Egg loan/card PPI claim - now Canada SQ Ops

[dunnie1]

I default on the loan after the 7th payment and it eventually gets sold to a DCA, starting a downwards spiral towards bankruptcy (avoiding it ultimately) - Had I known I had PPI, I might have attempted to claim it..

 

that is the sum total of payments I made on loan 4 - I think that's why I was rolling the loan amounts over, sub-consciously I was trying to maximise the claim..

Edited July 16, 2019 by dunnie1

[dunnie1]

So, next steps? FOS questionnaire isn't it?

 

What do I include in this as I was never aware of having PPI, and was never offered the opportunity to claim when I went into default - this seesm worth including I would have thought. 

[dx100uk]

yep

FOS CQ

spreadsheet

covering letter

 

never knew you had PPI, would have attempted BK if i'd know, nobody at EGG ever told you you had it IN. date

[dunnie1]

Great, I'll get on this asap

[dunnie1]

first draft

 

Dear Sir/Madam,

 

Ref: Credit Card: **************** Personal loans ****/****/****/****

 

 I believe I have been mis-sold three payment protection  policies and would like to request a full refund of my premiums, plus interest paid.

 

Credit card PPI payments between 11/06/2002 and 01/11/2006 @ APR 13.9% amount to £714.14, and with statutory 8% interest applied this totals £1,444.08 as at 22/07/2019, with interest accruing daily.

Personal loan PPI payments across the four loans (including one partial PPI rebate) total £231.89, with statutory 8% interest applied this totals £547.32 s at 22/07/2019, with interest accruing daily.

 

The reason I was mis-sold PPI is because I was unaware I had bought it, and therefore the following applies:

 

·         I was not asked whether I had any other insurance which would cover the loan.

·         I was not told I could buy PPI elsewhere to cover the loan\credit card.

·         I paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly.

·         My PPI was an upfront premium and I repaid the loan early and received only a partial refund. I received no refund on the final loan that went into default.

·         The Terms & Conditions of the small print were not fully explained to me.

·         You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.

·         In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory

·         No refund was applied once the products went into default, nor was it explained to me that I having become unemployed, I was able to claim – I was instead subject to repeated calls asking for the money to be re-paid, and eventually the debts were sold to DCA’s – this significantly contributed to my financial distress and prolonged my struggle to re-gain credit-worthiness, my health (Chronic stress and anxiety) and ultimately gainful employment.

 

Insurers are under an obligation to ensure that the policy they are selling is clearly included in T&C’s, and options for claiming against the policy are clearly articulated  to the potential claimant.

 

I am requesting a full refund of all my insurance payments, plus interest, which total £ 1991.40 (as @ 22/07/2019).

 

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

 

Yours sincerely,

[dx100uk]

each claim needs it own covering letter.

its own spreadsheets

and its own FOS CQ

dx

 

[dunnie1]

ok thanks - any content advice?

[dx100uk]

so 2 sep claims 

 

1 card

1 loan chain

 

id not be using a scattergun approach on your letter nor the FOS CQ for each.

 

you claim you knew nothing about the PPI even being charged is simple and good enough - cut it there.

you don't need to clarify that.

 

and simply put you charged me £xxx ppi increasing by £xx daily until settled

 

 

they know the score 

cut out the waffle.

 

 

 

 

[dunnie1]

Ok, I have an update:

 

1. Loan claim - still being processed due to backlog, with Canada Sq Op apologising and stating they need another 8 weeks
2. Credit card claim - Complaint upheld and offered £1078.05 as F&F settlement - However - this is less than I asked for (my original details below)

"Credit card PPI payments between 11/06/2002 and 01/11/2006 @ APR 13.9% amount to £714.14, and with statutory 8% interest applied this totals £1,444.08 as at 22/07/2019, with interest accruing daily."

 

The shortfall is due to Canada Sq Ops using a contractual interest rate of 5.425% instead of 13.9% which I intend to challenge. 

 

Additionally, I have been charged basic rate tax which was unexpected - I understand I can claim this back from the Inland Revenue though, or is this another underhand tactic?

 

Thanks,

 

Dunnie1

 

 

[dx100uk]

Pdf only please

Read upload

[dunnie1]

Not sure why you'd want a pdf - the image I posted was not blurry, upside down, difficult to read etc and I've posted images of text before - I've also used text to pdf scanners and the quality is in fact worse than the image I posted...

 

Anyway, the contents are discussed in my previous post so the image of the letter was a nice to have, not vital to understanding next steps -to which I wondered if you had any advice or if there are any templates which challenge an underpayment of contractual interest?

 

Also, is it usual to have income tax applied and should I challenge that or claim back from IR?

 

Thanks.

[dx100uk]

if you read upload...

the best way is to scan to jpg, redact, convert to PDF and upload....

 

many devices cant zoom easily and posting images directly to a post forces people on limited bandwidth or speeds or data costs to download it.

there should be a choice for people to download or not.

it also slows our live server, whereby files are stored in a differing on demand only.

 

the tax is sadly nothing to do with them its the law

they have to charge it and fwd it to HMRC.

 

never seen a credit card with a 5% int rate, who are they kidding!!

don't know of any template ....a simple refusal letter asking for a detailed breakdown and questioning their correct int rate for that time should be enough

[dunnie1]

OK, fair enough.

 

Thanks for advice - yeah, think how many people have just accepted the figures and allowed them to get away with 5% - all adds up..

[dx100uk]

Sure does.

But ill admit ive never known can Sq to get things wrong to date

They're usually spot on