StressHead's Reclaiming PPI from EGG Loan Thread

[StressHead]

Hi Di,
Niddy told me to post in here as I have a loan with EGG which is UE under s. 18 however there is £8K's worth of PPI on it. I took the loan out in 2006 and was told at the time that I had to take out PPI because the loan was for such a large amount and that I couldn't have the loan if I didn't take PPI. Problem is that I was told that over the phone so have no written proof. Where do I start re. reclaiming PPI and what (if any) info do you need from me?
Many thanks,
StressHead

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di,

All detailed here: #89

Basically the PT's on the agreement are non compliant with s.18 CCA1974 so we need to look at a reclaim of mis-sold PPI as the customer was told that without PPI there would be no loan, which we both know is a major breach of selling the PPI.

It was from 2006.

Thanks Di....

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Hi there and cheers as well Niddy.

Basically for a start, you can still make a reclaim if you just have the account number?
If you do not have this, then check any old banking statements, direct debits, if your still with the same bank where they debited the loan repayments and you bank online, the account number of that loan should be shown next to the monthly repayment.

However, paperwork does come in handy, so you could as stated above start my making a reclaim, and request for the paperwork in due course.

Just going to read the info on Niddy's post above and will get right back with some more details for you.

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di

This is in the middle of being sorted for UE - basically i've seen the agreement, it clearly shows that PPI was added however as quoted by the claimant, she was told she must have PPI or no loan (naughty Egg).

We are claiming UE across the loan, regardless. However to get the balance down by £8k we need to reclaim on the misssold PPI - the account is heavily in arrears and instead of running the risk for a claim in court, we want to get the PPI sorted as this also enforces our claim that the agreement is null and void meaning we can beat them if they try and enforce it.

Basically, we just need to get claimant sorted with reclaiming PPI as it was forced upon her, ie mis-sold. The account is live and defaulted/in arrears.

We understand that all monies if successfully reclaimed, will be paid back to the account - that's normal and acceptable. But we need to get the ball rolling.....

Make sense?

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Stresshead, usually you do need to do a SAR to reclaim PPI (note I say usually), however as you know the amounts charged (up-front) onto the loan, you can miss this part and reclaim the actual amount as a whole refund as it was mis-sold. You usually send a SAR to get statements so we can add up all the payments, but on a loan the PPI is loaded at outset, as detailed on the agreement (ie the £8k) therefore that is the amount you'll reclaim - you do not need to send off for a SAR.

Me thinks Di has misread the history - not to worry, she's probs head-fried with doing reclaims for people all day; happens to the best of us!

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Please feel free to post up the figures, and I will forward the link to Turbo who is a genius at PPI calculations and will make sure you receive exactly what your entitled to.

Now reclaiming.

The Financial Ombudsman Service (FOS) have issued PPI reclaiming questionnaires, you can use these instead of writing a letter to make a reclaim, but if you prefer to write a letter you can do so instead, and/or complete the questionnaire and write a cover letter if necessary - such as if you want to give further information on your reclaiming etc, but its optional.

Here is the link to the questionnaire help.
http://images2.moneysavingexpert.com...stionguide.rtf

And here is the link to the questionnaire.
http://www.financial-ombudsman.org.u...stionnaire.doc

If your unable to open, please let us know.

You pursue the ones who set up and sold you the account, if they have a complaints office send to them or otherwise their head office.

The usual timescale is 8 weeks.

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di

Have you seen my guide here: ---> UPDATED - Reclaiming Charges, PPi & Unfair Fees

This contains all the relevant links (I hate linking to MSE as you know).... would rather not link there directly



Its a niddy thing you know

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Oops, sorry, got interupted at home and did not get round to reading the post number you left Niddy lol, sorry StressHead.

Right as you have the details of the amount of loan/ppi that is good and a help.

Basically they should not have pressurised you in taking out the PPI, it should have been made optional. They obviously did not sell the product in your best interest.

Yes Niddy that does make sense.

So that reclaiming needs to be done in order to bring down the balance on the loan, as Niddy have explained it will help reduce the balance, and I would also like to state "anything remaining and interest is normally awarded directly to you once the refund have been awarded".

And another thing here is, if you are in arrears the PPI is also now worthless to you, your not able to make a claim for Sickness/unemployment etc, so to make a reclaim will be a big help to your loan.

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di

Have you seen my guide here: ---> UPDATED - Reclaiming Charges, PPi & Unfair Fees

This contains all the relevant links (I hate linking to MSE as you know).... would rather not link there directly



Its a niddy thing you know

LOL that's where i got your linkie from Niddy is yours
tee hee hee.....
http://forums.all-about-debt.co.uk/s...78&postcount=5
Bottom of page lmao x

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

LOL that's where i got your linkie from Niddy is yours
tee hee hee.....
http://forums.all-about-debt.co.uk/s...78&postcount=5
Bottom of page lmao x

[StressHead]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

So let me get this right. I've already got the CCA and I don't need to request a SAR. So I am going to send EGG the Beginning your PPi Reclaim letter and the OFT Consumer Questionnaire. Do I actually sign my name or digitally sign it? Many thanks.

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Thanks Di... i've tidied up a bit and got rid of old stuff

Thanks for the help, i'll leave stressed in your capable hands, now you're up to speed on things....

Oh yea, the debt is £20k or so, the PPI is £8k so it'll bring it down, but nothing will be repaid to stress (unfortunately)...

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

So let me get this right. I've already got the CCA and I don't need to request a SAR. So I am going to send EGG the Beginning your PPi Reclaim letter and the OFT Consumer Questionnaire. Do I actually sign my name or digitally sign it? Many thanks.

You should sign it, do it slightly different though so if it ever appeared on an agreement from Egg, you can claim that it is a forgery - so just do it slightly different to usual.

Otherwise, yes - spot on. Just write to Egg and reclaim the total amount of PPI as per the loan agreement that you sent me earlier.

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Thanks Di... i've tidied up a bit and got rid of old stuff

Thanks for the help, i'll leave stressed in your capable hands, now you're up to speed on things....

Oh yea, the debt is £20k or so, the PPI is £8k so it'll bring it down, but nothing will be repaid to stress (unfortunately)...

Cheers Niddy lol

Well I'll get there. LOL.

That's a lot of money, and interest as well to be claimed.
Turbo will work the amounts out I'm sure.

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Cheers Niddy lol

Well I'll get there. LOL.

That's a lot of money, and interest as well to be claimed.
Turbo will work the amounts out I'm sure.

Can you still reclaim residual interest on a set amount, ie the agreement showed £25k loan, then a set amount of PPI of £6k plus interest on the interest (of the loan and the PPI) which added another £2k on top - so for this £25k loan the total repayable as per the agreement showed £33k or thereabouts...

I just presumed that she would reclaim the same amounts as shown on the agreement or can she also charge 8% since loan inception?

* Stessed, don't worry too much about what i'm asking here - it may confuse you lol. May be best not to do anything just yet and post the actual amounts as shown on the agreement so we can check things.....