Egg Loan, confused.

[msowing]

This is my first post so i hope i do it right.

I cancelled ppi on my egg loan in July, they refunded part of the ppi and credited it to my outstanding loan then recalculated payments.
However having checked my account on egg site i worked out that my current repayments over next 24 months means that i will overpay the loan by £287. I contacted egg for a breakdown of my loan they sent me a statement with payments made and that i have remainder left to pay 24 payments of xxx which works out to over payment.

I also asked for confirmation of total charge for credit and total amount payable as i have never been told what they are but they refuse to give it to me.

Are they right in what they say? Can i do anything about it?

[steven4064]

Send them a request "purusant to s78(1) of the Consumer Credit Act 1974" for the following:

1. a copy of the executed agreement

2. a signed statement showing:

(a) the state of the account,
(b) the amount, if any currently payable under the agreement and
(c) the amounts and due dates of any payments which, if you do not draw further on the account, will later become payable under the agreement

Point out that, under the CCA 1974, they have 12 days in which to comply.

They have to comply with this request. Let us know what youget back from them.

[msowing]

Thanks for that, will post a letter off in moring.

Caz

[msowing]

Could someone please tell me, is it 12 working days for my request?

[steven4064]

I think it is 12 lapsed days from when they receive you request - so say 14 lapsed dys from when you posted it.

[msowing]

Hi,
I posted my letter on the 5th Jan, and I have had nothing from Egg. I did not send it recored delivery though just first class post.

Could anyone tell me what I can do now they have ignored my request?

Msybe I should I resend letter first, Recorded Delivery this time? Anyone got any ideads it would be much appreciaited.

Caz

[steven4064]

If you sent it on the 5th (Saturday) you need to allow two working days for it to get there, that takes you to the 8th. THey have 12 days to relpy but the 20th is Sunday. You need to wait at least till Monday before writing and telling them the account is in dispute and they must cease all collection activities until they remefy the dispute. If that takes them longer than a month them they commit an oofence under s78(6) of the CCA 1974.

[msowing]

Hi,
Have had nothing from Egg in this morning's mail.

Can anyone point me in the direction of what I put in a letter to them?

Caz.

[steven4064]

CAz

Remind them that they had 12 days under the CCA 1974 which they have not complied with. Therefore the account is formmaly in dispute and under s78(6) they may not enforce it. That means they

- may not ask for payment
- may not add charges or interest
- may not pass information regarding the account to any third part incuding, but not lkimited to, CRAs

[msowing]

Thank you for that Steven. Will get it done today.

Caz

[msowing]

Hi,
Sorry to sound so naive, but I had a look at my CRA report and Egg entered on there the total amount borrowed as xxxx which was loan amount and ppi but no interest. Is that correct, or should my CRA report have the total amount borrowed on it,- loan ppi plus interest.

Caz.

[steven4064]

You didn't borrow the interest - it was added to what you borrowed. I don't think you borrowed the PPI either for that matter. I'll check

[msowing]

Thanks Steven.

Told you I was naive about these things. Now I sound really thick.

Caz

[msowing]

Quick question.

How long after I sent reminder letter do they have to reply to me?

Caz

[steven4064]

If you are talking about a CCA request, they should answer in 12 days from your first request. After that, they have a month before they commit an offence under s77(4) of the Act.