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Egg credit card agreement terminated


toymaker1
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Well my letter has gone today, they have 14 days to come up with a valid argument. If not its court. TBH I have nothing to loose, even if they end up winning and I get a judgement I can only afford to pay them a small amount monthly anyway.

 

Wish me luck ! :D

 

Best of luck.

Look forward to your result!

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Cosalt - I'm watching with interest!!!

 

Think I too will send them a wee letter asking for all my money back since the account was terminated. After all, no contract, why am I still being bound by it?

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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Just a thought - has anyone contacted the Office of Fair Trading to ask for their understanding of the situation in this instance? Or would the FSA have reason to comment?

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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We've got a Solicitor to agree to represent a consumer with regard to this.

No defaults or missed payments, so no "hurdles" other than the termination and subsequent payment.

 

Solicitor thinks (knows ;)) Egg made a massive blunder and is going to go for the throat. They think it could be quite spectacular.

 

This is the same Solicitor that helped me take on RBS over a business agreement several years ago and blew them to pieces.

 

If they have success we have a high profile BBC reporter waiting to make it headline news on TV and in print.

 

I'll keep everyone up to date with this as it progresses.

This could cost Egg a lot of money, so we expect them to put up a big fight.

 

Good luck to them is all I can say!!!!

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There must be a few twitches in Egg at the moment over this! :D

 

I'm assuming they would offer the claimant whatever they require with a confidentiality clause as an outcome which favours the customer could be devastating for them.

 

I trust that they their claim is to have all monies refunded after the 31st Jan 08 (which is the date my agreement was terminated) or other effective date of termination? And does this include other compensation too?

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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There must be a few twitches in Egg at the moment over this! :D

 

I'm assuming they would offer the claimant whatever they require with a confidentiality clause as an outcome which favours the customer could be devastating for them.

 

I trust that they their claim is to have all monies refunded after the 31st Jan 08 (which is the date my agreement was terminated) or other effective date of termination? And does this include other compensation too?

 

It will be much more than that.

As a point of principle, they would have to offer a very large amount of money for confidentiality; even then it is unlikely that they would agree to it.

 

The consumer is not concerned about the money, it is a point of principle in law.

 

As mentioned earlier; they are requesting payments for which there is no agreement in existence, under the threat of punitive action.

 

It's serious stuff which is why we have a very successful lawyer prepared to take the case on. It's no Lionel Hutz Attorney at Law here, it is a big hitter who going to go for them in the strongest possible way.

 

If Egg merely wanted to change the accounts to repayment only, then they should have worded it in such a way.

 

They did not. Therefore, payments - and demand for payments - should have stopped. Their wording was very clear "...we are giving you formal notice that your agreement will end 35 days from the date of this letter."

 

This is potentially a big case. A lot to lose on both sides, it will likely be an expensive fight.

 

:-D

Edited by BigEddieChek
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:eek: I'm about to be defaulted by them, and my agreement was terminated in January also...

TheKat1979 - Taking Control!

 

Taking on -

Barclaycard via HFO - daft application form sent

Barclays Current Account - at AQ stage - fingers crossed asked for Hardship

Egg - various issues! Are about to default me on a disputed debt!

Bryan Carter CCJ set aside - looks to have been set aside without a trip to court! WOO!

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:eek: I'm about to be defaulted by them, and my agreement was terminated in January also...

Get legal advice IMMEDIATELY.

 

Also, write to the credit reference agencies to tell them to stop processing your data. If they put the default on, you will have a big fight to get it removed.

 

Also, try talking to Egg to see if they will accept some form of payment to avoid the default going on; if you haven't already done so.

:D

Edited by BigEddieChek
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Excellent stuff - always good when someone won't be bound by confidentiality! ;)

 

Sounds interesting as I've asked about the issue of terminating the agreement but the ramping up of interest in the weekes preceeding the termination. I've asked them to justify this and asked if they've signed up to the FSA Initiative 'Treating Customers Fairly' and where they feel they've complied with this with the interest rate hike.

 

Similarly they have refused my request to refund PPI cover despite acknowledging that I wasn't covered because of a pre-existing medical condition (They've put that in writing frustratingly) and I've now got a balance of £1300 which has reduced by £1000 since the account was terminated so I'm keen to hear what happens with your case!

 

Is there a timescale you could tell us about involved?

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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Excellent stuff - always good when someone won't be bound by confidentiality! ;)

 

Sounds interesting as I've asked about the issue of terminating the agreement but the ramping up of interest in the weekes preceeding the termination. I've asked them to justify this and asked if they've signed up to the FSA Initiative 'Treating Customers Fairly' and where they feel they've complied with this with the interest rate hike.

 

Similarly they have refused my request to refund PPI cover despite acknowledging that I wasn't covered because of a pre-existing medical condition (They've put that in writing frustratingly) and I've now got a balance of £1300 which has reduced by £1000 since the account was terminated so I'm keen to hear what happens with your case!

 

Is there a timescale you could tell us about involved?

 

No timescale at the moment - it is likely to take a long time as it could cost Egg a massive amount of money if we were to succeed.

 

I'm guessing that they will fight hard and dirty.

 

But so will we.

 

:D

 

P.S.

I know someone from Egg has been looking on here.

Nothing they can get from here will help there defence, so they can look all they like!

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Keep us posted!

 

Don't expect anything other than a dismissive reply.

I am guessing, but I think they bet on the majority of people not being able/prepared to go court, so will keep fobbing you off.

 

Stand firm!

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Egg terminated my account also whilst not in default, then later defaulted me and RAISED my credit limit on a terminated account??

 

Opps think they made another BOO BOO there.

 

JC

If my posts have helped you please use the scales at the top of my posts :)

 

Any opinions from Jannercobbler are strictly my own and I have no affiliation with any group or services.

 

The two most beautiful words in the English Language are "Cheque Enclosed" - Dorothy Parker

 

http://www.consumeractiongroup.co.uk/forum/abbey-bank/399-abbey-letter-sent.html

 

Me v Abbey - £3000 + Int + Costs + Credit File Cleaned.

 

LBA Sent 12/3/06

Court Claim started - 31/5/2006

Allocation Questionnaire Filed - 24/7/06

Court Date allocated 31/10/2006

 

Me v Citi-Cards - CCA Sent 27/07/06

Me v Citi-Cards - Data Protection Act Sent 03/08/06

Me v Capital One - Data Protection Act Sent 03/08/06

Me v Hillesden Securities - CCA Sent 03/08/06

Me v Hillesden Securities - DPA Sent 03/08/06

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It seems strange why I have not been terminated.Opened the card in 1999. I have never missed a payment but only pay the min. They have ramped up my monthly interest.

 

Is there any pattern to whom gets terminated?

 

Ive CCA'd them last week and the clock is now ticking (I am still paying them at the mo), lets see if this prompts a termination.

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BEC - yes, I was terminated & a few months later emailed them to ask if I could have the cc transferred into a loan instead. They said no & I didnt push it, quite glad now actually as it seems they may have made a bit of a hash of this which could work out quite nicely :p

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I was never terminated. My historic interest rates were:-

 

June 2000 - opened account - 16.9%

September 2006 - rate changed to 9.9%

March 2007 - rate changed to 10.9%

 

I never paid any interest, never made a late payment, went over my limit or had any other penalty charges, and I was NOT one of the customers whose account was closed.

 

This would suggest that Egg Card chose to raise the interest rates for the so-called "sub-prime" customers but not for the customers they wanted to keep.

 

I am surprised to hear that they have ramped up your interest rate, toxicdebt, as I thought they selectively did this for the account holders they were just about to terminate.

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Just a note, upon reading the credit act-(what lovely bedtime stories) under section 76, subsection 1 ©, my understanding is that they do infact have the right to terminate the agreement. Then upon refering to section 99 (2) my understanding ( which may infact be wrong) is that it does not affect liability for any outstanding amounts.

 

 

Have I missed something glaringly obvious? Is it that they forfeit the right to claim back an outstanding balance upon doing so?

Edited by lollipop73
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  • dx100uk changed the title to Egg credit card agreement terminated
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