Thread: Egg Card

I've had an Egg card since around 1999, and for most of the time since then I've only ever made minimum payments, or when I did manage to pay off more then I'd just pile on the debt again. I've never missed a payment - my credit history is squeaky clean. The current balance is about £5k. I'm the perfect customer.

I now have a lump of cash (£3k) in my bank account that I'd like to use to finally pay off my Egg - is there any chance Egg might consider this offer? How could I approach it?

Any advice would be much appreciated.

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I now have a lump of cash (£3k) in my bank account that I'd like to use to finally pay off my Egg - is there any chance Egg might consider this offer? How could I approach it?

Unless you have an exceptioanl change of circumstances then as your payments are up to date and you haver never missed one then there is no way they will accept a reduced amount. What makes you think they would?

Originally Posted by igglepiglet

Well they've already made a gargantuan profit from the interest on my account alone - I thought maybe they'd consider taking a reduced lump sum to settle it, especially considering how much trouble financial institutions are in these days. I guess I was wrong then, sorry for posting.

No need to be sorry for posting it was a perfectly valid question.
The circumstances they accept reduce settlements are when people ahve been in an arrangement to pay on a dmp or similar and come into some money or a 3rd party offers a reduced balance. By this time their credit file will be full of defaults and late payments and will be wrecked, and they most likely will have been harrassed for months by DCA's.

I would pay the £3000 to the card to reduce the balance, and as your credit rating is perfect look for a 0% balance transfer card and clear the remaining £2k as quick as possible which wil lsave you interest.

My Egg credit card is not in default or anything like that - I've never missed a payment on it, but I sent them a request for a copy of the CCA relating to this account two weeks ago, and they have failed to comply. I have not received a response from them at all.

Can I now cancel the direct debit on my bank account and inform them that they won't be receiving any more payments from me until they produce the CCA?

Two threads merged

Injunctions are heavy stuff, to restrain a party which has clearly broken the law. They are expensive in both cost and time (one solicitor quoted £2,000 to handle one). The cause celebre below took Natwest to court for BREACH of an injunction already imposed. It went on for 8 months, with 5 court attencances, and ended with a score draw but no penalties for NatWest. see http://www.consumeractiongroup.co.uk...ion#post592322

For broader background reading: click in the blue bar near screen top,
click ADVANCED SEARCH, set keyword to INJUNCTION, select SEARCH THREAD TITLE ONLY, click SEARCH NOW -- returning 11 threads.

Because of Citigroup and Egg poverty under credit crunch, Egg pursue debts harder than ever. They would only settle for less if the debtor's circumstances make it demonstrably clear, that if they did not settle for say 80% of the balance outstanding today, they may collect zero in the months ahead as the debtor falls further into difficulties. With your spotless AAA credit history Egg are unlikely to settle for less than 100%. Egg will understand you have a valuable reputation to lose as they blacken your Experian profile by truthfully recording your omitted monthly minimum payments.

The validity of your CCA is for you to prove. If you did manage to prove invalidity to Egg's complete satisfaction, they may think again and settle for less than 100% rather than risk facing you in a court showdown over the CCA non-enforceablity issue. From there it is a different judgment to force Egg to retract all previous CRA recordings of your itemised non-payments and Default Notice if they went that far.

Of the only two such Egg rollback successes that I have read about, one took 18 months and only succeeded because Egg made a legal faux pas. See: http://www.consumeractiongroup.co.uk...lback-egg.html

For the criteria governing a properly executed CCA, see below post and others by Steven4064 (setting SEARCH ELECTRONIC or signature, display to POST rather than THREAD)

http://www.consumeractiongroup.co.uk...ic#post1724116

As for wrestling with Experian and other CRA's you will probably need 3 days holidays to read through the following thread and others: http://www.consumeractiongroup.co.uk...commences.html.

What the text of statute and regulation says is one thing, what the Commissioner or judge will do when approached is another. On the reclaiming of unlawful overlimit and late payment charges the postion is clear - Egg will not fight the reclaim. On CCA and Default Notice removal the Egg position is anything but clear. They will fight to the last ditch.

The best reported result that some CCA claimants have managed after lengthy wrestling has been a Mexican standoff. If Egg believe they are on a losing wicket they tend to go quiet about collection, but they will never concede the CCA is invalid and unenforceable. In some cases Egg will wake up again like Count Dracula after many months then pass debt collection to a new agency who start the cycle of harassment afresh.

For those in dire straits a Mexican standoff looks good enough. In your wealthier case your credit profile is likely to be blackened by DN, and much easier to be blackened than whitened again. Your struggle to overturn same will be uphill, with outcome unknown at this stage. Counting all the cost and the time and aggravation, the ultimate victory if there is one, may or may not be a Pyrrhic victory. There is no universal chorus of triumph for those pursuing the CCA route as there is for those reclaiming unlawful penalty charges.

But good luck, this is as much as I know from reading what has been variously reported from the front line.

Originally Posted by igglepiglet

Does anybody know how long Egg gives people to pay the monthly payment before they file a notice about it with Experian?

Egg have over 2 million cards alone, and are not like a military command with a pyramidal structure. Correspondence started by one clerk is carried on by another, with only tenuous notes for continuity. At this time of job cuts they are probably under time pressure, and many have reported Egg left hand not knowing what the right hand promised.

Warning of DN is supposed to be sent out before issuing DN, but if Egg do not send it out but when challenged insist they did, it is very hard to prove a negative, as there is no legal requirement for the (single) warning to be sent by registered post. What this amounts to is that there is no dependable timetable of escalation, i.e. how many months overdue, how many warning letters. In the old days the threat of late payment penalty will encourage monthly minimum payment. With penalty charge now reclaimable, basically Egg have lost that sanction, so the only persuader they have left is blackballing a customer's credit rating. They understand that, and now do so with increasing frequency.

With all banks and lenders and credit cards now increasingly loath to lend except to those with the best credit history, the value of the latter has correspondingly risen.

THis is just a copy of som erandom T&Cs. It does have the prescribed terms (on 29vi2kg.jpg) but, as you say, no indication that it applies to you in any way whatsoever nor that you agreed to it. Completely unenforceable.

Thanks for the bump the winkler, and thanks for your opinion steven4064.

After receiving these documents I was so furious that I cancelled the direct debit and told them that I'd refuse to make any further payments until they properly complied with my request. I filed a formal complaint with Egg, but then they fined me 16 quid for missing a payment, so today I reinstated the Direct Debit and sorted them out with the the minimum payment.

Apparently it will take them up to 8 weeks to get back to me regarding my complaint.

In the meantime I'm waiting for a response to my Subject access request - I'm going to challenge penalty charges and claim back PPI payments - I was self-employed when I applied for the Egg card - Egg knew this and still sold me their PPI product.. I checked my online account and indeed my employment status is listed as "Self Employed".

Would I be better off handing this over to a specialist firm with solicitors (like Ratio Money), or are my chances more or less the same if I handle it myself?

I feel like I'm talking to a brick wall - and Humpty Dumpty is sitting on top of it issuing me with fines for being near his wall!