Egg loan single premium ppi

[Claire481]

Hi

I took out an Egg loan in 2005 to consolidate some credit cards. The original loan was for £9000 and the ppi single premium was £2085. My monthly repayments were £170. I felt pressured at the time into taking out the policy but I don't believe I knew what I was buying and was just happy someone would lend me money. In about 2007/8 I refinanced with Egg with a new loan which was £13000 at 12.5%. This loan has since been taken over by Moorgate but when I called them they said I didn't have ppi. I have my paperwork for the original loan but not the more recent one.

I have written to Egg to complain and request my money back plus interest etc using the template letter. My question is how much should I expect to be offered?

I can't open your spreadsheet as I don't have the right version of excel to do the calculations. Just a ball park figure would do.

I think I am owed the original £2085 premium plus 8% interest on that plus the 18.9% of each of the payments of £170 per month I made which I calculate to be about another £2600.

What would be a reasonable offer from Egg? C

[ims21]

Hi

 

Have a read of No.1 in my signature....details of how to do the calcs are there.

 

If you can't open the spreadsheets in Excel, grab yourself a copy of OpenOffice from here

 

http://www.openoffice.org/

 

 

You will then be able to use them

[Claire481]

Hi - I am trying to get my head around this. I have starting completing the spreadsheet but want to check I am getting it right.

My original loan was for £11,000, £2085 of which was the single premium ppi. That means that the premium was 18.9% of my loan. My repayments were £170 per month so 18.9% of that is £32.13. Do I reclaim £32.13 for every month since the loan was taken out and do I then add up all the interest on that £32.13 as per the spreadhsheet? Or does that £32.13 decrease over time? Can you help? It seems to add up to an awful lot...

[ims21]

Yes you enter £32.13 for every payment actually made. You also need to enter the date of the payment. The sheet will work the rest out for you, you don't need to do any adding up.