Reclaim your Egg PPI – Egg PPI Fine - Payment Protection Insurance Claims

In December 2008 The Financial Services Authority (FSA) fined Egg Banking plc £721,000 for serious failings in its sales of credit card payment protection insurance (PPI).
The FSA found major flaws in approximately 40 per cent of telephone sales of credit card PPI made by Egg between January 2005 and December 2007. During this period Egg sold more than 106,000 PPI policies at an average cost of £156.

The majority of the failings uncovered by the FSA occurred because Egg employees were under instruction to exercise persuasive techniques to compel customers to purchase PPI insurance even though this type of high pressure selling is prohibited. These methods included over-emphasising the positive features of the PPI, or telling the customer they could take the PPI for a free period and cancel it later if they did not want it.

Surprisingly the FSA even uncovered cases where PPI was applied to customers’ credit cards by Egg employees without the clients consent.

Egg has since ceased all telephone sales of credit card PPI and also has agreed to fully refund customers, plus interest where appropriate. As a result Egg is expected to pay £1.67 million for every
10% of customers who receive a refund.

Egg is the 20th company to face action by the FSA over PPI sales, and its penalty pales in comparison to the £7m fine handed out to Alliance & Leicester in the previous October.

Source FSA

Unfair PPI agreements affect many of the UK population.  Now you can do something positive and fight back with no upfront fees to pay.

Payment Protection Insurance is a product that is offered with nearly all credit agreements and there are many reasons why your claim may be a valid one.

• Have you been miss sold Payment Protection insurance (PPI)?
• No upfront charges
• Our solicitors charge 20% of recovered monies
• If successful claimants in default can apply to have their defaults and CCJ’s removed from their credit history.

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