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PPI Egg Loan/Credit Card


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I have PPI from both a credit card and loans from Egg that I'm looking to address.

 

I've been dealing with a legal issue on Egg since 2011 thanks to the help of this forum.

 

I sent an SAR request back in 2012.

I've been sorting through the paperwork from that SAR and while I have every CC statement, I can't locate anything around the loan payments.

 

I may have mis filed it, or it's gone astray in another way.

 

There aren't any restrictions to sending another SAR is there?

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  • 4 weeks later...

Hi,

have received my details from Canada Square.

I'm currently organising it all and highlighting the important parts.

 

Can I just check if I understand which goes where so I can start my calculations:

 

Credit Card PPI from 2000 - 2006: Use CISheet and input each PPI charge

 

Egg Loan 2001 - 2002 paid off early: Use StatIntSheet and input 8 payments 

 

Here's where I need a little guidance 

 

Egg Loan 2005 - 2006. 19 payments made before refinancing into larger loan

 

Egg Loan 2007 - 2008. 20 payments made before ceased payments.

 

Do I put this as one claim due to the refinancing and claim on each payment made,

or due to them selling the loan on,

can I claim for the entire PPI originally sold? 

 

Thanks

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Appreciated - working through the card first. On the Card Agreement form there is zero mention of PPI, so unsure of what interest rate to add. I have the following figures for APR

 

Transferred balance 2.54% APR fixed for six months

Monthly rate of 10.9% APR

Cash advances 13.2%

 

Assuming I put in 10.9%?

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Brill thanks - the statements they sent were *really* bad copies, so it's taken me ages to see and translate the interest payments. Done now - the average came out at 1.101 which on your link gave me an APR of 14.04 compounded and 13.22 non-compounded. Assume it's the second, so I've added those into the CIsheet and statint sheet. Ok to have a glance when you have a free mo? Thanks

 

Working on the loans now

StatIntSheet v101 2001 Card.xls CISheet v101.xls

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Ok, I've read through the guides and followed the process. The refinanced loan breakdown is as follows:

 

Loan 1 September 2005

 

Cash amount 8500. PPI 3454.15. Total 11,954.15

PPIPCM: 3454.15/11954.15x100=28.89% on each payment

 

Balance before refinancing = 12541.49

 

Loan 2: December 2006

Cash amount 14,934.02. PPI 6,372.18. Total 21,306.20

PPIPCM = 29.9

 

PPI from loan 1:  12541.49/21306.20x100=17% carried over into Loan 2 payments

 

As loan was sold, also including entire PPI premium from Loan 2.

 

Appreciate your thoughts when you've had the chance to glance through. Thanks.

 

StatIntSheet v101.xls

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Thanks - I see where I mistyped the calc - redoing it this afternoon. 

 

Re not putting in the lump sum, can I double check on this post. 

 

 

Loan 2 was defaulted and sold to a DCA. What I took from that post is that I put the total amount of the PPI premium from Loan 2 into the spreadsheet. Have I misunderstood here?  

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Thanks for linking to Dunnie's thread. I've copied his formatting to build my calculations out:

 

Loan 1 – September 2005

Borrowed                                        £8,500

PPI premium for loan 2                  £ 3454.15

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

Total Loan 2 Amount                      £11,954.15

 

PPI proportion of loan 2 = £3454.15 / £11954.15 * 100 = 28.89%

 

Monthly repayment = £184.33

 

Therefore, PPI element of repayment = £184.33 * 28.89% = £53.25

 

14 payments of £53.25 Sep 2005 - Nov 2006 = £745.5

Payment in Oct 2006 is £204.33 with no explanation, so PPI is £59.03

 

Total PPI paid on Loan 1 = £804.53

 

PPI carried over to Loan 2: £3454.15 - £804.53 = £2649.62

 

 

Loan 2 – Feb 2007

Borrowed                                     £18,137.00

PPI carried over from loan 1      £2,649.62

PPI Premium £7,738.88

 

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

Total Loan 2 Amount                 £25,875.88

 

PPI proportion of loan 2 = (£2,649.62 + £7,738.88) / £25,875.88 * 100 = 40.15%

 

Monthly repayment = £459.98

 

Therefore, PPI element of repayment = £459.98 * 40.15% = £184.68

 

Total PPI on Loan 2: 11 payments of £184.68 Feb 2007 - Dec 2007 = £2,031.48

StatIntSheet v101.xls

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Blimey, really? Makes me feel even more justified in claiming this all back! 😄

 

Did the recalculations look better on that last one? 

 

Just pulling together letters for the first loan and CC. They all go out with separate letters yes?

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Thanks DX - amended as per your guidance. 

 

Loan 2 – Feb 2007

Borrowed                                      £18,137.00

PPI carried over from loan 1      £2,649.62

PPI Premium                                £7,738.88

 

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

Total Loan 2 Amount                 £25,875.88

 

PPI Rollover from Loan 1 = £2649.62 / 25875.88 * 100 = 10.24%

PPI  of loan 2 = £7,738.88 / £25,875.88 * 100 = 29.91%

 

Monthly repayment = £459.98

 

Therefore, PPI Rollover from Loan 1 = £459.98 * 10.24% = £47.10

PPI of Loan 2 = £459.98 * 29.91% = £137.58

 

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

 

Just to confirm, I don't complain to Canada Square first, I go directly to FOS

 

The reasons I was going to put in the letter:

Egg card - never knew I had PPI, nobody told me (not on the agreement form)

Egg Loan 2001 - never knew it was in there, not told by salesperson (PPI is on agreement form though)

Egg Loan 2005/6 - was self employed at time, implied to me PPI part of loan

Sound right? 

 

Thanks

 

 

 

StatIntSheet v101.xls

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Great advice on the other Egg PPI thread,  soI'm making my covering letters as simple as possible. Can I just check the reasons work, especially the 2005/6 loan:

Egg card - never knew I had PPI, nobody told me (not on the agreement form)

Egg Loan 2001 - was not told the PPI was optional (unclear from SAR if it was online application/PPI tickbox)

Egg Loan 2005/6 - was not told the PPI was optional, also was self employed at time

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  • 3 weeks later...

First reply back from Canada Square and a swift rejection of the Credit Card application. 

 

Reason: While they do acknowledge flaws in the sales process they do not accept all my allegations. However despite that, I stated that I would have received no pay from my employer if I was off work due to an accident, sickness or made redundant. Also I stated I would have had no other way of making repayments . 

 

On discussing with a former work colleague, I think I got that wrong in the application. The sick pay for my employer (major Bank) was minimum 6 months and after that it went to insurance. Is it worth me trying to get that confirmed by the employer (was c2000 so I have no idea if this is possible?) and then go back to Canada Square? 

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Yeah, I did think it was a bit of a 'kitchen sink' reply. 

 

Ok, I've spoken to my previous employer and they've directed me to the sick/absence pay terms online - 52 weeks sick pay. I'll write up a reply to CS tonight and include a printout of this. Thanks. 

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  • 1 month later...

First reply back - complaint upheld but far lower than in my claim:

 

Claim 

PPI payments £556.10

8% Interest £794.17

 

Offer

PPI Payments £473.55

Interest of payments £40.21

8% Interest £262.27

Less any previous rebate paid -£330.20

 

Unsure why their 8% is so low in comparison to the spreadsheet's calculation

They've also taken out 'rebate paid' which in their notes says it's a partial refund of the premium upon early termination of the policy - I paid this loan off early. Does this make sense?

Lastly, they say that if I cash the cheque they're sending I agree this is full and final settlement and can't make any further claims on this case - is that true? I'm sure I read something else to the contrary here. 

PPI 1.pdf

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9 hours ago, Andyorch said:

It would depend on what date their Sec 69 interest starts from and differs to yours.Their offer is based on your acceptance as F&FS...only cash the cheque if you accept that...I dont see why you couldn't accept that term...do you intend claiming again in the future ?

 

Andy

I think it was more I was unsure if I could cash the cheque while also disputing the total - sounds like if it's a F&FS and I cash, that's the claim finalised. Just wanted to check as I could have sworn I saw someone give advice on here the other way. 

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9 hours ago, dx100uk said:

I cant see how our tried and tested method is SO wrong

or their is!!

 

ask for a full breakdown of their calculations

 

dx

 

Second one has come through and it's along the same lines. This is for the refinanced loan that was recently DCd by Arrow Global:

Claim 

PPI payments £2836.01

8% Interest £2865.40

Total £5,701.41

 

Offer

PPI Payments £3,365.51

Interest of payments £485.94

8% Interest £748.61

Less redress £2,388.44

Less basic tax -£149.72

Total £2,238.72

 

Very helpful of them to suggest I contact Arrow Global  and make a payment to them! 

Same tactic on this one - just ask for a breakdown of their calculations? 

 

PPI2.pdf

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I do recall receiving a letter - not sure if it was 2012, but could have been. I can't remember seeing a copy of it in the SAR but I'll double check. Definitely don't recall reading there being a time limit mentioned - is this a valid reason to reject by them if so? 

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