Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Waah - can Egg actually close down a creditcard account? There is quite a large outstanding balance on there - surely they can't close it and ask for all this back?? :o
I certainly can't afford to pay that off even if I do get my charges back
"The Financial Ombudsman Service (fos), an independent arbitration service, this weekend ordered Alliance & Leicester to compensate a customer whose account it had closed. The bank has a policy of closing the accounts of customers who take legal action against it, but the FOS said customers had the right to complain without facing such punitive action."
The A&L was ordered by the FOS to pay the customer compensation of £125.
While the fos refuses to comment publicly on individual cases, it is understood that it has ordered A&L to compensate the customer who complained about his account being closed, rather than to reopen the account.
So the customer got some compensation but still had a closed account? Unless the compensation in my case will be about £6k that won't help me
The size of your £6K balance is larger than average, leaving you more open to blackmail than most. Suggest you report a clear case of victimisation to the fos and OFT, with copy to the Independent (front page today "Bank Robbery -- £7.5 billion"). In addition to compensation you may well earn a freeze on Egg's demand for immediate full repayment, nothing lost by writing a letter.
Egg management need to consider that after a succession of initimidatory manouvres have been reported revealing a policy of putting on the frighteners, the regulators do have powers that Egg have not dreamt of. The pronouncement on 5th April 2006 hit them like a bombshell.
The law is with the claimants, TV and newspapers are now daily running features on the legal right to refunds, with new claimants entering the fray at the rate I suspect of 10,000 a day. This movement is now as unstoppable as a tsunami.
The British public does not like Goliath intimidating boy David. Egg should watch out for a slingshot.
I have been reading around and it looks like if a bank or credit card close your account they cannot demand the whole outstanding balance if you are paying them some money back towards it each month - is that correct?
Or can they put something horrid on your creditfile if you do this?
I believe cards can only put onto your Nottingham Experian file:
(A) In the last 36 months you were one month late on minimum payment x number of times, two months late Y number of times, etc.
(B) Due to your repeated default of monthly payments, Egg issues a Notice of Default.
Someone else will have to confirm the fact that they cannot unilaterally close the account then demand instant repayment of the full loan previously agreed for the full term. Banks can do this when they call in an overdraft, but a credit card is not an overdraft.
Provided you keep up with the agreed schedule of monthly payments, it is hard to see how Egg dare blacken your Experian credit file, which you can check for £2. Any unjustified blacking can be raised with Experian PLC, and if proven Experian is legally obliged to erase the mis-blacking.
Egg would be unwise to escalate their harassment, it will only provoke a backlast at a time of general uprising by former victims. All best wishes.
Egg threatening to close creditcard account
actually close down a creditcard account? There is quite a large outstanding balance on there - surely they can't close it and ask for all this back?? :o
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