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Egg Loan PPI something smells bad??


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Hi everyone,

I recently went through my boxes of SAR's etc and found an account from egg that I had missed the PPI on I found something a little odd maybe someone can explain.

 

The PPI was blatantly miss-sold due to certain tactics the OC used at the time I even have a copy of them quite shocking really.

 

The loan details are as follows

 

Inception date 2005

Amount of loan £5000

1 off PPi amount £2031

Term 84 payments

interest APR 7.9%

 

I have all the documents agreement payments etc.

the monthly payment were £108.43

the PPI element was £31.33

this means the PPI element was 28.9% of the loan

this works out correctly for the monthly payment and the loan/PPi totals

 

eg for the loan 2031.85/(2031.85+5000) =28.9%

 

for the payments 31.33/108.43 =28.9%

 

so far so good

 

I paid approximately 16 payments and settled the loan when I re-mortgaged many years ago (I was an idiot I admit it)

 

Now I have the logs and when I paid the loan off I was given the following figures

 

Total on loan exec rebate £6125.31 this roughly ties up with the loan progression sheet ( I had a 3 month payment holiday towards the end)

 

Okay so the total ex rebate figure (from egg) was 6125.31 and the total after the rebate was 4977.91 the rebate amount was

 

6125.31-4977.91=1147.4 this is 18.7% of the loan amount not 28.9%

 

So by my calculations the rebate should have been £1770 so I was short-changed by approx £622.

 

Had the loan not had PPI the settlement figure would have been £4355.

So I paid approx £500 for PPI payments and an additional £622 for a egg friendly settlement.

That should be worth a fair amount of statutory interest.

 

Does this seem correct or have I missed something or doubled up? I'm just about to submit my claim to them.

 

Thanks

 

Pumpytums

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Hi

 

Yes your figures are correct so make sure you get that "under rebate" entered in the spreadsheet too.

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

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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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Thanks IMS,

initially I though I had doubled up something, but if you come from the angle of what the loan would have been without PPI everything drops into place.

 

Quite shocking that a £5k loan attracts £2k PPI + interest.

 

Would you send a copy of the spreadsheet with my questionnaire to Egg?

 

Many thanks again

 

Pumpytums

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Would you send a copy of the spreadsheet with my questionnaire to Egg?

 

If it were me then yes I would.

 

Shows you know a bit about what you are doing and may give them less room to try and fob you off.

  • Confused 1

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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  • 3 months later...
Hi

 

Yes your figures are correct so make sure you get that "under rebate" entered in the spreadsheet too.

 

Hi ims21,

Wondering if you can help me please with an egg loan as I have been beating my head against the wall trying to work out settlement figures and ppi redress but no matter which way I work it I can not get it to correspond with egg's figures if you can I will forward the info that I have

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Hi ims21,

Wondering if you can help me please with an egg loan as I have been beating my head against the wall trying to work out settlement figures and ppi redress but no matter which way I work it I can not get it to correspond with egg's figures if you can I will forward the info that I have

 

Hi

 

Yes happy to help.

 

Can you start your own thread in the PPI forum and give us the details please.

 

Ta

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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