 

You have now been accepted for the Credit Card we will send out a Credit agreement acknowledging your successful application.

 

You receive your Credit Agreement with an "Approved Limit" and tied in PPI to the Credit Agreement.

 

1. Your now in a position where you do not know once again whether you need PPI as you still do not know what the credit limit is. Example a £1000 limit no-one repeat no-one would agree to take out PPI on this amount.

2. They then use peoples "vanity" with regards to "Approved Limit" in thinking that if they sign up to the "single credit agreement " with PPI as part of the agreement" you should would expect a larger Credit Agreement will be agreed as Egg are protecting themselves.

3. You receive you card and people think wow "Egg are great" look at that massive "Approved Limit" which they give you once you have agreed to take out the PPI.

4. You now use your Egg card for everything knowing no matter what the item you can pay for it.

5. All the while Egg are making a fortune in interest on the PPI payments as its charged at the interest rate of the card so they Egg don't care what your outstanding balance is they are making to much money.

6. Years later you realise your monthly payments are massive, how can you cut these payments down, you look at your statements and think PPI is costing me a fortune, I know I will cancel the PPI BUT and a big BUT! you cannot as its a single "Credit Agreement", to cancel it you would be expected to pay back the outstanding balance.

7. You now scream help! I am paying a fortune every month and getting nowhere paying off the balance, I think I need a loan. I think I will approach those nice people at Egg they seem nice and approachable.

8. You now take out a loan with Egg, you feel as though due to your particular circumstances it would be better talking to someone during your loan application.

9. Your now sold once again by greedy Egg PPI .... even though they work in a "Non advised" capacity (Egg's downfall - fined for this action), because your informed it will help with your application.

 

At this point you think Egg are absolutely wonderful!, they really helped me when my back was against the wall.

 

What people don't realise is, Egg are really responsible for putting you in this position in the first place, Approved limits that turned out to be "in the tens of thousands" that is what I call irresponsible lending.

 

What a dream [problem], only problem was they got greedy! Credit Agreements with no option but to take the PPI as part of a single agreement. Can't take them to court your told as they acted in a "Non Advised" capacity on the PPI, only problem was they eventually got caught out because of their greed and with this uproar on PPI,people started to investigate with the use of the Internet their actual rights to where they stand

 

I think the persons responsible for all this are now retired living the life on there own! Carribean Island, we should be hounding these sharks for thinking of this [problem] and other such similar scams.

 

Hopefully not many people fell into the same trap I did, and if they did, remember the above so as not to make the same mistake twice

[michaelt]

I have just received a letter back from Canada Square stating they have upheld my complaint and are now waiting on a acceptance letter from myself to the amount they have worked out.

 

The question I have is with regards to other posts about a loan to pay off a old Egg card (now Barclaycard) and roll over ppi. Ie loan taken out with PPI to payoff PPI.

 

To who should I seek compensation from for the PPI rollover - Canada Square or Barclaycard.

 

Any help would be very much appreciated. Thanks in advance

[dx100uk]

did you not do a spreadsheet already?

 

the rollover should have already been included in your spready

 

dx

[michaelt]

Unfortunately I have sent SAR to Barclaycard asking for the statements to be able to work out the PPI amount carried over to the loan - but as yet awaiting details of SAR and them accepting that PPI should be repaid have yet to be received . All I can remember of the 25K loan to now Canada Square the payment to the Egg card was either 11K or 14K.

 

So still wondering because its no longer just cracked Egg but split into two very different companies, who should I seek the PPI roll-over from, as I do not want to send an acceptance letter to Canada Square if the amount offered is incorrect. Thanks in advance for any advice.

[dx100uk]

ok so you basically sort of jumped the gun

 

asked for PPI back before you actually had all the info.

 

ok no sweat.

 

you're just gonna have to play it by ear then.

 

if BC now own the CC then they will be responsible for the rollover of the CC PPI into the loan

 

dx

[michaelt]

Thanks DX you are a star.

 

I sent details to Canada Square showing the original credit agreement and details of employment 4 * salary Death in Service (pension details etc,etc) and also stated telephone application with PPI rammed down my throat.

 

Did not expect them to agree within the space of two weeks accepting my claim. Thought I would be correlating all the details of CC and SAR to Canada Square before both agreed to payup.

 

Thanks for the answer, that makes a lot of sense I was looking at so many scenario's