Egg PPI claims

If you're looking to make a PPI claim against Egg the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your Egg PPI claim. Of course, we'd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?

A bit of background on Egg...

Egg was launched in 1996 as an internet bank by insurance giant Prudential, with the Egg brand name adopted in 1998. It was sold to Citibank in 2007, then in 2011 the credit card business was transferred to Barclaycard, its savings and mortgage operations to Yorkshire Building Society and its personal loans to various providers. Egg is still used as a trading name of Yorkshire Building Society, who will not be able to help with PPI complaints. These should instead be directed to Canada Square Operations, a division of Citibank.

Egg was launched in 1996 as an internet bank by insurance giant Prudential, with the Egg brand name adopted in 1998. It was sold to Citibank in 2007, then in 2011 the credit card business was transferred to Barclaycard, its savings and mortgage operations to Yorkshire Building Society and its personal loans to various providers. Egg is still used as a trading name of Yorkshire Building Society, who will not be able to help with PPI complaints. These should instead be directed to Canada Square Operations, a division of Citibank.

In December 2008 the Financial Services Authority (FSA) fined Egg £721,000 for deficiencies in sales of credit card PPI via telephone over a three year period, mostly during the period of ownership by Prudential. The principal issue identified by the FSA was that Egg salespeople over-emphasised the positive features of the PPI in an effort to secure a sale, even though they claimed to be conducting the sales on a 'non-advised' basis. The FSA added that some customers had PPI added to their card even though they did not consent to this.

Egg PPI Claims - were you mis-sold?

Did you feel pressured into buying PPI? Did you get an explanation of the negative features of the product, such as the many exclusions that PPI policies typically include? Was PPI sold without your consent or knowledge? In the last instance, you may need to read your statements carefully, or contact the provider, to establish whether you have the insurance. Issues such as these have given rise to many successful PPI claims.

The FSA enforcement action against Egg concerned only telephone sales of credit card PPI, but you should not be deterred from making a claim just because your PPI relates to a personal loan, or was not sold by telephone. Indeed many customers directly affected by the telephone credit card PPI sales will already have been compensated by Egg, as they agreed to conduct a historic review of their sales in return for the FSA limiting their fine to £721,000.

Most providers will ask you to complete the PPI complaints questionnaire of the Financial Ombudsman Service (FOS) at some stage of the complaints process. However, the Citibank site asks you to do this at the outset, and does not give a telephone number for PPI complaints. It asks you to print a PPI consumer questionnaire from the FOS website and to send it to:

Canada Square Operations, PO Box 4903, Worthing BN99 3AR.

How long will my Egg PPI Claim take?

The site suggests that all complaints will be resolved within eight weeks. You may be offered adequate compensation by Canada Square within this time period, but if the complaint is rejected, or you are dissatisfied with the amount offered, you need to refer the matter to the FOS - www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.

Any compensation offered should be sufficient to put you back in the position you would have been in had you not purchased PPI. Usual procedure is to offer a refund of the PPI premium plus interest paid on it, with interest calculated at 8%. Credit card PPI claims often involve payment of larger amounts, as your ability to make repayments on the card balance will have been affected by the need to also pay for PPI. An additional amount should be offered to cover the amount the card balance would have reduced by had you not been paying PPI.

Any compensation offered should be sufficient to put you back in the position you would have been in had you not purchased PPI. Usual procedure is to offer a refund of the PPI premium plus interest paid on it, with interest calculated at 8%. Credit card PPI claims often involve payment of larger amounts, as your ability to make repayments on the card balance will have been affected by the need to also pay for PPI. An additional amount should be offered to cover the amount the card balance would have reduced by had you not been paying PPI.

One thing to bear in mind before making your claim either through us or direct with Egg is whether you were sold PPI by Egg or an intermediary. If it's the latter, then you'll need to make the claim against them, rather than Egg.

Next steps to making your Egg PPI Claim...

Now you know all about Egg PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and we'll crack on and get your claim processed straight away.

All information presented in this article is accurate as of December 2012