Egg CCA:1st dca failed comply 5 months,2nd complied in 10 days: dodgy or legit???

[unhappyfeet!]

Hi all

 

1st dca failed to comply, request dated 19th Dec 07, account in dispute!

 

2nd complied within 10 days: account should not of been passed on?

sent the 'account already in dispute letter' got this 4page cca back.

 

So I'm a little suspicious! wanna make sure its the real deal here

 

what happened when 1st dca couldn't get hold of it, was the account passed back to egg or passed on??

 

I know from reading other threads that these online applications are enforceable now

 

any thoughts on the cca and my next move???

[unhappyfeet!]

ok thats no good there are 4 pages I'l try again

[spamheed]

It states Yorkshire Bank at the top, is this really supposed to be a CCA from Egg? I didn't realise Egg had anything to do with Yorkshire bank

 

If you doubt the validity of an agreement from a DCA, the easiest way to check would be to SAR the OC.

 

if they are unable to provide a CCA, or the CCA is significantly different to the one the DCA has produced, then you have a case of fraud/deception

 

There is of course a third scenario, but we won't go into that just yet

[unhappyfeet!]

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http://i247.photobucket.com/albums/gg137/unhappyfeet/img037.jpg

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[unhappyfeet!]

LOL

quick edit there me thinks;)

[spamheed]

Apart from the fact it's spread over the four pages (but each page is referenced correctly) it seems to have all of the prescribed terms

 

When did you take out the card?

(it's dated May 2007, if this is the case, then it's very likely to be correct)

 

Was it signed by both yourself and on behalf of the creditor?

Are there any charges applied to the account?

 

I have been advised that Egg are one of the more fastidious when it comes to record keeping, however both my egg loan and card have now been returned to them twice, without a cca for either being produced and it has now been 8 months since the first DCA got CCA'd, saying that, mine would date from a few years earlier than 2007.

 

As for the DCA not producing it within the required timescale, The courts would generally take the stance "well you've got it now!" and allow the case to continue

[unhappyfeet!]

thanks spamheed

 

yeah it was may 07, toughluck on this 1 then

 

at least know where I stand and can try and get em to accept a payment plan won't hold my breath! they are never satisfied with a reasonable offer they just wanna squeeze you dry and couldn't care less what you are left to live on:mad:

[spamheed]

Just remember, only you know what you can afford to pay, they can make whatever demands they want, but if you cannot afford it, then even the courts well tend to take the side of the debtor and set repayments within your requirements and not within theirs.

 

When making offers to pay include the payment that you wish to make and continue to make the payment regularly, that way, if it does go to court, then the court will see the whole affair as a DCA being unreasonable and not as you simply being a "non-payer"

[unhappyfeet!]

thanks spamheed thats exactly what I'm gonna do

[pelham9]

They give the APR as 16.9% and the annual rate as 16.9%. They do not give a monthly rate and there is a good reason for this - they will have been charging a monthly rate that equates to more than 16.9% annually because of the APR [problem] that I have written about elsewhere on CAG.

 

If you can it would be worth checking the interest charged on any one month and then work out the monthly rate charged. You will almost certainly find that though the APR is 16.9% ( this figure is the annual rate rounded to one decimal place), the annual rate charged is NOT 16.9%.

 

If you cannot do the interest calculation yourself and it is difficult to get your mind round the rules ask them what monthly rate they have applied to the account and work the annual rate from there and hence the APR.

 

You will probably find that Egg will not want to give you the monthly rate because they are well aware that they charge more imterest than they should and the monthly rate is the easiest way of demonstrating this.

 

For an annual rate of 16.9% they should charge 1.3097% monthly and this gives annual rate 16.9% and APR 16.9%. You will probably find that the have charged 1.312%. This ia an annual rate of 16.931% and though this is indeed a %APR of 16.9% (after the rounding) it is not an annual rate of 16.9%.

 

If they arre charging an annual rate as I suggest the rate they give of 16.9% is not correct. The interest rate charged is a prescribed term and must be correct.

[Helios]

That agreement looks enforceable to me

 

i have a Egg debt with moorcrap, they haven't even produced a CCA yet and are default of my request but my card was taken out in 2003

[unhappyfeet!]

Hi pelham9:)

 

I get what your saying, but are they not entitled to round up the decimal figure? I mean it's totally wrong if so it truly is a [problem]!

I'l have look if I can stil get online to my account.

 

could you give me a link to the thread you said you'd written on here pleeez?

 

Cheers

[pelham9]

The best way to see my posts on APR is to use the search facility in the blue block at the top of the thread using Pelham9 to search.

 

What figure do you suggest they might round up?

 

a)For running account credit only one rate of interest must be shown in an agreement. It is the rate of interest to be charged which in your case is 16.9% annually. This is a prescribed term and if it is shown incorrectly the agreement is automaticlly unenforceable and a judge is bound by this

 

b)The APR also has to shown but only if it is .1% below or 1% above the rate to be charged. There is some controversy over this but it does not really matter as the APR is not a prescribed term. If it is wrongly shown you would have to convince a judge that he should not enforce the agreement because of the error - a difficult task. Also it is highly likely that 16.9% APR is correct in your agreement.

 

So if you can show that EGG are in fact charging more than 16.9% annually then the rate to be charged is incorrectly shown and the agreement is unenforceble.

 

You therefore need to do the sums but how?

 

1) you can ask EGG what monthly rate they have been applying. From this you can easily work out the annual rate. This will also give you the APR after rounding. However you will have to be persistemt as EGG do not easily disclose this information

 

2) check the monthly rate from the the interest you have actually been charged on your statements. This can be very difficult because of the complicated rules on the application of interest.

 

3) From your statements pick out two or three high interest amounts and ask EGG how exactly they have been calculated. They cannot do this without disclosing the monthly rate though of course they will flannel like mad.

 

Egg will try to confuse you by saying that the monthly rate they charge corresponds to an APR of 16.9% and this will be true. But the monthly rate will very likely not correspond to the annual rate they show in the agreement. They will then say that APR = Annual rate and this is a lie.

[pelham9]

About rounding.

 

They are entitled to round the APR to one decimal place. So a rate to be charged of 16.851% or 16.949% can be an APR of 16.9%. This inaccuracy of the APR is the major reason that it cannot substitute for the rate charged.

 

There is no such laxity for the rate to be charged so 16.949% cannot be rounded to anything. They say the rate to be charged is 16.9%. If they have in fact charged 16.937% or whatever they have given an inaccurate prescribed term which would make the agreement unenforceable.

 

So it is worth your while to find out what rate they have in fact charged and to do tis you must find out or work out the monthly rate they will have used to calculate monthly interest on your card.

[unhappyfeet!]

hi:-)

 

I can't access my account online so I'l have to write to them are they likely to respond, not much point calling them as I'll only have no proof.I might as well S.A.R them see what I get back

 

thanks for your help

 

I'l get back as soon as I get a result;-) letter'l be in post tomorrow

 

Regards

[pelham9]

Remember

 

The APR is very rarely the rate that you will be charged.