Egg Mis-sold me a Top-Up Loan

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

Glad you found my rambling useful, DS !!!

very much so, thank you again.

If I've read this right, you have already claimed a specific sum in relation to the fixed loan then ?

In my FOS Complaint Form and in a letter to Egg, I claimed £261.60 for the loan PPI already paid. I was going to send a chaser letter to Egg and the FOS updating the math, along the lines you have suggested and see what response I get (not that Egg are communicating anyway) [/quote]

It's up to them to dispute this, but they will then need to explain exactly why.

Exactly. At some point these Egg boys are going to have to negotiate as its obvious I've been ripped off by them.

If Egg have already sent a settlement offer, then I would suggest that you ask them for an explanation of their calculation - perhaps pointing out that this is a stipulation by the FOS, and that you cannot be expected to properly evaluate their offer without it.

They haven't. Thery won't engage at all. So I've complained to the FOS and sent Egg the FOS PPI claim forms.

The FOS rules that you should be provided with an explanation of how the bank calculated the settlement offer. Technically, if they do not provide this adequately, the claim cannot be settled, as you are entitled to know how the offer has been calculated in order to make an informed decision on whether to accept it or not.

As long as Egg don't attempt to recover the monies through a DCA or the court that's fine. Let then sweat it out cos I aint paying them a penny 'til this gets resolved and the loan rescheduled or my F&F accepted.

[quote=Bill-K;169546] I'll send you a PM with the spreadsheet I suggest you use for the CC claim. You can be filling this in while you wait for Egg to send you their calculations on the fixed loan PPI. [/quote}

Cheers bud. Have PM'd you concerning this.

When we're happy with the CC figures, we send Egg our claim

Updated / amended claim.

- BUT - I always suggest that we don't send them our spreadsheet. Instead, we claim an approximate amount "in the region of £XXX" - or "at least £XXX." This way, we don't limit our claim. Some settlement offers HAVE been made, which were more than we calculated, so it's best to see what they offer first. After all, they are the professionals - not us !!!

Ok will do. I will let you have a copy of my proposed letter to Egg when I've done the math.

As the consolidation loan is still current, then Egg may well want to use all the settlements to reduce the balance of this.

That's fine. I'm not debt dodging, just want to be treated fairly and squarely by Egg.

Cheers mate. Thanks for the advice and I'll send you a PM.

[Turboman]

Re: Egg Mis-sold me a Top-Up Loan

Ame & Bill

Found the thread--will cast a second pair of eyes over it tonight--but seems Bill has it well covered

Turbo

[Turboman]

Re: Egg Mis-sold me a Top-Up Loan

Blimey--bit more complex Bill & debt Star than I anticipated--

--bit rusty with my layoff & you changing my SS's so I don't know which is my master-lol (will work thro Di/Kam/AC basic SS over weekend to follow the changes--
Family visiting Sat/Sun from London--But I will participate on Monday when I'm back up to speed

Debt Star--if you have the CC statements-just add up the PPI Pymnt on each month for the time being--as Bill says-- we can get more sophisticated later (when we can see the wood from the trees) and calculate Interest Attributable to PPi on your CC

Also -are the statements available for both loans ?

(ps-scan at around 200dpi and Black&White so we can view them better)

Turbo

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

I will participate on Monday when I'm back up to speed

cheers mate. appreciated.

Now I know why Egg have gone eerily quiet. Its probably one of those cases that's routinely placed at the bottom of Egg's "to do" caseload each day. It didn't stop them giving me 4 years of DCA hell pursuing their faulty loan though.

Debt Star--if you have the CC statements-just add up the PPI Pymnt on each month for the time being--as Bill says-- we can get more sophisticated later (when we can see the wood from the trees) and calculate Interest Attributable to PPi on your CC

Below are 2 extracts from my FOS ppi claims (cc and old loan). The math is pathetic and I'm affraid I've seriosuly undersold my claim...

Come to think of it, do i need a claim for the consolidation loan as well?

Also -are the statements available for both loans ?

I don't but I can produce my own spreadsheet as i know the figures. will this help?

TDS


Old Loan PPI claim extract:

"I entered into an agreement on 2004 with Egg for a loan which included £1,308.00 for a single premium payment protection insurance (PPI) that was paid up front and added to the principle loan of £5,000.00. I entered into the agreement which allowed for fixed repayments of £122.42 for BOTH the £5,000 principle plus the PPI of £1,308.00. APR of 7.9% over 60 months was added to both and loaded onto the repayment of the PPI. This resulted in a projected repayment of £6,085.70 at the expiry of the 60 month period, inclusive of the PPI and interest paid on it. The PPI element amounted to some 21.5% of the total debt.

"The credit agreement for the Egg Loan agreement just lumped it all in together and it was very unclear what the monthly payment was for and whether interest was being charged on the PPI (which it actually was, at the same APR as the principal loan).

"During the course of the loan I paid £261.60 pro rata for the PPI and the balance PPI single premium of £1,046.40 (inclusive of the APR already loaded onto it) & included in the balance settled by an Egg Consolidation Loan on August 2005. The loan only ran for approx 12 of the 60 months. The sum of £4,593.42 was outstanding from the original £6,085.75 less, presumably, the standard interest discount for early settlement. I failed to make payments on or around February 2006 under the Consolidation Loan and Egg registered a Default Notice in March 2006. I am still paying for the single premium insurance without benefiting from it. No PPI was sold on the Colidation Loan and I was never offered a refund of the single premium I paid on the original loan when it was paid off. "

CC Extract from PPI Claim form:

"I entered into the agreement which allowed for variable repayments plus interest as these accrued to the credit balance each month. I paid £457.77 net during the term of the card, which was paid off by an Egg Consolidation Loan in 2005. These accrued premiums amounted to 9.5% (net of the interest that accrued to them) of the total balance paid off by the Top Up Loan consolidation.

"The credit agreement for the Egg card did not state that there would be any PPI let alone how the monthly payments would be calculated - or whether interest was being charged on the PPI (which it actually was, at the same APR as the credit supplied).

"I only had the card for 15 months. The Consolidation Loan was sold to me to consolidate the credit card and an Egg Loan. The sum of £4,802.45 was outstanding. I failed to make payments on or around February 2006 under the Egg Top Up agreement and Egg registered a Default Notice in 2006. I am still paying for the insurance without benefiting from it. No PPI was sold on the Top Up Loan and I was never offered a refund of the capitalized PPI sold on the credit card when it was paid off."

[Turboman]

Re: Egg Mis-sold me a Top-Up Loan

Thats great--yes attach a SS in .xls or .pdf format (or Open Office)

-send via E-Mail if you like to Simiantics@gmail.com & whover logs on first will run with it (me or Bill)

Turbo

[Turboman]

Re: Egg Mis-sold me a Top-Up Loan

Right Debt Star--well done--I see we are all in the "Enclave" until Bill & I have done further work

However, because I was away at the weekend-Bill thought yo all deserved a few tunes!!!

SO--I can't remember if I have posted this before--lol




and also he insisted I post up "The most played video" on all the Penalty Sites:--need absolutely full volume on speakers--



Turbo

xxxx

[Bill-K]

Re: Egg Mis-sold me a Top-Up Loan

LOL - If I could, I'd give you negative rep for that last post, Turbo. "Can't remember if I've posted them before, my @$$ !!!" - I used to like those choons once upon a time !!!

Well done with the spreadies, DS - they look ideal for copying to our own, as you've used a basic Excel spready, and seem to have put in all the data we need.

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

Cheers guys. Thats fantasimo.

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

Nothing from Egg just yet. FOS have sent complaint form to them so they have 8 weeks to respond. I guess they won't be best pleased with that.

[Bill-K]

Re: Egg Mis-sold me a Top-Up Loan

Oh dear - not exactly Breakfast at Tiffany's, is it ? !!!

Looks like they're gonna get the Full English - like it or not !!!

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

A big thank you to Bill and Turbo for all the help they have provided me. The spreadies are great guys, cheers. I can now go back to Egg armed with something concrete and cc the FOS as well.
Cheers big fella.

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

[Bill-K]

Re: Egg Mis-sold me a Top-Up Loan

LOL, DS !!!

Yeah, let's make some omelettes !!!

[The Debt Star]

Re: Egg Mis-sold me a Top-Up Loan

well, y'awl know my account is in dispute with Egg, the FOS will be looking into it and I also have the PPI claim.

Egg have only now gone and instructed Frederickson International to send me a threat-o-gram demanding the full balance.

[Bill-K]

Re: Egg Mis-sold me a Top-Up Loan

Right, said Fred. Wrong sez DS. I guess you better write to them and let the left-hand know what the right-hand is doing, and that "their conduct thus far will not be seen favourably by a court, should proceedings be brought."