riptony Posted October 25, 2006 Share Posted October 25, 2006 In April I took out an Egg loan of £10 000 at an interest rate of 6.9%. I also said yes to their Payment protection plan which was about £30 a month. What I didn't realise at the time is that egg add all the £30s up that you'd have to pay over the period of the loan which was about £2400 then charge you interest on £10 000 + £2 400 =£12400. so you are paying interest on £12400. Fortunately Egg let you cancel this policy so i'm not stuck with it, but I have wasted 5 lots of £30 and half a years interest on £2400 The annoying thing is that they can legally do this Lost all sorts of confidence in Egg as a result of this, and I would therefore advise anyone to stay well away. Link to comment Share on other sites More sharing options...
Meaks Posted October 25, 2006 Share Posted October 25, 2006 To be fair I doubt its just Egg that are in on this. Link to comment Share on other sites More sharing options...
cgksheff Posted October 25, 2006 Share Posted October 25, 2006 http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1094824697,77411, Link to comment Share on other sites More sharing options...
tony2311 Posted October 25, 2006 Share Posted October 25, 2006 In April I took out an Egg loan of £10 000 at an interest rate of 6.9%. I also said yes to their Payment protection plan which was about £30 a month. What I didn't realise at the time is that egg add all the £30s up that you'd have to pay over the period of the loan which was about £2400 then charge you interest on £10 000 + £2 400 =£12400. so you are paying interest on £12400. Fortunately Egg let you cancel this policy so i'm not stuck with it, but I have wasted 5 lots of £30 and half a years interest on £2400 The annoying thing is that they can legally do this Lost all sorts of confidence in Egg as a result of this, and I would therefore advise anyone to stay well away. Is it EGG fault you dont read all the small prints/ask the question, i think they been more then fair to let you cancell! the rate you got is very good so you should be please and feel lucky instead of crying about them here Link to comment Share on other sites More sharing options...
crazybabe Posted October 25, 2006 Share Posted October 25, 2006 Payment protections are a waste of money, they always find ways of getting out of paying out when you need to claim, if you really really wanted to have 1 though you can find cheaper ones online yourself, you dont have to have the one the loan company sells u Link to comment Share on other sites More sharing options...
*Turbo* Posted October 25, 2006 Share Posted October 25, 2006 Methinks the name of the thread should be renamed as "Dont take out a loan" As a previous poster mentioned, i very much doubt egg are the only company who do this. Link to comment Share on other sites More sharing options...
riptony Posted October 25, 2006 Author Share Posted October 25, 2006 Is it EGG fault you dont read all the small prints/ask the question, i think they been more then fair to let you cancell! the rate you got is very good so you should be please and feel lucky instead of crying about them here well done, yet another rude post from you..... my favourite rude post off yours was on the iPOD thread.....no comeback! you've also made an idiot of yourself on the loans thread and if i were you I wouldn't go around saying people have mental problems because those who live in houses made of glass...... Link to comment Share on other sites More sharing options...
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