Egg Card PPI: How to Reclaim Payment Protection Insurance
Many bank customers across the UK have been complaining about Payment Protection Insurance (PPI) covers that have been inconspicuously included in their bank accounts for example Egg card PPI. It seems that banks found a way to sell these covers to customers even if they do not really need them in their savings, loans, credit cards, and mortgages.
Egg is among the many financial institutions that have mis-sold PPI covers to their customers. Is it still possible to reclaim the money paid for unnecessary PPI covers in their credit cards? Yes, and here’s how to do it.
What Is Egg PPI ?
Egg was the first internet bank in the United Kingdom. It was initially established as a division of Prudential Banking, but was relaunched in October 1998 as a bank that solely operates via internet and call center operations.
The bank has been highly popular among the public. Credit cards have been its most lucrative bank product.
Egg has been defunct since 2011. The bank was bought by Citigroup in 2007. Its credit card arm was acquired by Barclaycard in March 2011, while its mortgage and savings arm was bought by Yorkshire Building Society in July 2011.
Egg is now known as Canada Square Operations Limited, and remains as a part of Citigroup and Yorkshire Building Society.
How was PPI Mis-sold?
Payment Protection Insurance (PPI) is a financial cover that gives insurance over credit agreements. It ensures coverage of repayments on loans, mortgages, and credit cards should the borrower die, become disabled, lose his job, or lose his paying capacity in any way.
Banks often sell PPI along with their loans and credit card products. They often automatically include it in their policies.
However, most consumers do not really seek to buy additional PPI covers on top of their loans and credit cards. Too often, banks such as Egg do not disclose that PPI policies were included in their products, so their customers purchase credit agreements not knowing that PPI was included in it. Customers end up paying more than their intended credit, and banks end up gaining more profits from it.
How Do You Claim Mis-sold Egg PPI Back?
Egg might be defunct now, but there are ways to file complaints if you believe you were unjustly mis-sold a PPI cover on your credit card.
Citigroup’s complaints acceptance team handles all concerns regarding mis-sold PPI on Egg credit cards. You may write to them directly to ask them to look into your old Egg credit card account. They do not charge fees for this, and your relationship with the bank will not be compromised as well.
Note that any correspondence you get back from them will be under the name Canada Square Operations Limited, the Citigroup arm appointed to receive and process former Egg PPI complaints.
If your old Egg card was transferred to Barclaycard, you may contact Barclaycard directly via their website or through their contact numbers.
Claims Management Companies (CMCs) are also available to process your Egg card PPI complaints. They are third-party companies who will contact the concerned banks to file your PPI complaints on your behalf. Note that these companies do charge for their services, and usually resolve complaints in the same timeframe as banks do.
What Information Do You Need?
Include the following information when you file a PPI complaint for your Egg credit card:
- Your full name
- Date of birth
- Current residential address
- Any previous addresses and contact numbers
- PPI policy or account number
- When the credit card with PPI cover was taken
- Circumstances surrounding the sale of the credit card, such as your employment status at that time and the names of the companies you’ve worked for
How Long Does It Take to reclaim?
It typically takes 40 business days or 8 weeks for Citigroup, Barclaycard, or CMCs to complete your PPI check and reach a final response regarding your case.
The Financial Conduct Authority has set a deadline for filing complaints on PPI claims. You may have your banks check for PPI and file a subsequent complaint until the 29th of August 2019.
If you haven’t received a response after 8 weeks, or feel unhappy about the decision regarding your PPI case, you may forward your complaint to the Financial Ombudsman Service.
Egg PPI – Summary
You may reclaim the money you spent on PPI covers unknowingly added to your old Egg credit card accounts. File a complaint either under Citigroup, Barclaycard, or through a CMC until 29th August 2019. Expect to receive a decision 8 weeks after the complaint is filed.
You deserve to reclaim the PPI that was unjustly sold to your Egg credit card accounts, so act now before it’s too late.