Thread: Please Look At My Egg Loan Agreement

Hello all,
here's the links to my Egg loan agreement which look ok to me if i'm honest.
The only thing i can get them on is that they have sent screen prints of their current terms and conditions on headed paper.

I can tell for a fact that they are current t&c's as the clause numbers they quote on the agreement don't tie up with the clause numbers in the t&c's.
Also i've got the original t&c's and they are differnt.
Although i'm not surehow important that is, and how it would hold up in a court of law??
Any help is much appreciated
Thanks all
Livis xx

I think from first glance it is not properly executed as it does not contain your cancellation rights-but that depends on where you signed it. Did they post it to you to send back? or was it signed in their offices?

Improperly executed agreements which contain the prescribed terms are enforceable by a court, but I don`t think this information stops you from disputing the account because it does not have rights to cancel ( again depends on where you signed it). If enforceable you must pay any arrears-but you can ask for repayment terms that you can afford without increasing your indebtedness.

Someone more knowledgeable than myself is required here, but I notice on the other thread you have Subject access request`d them, so they should then provide full and frank information about you including the copy which should also have the correct t and c`s.

not spotted that issue before with Egg agreements in other posts (cancellation rights). Would be interesting to see what a member of the site team or experienced person thinks.

If you look in this guide to credit agreements you will see that the right to cancel is only an issue for whether an agreement was properly executed:
http://www.consumeractiongroup.co.uk...greements.html

Originally Posted by steven4064

Enforceability of Credit Agreements

.....

Summary

1. A properly executed agreement is enforceable

2. An agreement that is not properly executed and was signed before 2006 is not enforceable unless it has the debtor's signature and the prescribed terms in the same document.

Right to cancel is not a prescribed terms - the prescribed terms are listed in post #4 of the above thread:-

Originally Posted by steven4064

This section says that an agreement that is not properly executed can only be enforced if it consists of a single document

a) signed by the debtor, and

b) has the prescribed terms

The prescribed terms for enforceability under s127(3) are given in Schedule 6of the Consumer Credit (Agreements) Regulations 1983:

For fixed sum loans (e.g. bank loans, hire purchase agreements) the agreement must contain:

- A term stating the amount of the credit

For running account agreements (e.g. credit cards) the agreement must contain:

- A term stating the credit limit or the manner in which it will be determined or that there is no credit limit.

In all cases, the agreement must contain:

- A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following--
(a) number of repayments;
(b) amount of repayments;
(c) frequency and timing of repayments;
(d) dates of repayments;
(e) the manner in which any of the above may be determined;
or in any other way, and any power of the creditor to vary what is payable.

(For hire agreements, there are other details given in Schedules 3 and 4).

All running account credit agreements and agreements for fixed sum loans which fall within certain exemptions (Schedule 1 paragraph 9 - usually if either of the other relevant prescribed terms are missing) must also have

- A term stating the rate of any interest on the credit to be provided under the agreement

The only way I can see this being unenforceable is if either a) the APR is wrong (unlikely from previous agreements I have seen, but I don't have DualCalc with me now to check). Or b) the original agreement was not on one piece of paper.

Therefore likely to be enforceable by the court.

Hello all,
Sorry to say i think this is an enforcable agreement, even though the terms and conditions they sent me don't correspond with my loan agreement.
Gonna have to carry on paying this one me thinks

Just before i send my payment on this one, have any of you disputed due to not receiving original terms and conditions ?

just bumping up my last question
xx

I am trying to check the APR on DualCalc but I am struggling to make it agree.

Perhaps I am misreading the figures on the agreement, as it's not too clear.

Is it an £8,000 loan with 53 payments of £181.82?

I make that an APR of 8.9% - is that what it says on your agreement?

Hi Militantconsumer,
its a bit small isn't it. Just dug out my agreement again, i still have the original.
It is an £8,000 loan with 63 payments of £161.82.
The apr on my agreement is 9.9%
Livis xx

In that case 9.9% is the correct APR.

Every Egg loan agreement that I have seen has the correct APR.

any thoughts on them only sending current t&c's

Originally Posted by Livis

Hi Militantconsumer,
its a bit small isn't it. Just dug out my agreement again, i still have the original.
It is an £8,000 loan with 63 payments of £161.82.
The apr on my agreement is 9.9%
Livis xx

Hi,
i've just received my agreement, which is the same as yours, As you've got the original please can you let me know whether the signature box is on the reverse or on a seperate page.
I can find nothing linking the 2 pages together.
Thanks
Jon

Hi Jon,
unfortunately for us the signiture box is on the reverse of the page so it looks like they have complied with the 4 corners rule