Haunted by old egg loan! Help?

[Jsgirl]

Hi, another newbie seeking some advice.

 

A while back, sickness, the loss of my business and a separation from a partner who hadn't worked for 15 years, brought the financial card house down around my ears and I went thro the whole horrible business of suspended possession order (represented myself and had a wonderful judge), selling the house and negotiating with all the creditors.

 

I paid off the mortgages in full and set about agreeing reduced settlements with credit card companies. I achieved this with all of them. Got back fees and in the vast majority of cases got full and final settlements without the six year record.

 

My ex and I had to restart with pretty much nothing but that's life I guess.

 

There is one thorn in my side and that's Egg. I had an unsecured loan from them and I spent about 9 months offering them a cash settlement of up t £17k for a £20k debt and they refused. I wrote, I emailed, I phoned and no-one would take the moneyy. They would rather have a £1 a month payment it seems so that's what they got and have gone on getting for the last 18 months with no word from them... not a peep!

 

Since then I have restarted life, found a new partner and moved to a new home but I've been sick and not able to work. He's supported me but I've also used a lot of the money to help me get back on my feet having finally decided that I had to and they were not going to take it no matter what I did or said.

 

NOW, they get in touch! I've spoken to them again and they've agreed that as I'm not working I can go on paying the £1 a month to be reviewed at Christmas (nice eh?)... but their letter has arrived headed Your Debt Management Plan and says they will accept £1 a month for the next four months. But then goes on to say that if they are to accept reduced payments they have no alternative but to register the arrears that will accrue as I will no longer be complying with the T&cs of the agreement and I will receive a default notice when the account falls into arrears and have 28 days to clear the arrears. If I can't that will go on my credit file (which is a waste of time anyhow for a few more years) and then they may use the courts or debt recovery agents if I fail to adhere to the agreed offer of repayment.

 

I'm not sure if this is all about the £1 payment or some huge amount they will spring on me at Christmas. Any thoughts or ideas or suggestions anyone?

 

Sadly for me, the ex's name, as he had no work, no income and no bank account was on none of this. None of the cards or loans were joint. Just the mortgages which were settled in full so he's apparently clear and free but his income is tiny so it's probably pointless thinking about it.

 

I am trying to get back to work now... working on setting up another business of my own... so at the moment I have no way of making any lump sum payments or even very much larger regular payments. Seems almost like they've waited just long enough to be sure I can't even make an offer before they've decided to come after me again.

 

I wanted so badly to clear everything and start afresh and these guys are not letting me apparently. Seems such a waste to have used virtually all the house money to pay off huge debts and then have to file for bankruptcy for one that dug its heels in. And I'm worried about my new partner, our new address (rented in his name of course) and all that sort of thing.

 

I'd appreciate any advice people can give at all.

 

thanks

 

Jsgirl.

[PGH7447]

If it is a loan have you asked for the Loan agreement by means of a CCA?

 

Start there to see if the loan was legally sound, also have you been paying any charges against it?

[Jsgirl]

No I haven't done anything yet.

 

Last spoke to them in Feb 07 when I finally gave up trying to get them to take the cash. And no, I and the CAB, got them to freeze the account. I don't think there are any charges on it at all.

 

I'm just worried what will happen when the four months are up.

 

Thanks for the reply again.

[PGH7447]

Send them a CCA request Template N in the forum library

 

costs £1 send it recorded do not sign, they then have 12+2 days to provide a valid agreement, if after that time they have failed to deliver then they cannot enforce any further action on the account and you could stop paying them anything.

 

if you get an agreement back post it up on here to let the experts cast an eye over it

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

[Jsgirl]

Thanks. I shall do that.

[mpaforall]

Egg are in my experience very poor at actually respondong to any correspondance at all. I have not heared from them for nearly six months now (bar paying £1 a month installments) an in fact I have just CCA'd them and as this is my !2 the day plus 2 i will most likely stop the payments to them. All i ahver had is vauge and frankly rediculous thretening letters form their DCA and even that ahve stopped some 3 months ago.

 

As PGH7447 says DCA them with the letter and see what happens (if anything)

[Jsgirl]

Nice to know I'm not alone then - altho I don't mean to wish this stuff on anyone!

 

I cannot believe the decision they made frankly to stick with a £1 a month payment when they could have had such a large percentage of the debt paid off in one go. I think they're either mad or stupid and told them it was likely to be the best offer they would get from me and that getting back on my feet was going to take a long time but they weren't interested. Then I got sick and ended up having two operations over the period of a year and unable to work so... I was right altho it's small consolation in the end.

 

Does anyone know whether that would be listened to if this finally did end up in court? I know the court could only award what I have and I don't have anything more to offer them at the moment or much prospect of earning what I used to but still, it seems unfair that they have been able to saddle me with this longterm rather than take a perfectly good offer and better than a lot of my creditors settled for.

 

Letter ready to go - will keep you posted on what happens there.

 

thanks

 

Jsgirl

[mpaforall]

IMHO and from talking to the national debtline any offer you make can only put you in a positive postion/good stead if it went to court. The fact you were at the time willing and able to offer such a large amount would i imagine be good. Egg ignored it which is more fool them, then waiting 18 months and deciding on a token payment scheme.

 

And no I wouldnt wish this on anyone either

[Jsgirl]

Well, I've had a reply from Egg but it's not my credit agreement as requested!

 

They have returned my letter and the postal order with a letter that says they are unable to locate me on their systems!

 

They want the following:

 

Full name and any previous - altho I gave them my name

 

Any products and account / card nos - I gave them their reference

 

Current address - um...? That'll be the one on the letter.

 

Previous addresses - fair enough I suppose but how did they find me?

 

Email addresses, current and previous - which I'm not inclined to provide frankly

 

This strikes me as very odd because how did they write to me and give me a 'debt management plan' less than 8 weeks ago and collect payments from me for two years?

 

Any thoughts anyone?

 

Thanks

 

J'sgirl

[creditcardmug]

Dont send them that info...Egg is owned by Citigroup who have just secured another Bail out package from the US taxpayer ($20bn), and just sacked 75k staff, they are in the process of offloading all the debt in the uk, it appears, and are all over the place at the mo, i would just wait for further devlopments... when they sell it on, CCA that company and take it from there.

 

How old is this account?

[Jsgirl]

Hi Creditcardmug,

 

Thanks. I wondered if this might all affect me. I think the loan dates back to about 2004 but I can't be absolutely sure of dates. I've moved a couple of times and haven't got the original papers to hand. I don't think it's old enough to make a difference is it?

[creditcardmug]

Well the older the better, less chance of an enforceable agreement, if you haven't already done so, send a CCA request letter N in the templates, enclose £1 PO, do not sign just type your name, send by recorded, keep the receipt...post up here any reply, or after 14 days of no reply.

[Jsgirl]

I have done that... the reply came as detailed above asking for further identifying details in order to comply. They've returned my original letter and the postal order.

 

I'm wondering if I can stop payments til as they clearly can't comply or whether I am obliged to give them all this info to help them 'find' me as it were.

[creditcardmug]

Ok, stop the payments, and send them this,

 

I DO NOT AKNOWLEDGE ANY DEBT TO YOUR COMPANY

 

 

 

Re: =

 

Dear Sir/Madam

 

You have failed to respond to my legal request to supply me a true copy of the original Consumer Credit Agreement for the above account.

 

On the DATE I wrote to you requesting a copy of the credit agreement and other information under the Consumer Credit Act 1974 (Sections 77-79).

 

On DATE a member of your staff signed for delivery of my written request and I have an electronic proof of delivery showing their signature and the date.

 

To date you have failed to comply with these requests in any way, whether by confirmation of receipt of the request or by supplying the requested documents.

These documents I requested should be readily available as proof of your legal right to collect this account under the Consumer Credit Act 1974.

 

In my letter of the DATE I made a formal request for a copy of the signed, executed credit agreement for the above account under section 77(1) of the Consumer Credit Act 1974. In addition a full statement of this account should have been sent to me detailing all debits and credits to the account.

 

Furthermore

You are aware that the Consumer Credit Act allows 12 working days for a request for a true copy of a credit agreement to be carried out before you enter into a default situation.

 

 

 

This limit has expired.

 

As you are no doubt aware section 77(4) states:

 

If the creditor fails to comply with Subsection (1)

 

(a) He is not entitled, while the default continues, to enforce the agreement.

 

Therefore this account has become unenforceable at law.

 

As you have failed to comply with a lawful request for a true, signed copy of the said agreement and other relevant documents mentioned in it, Failed to send a full statement of the account and Failed to provide any of the documentation requested.

 

Consequentially any legal action you pursue will be averred as both UNLAWFUL and VEXATIOUS.

 

Furthermore I shall counterclaim that any such action constitutes unlawful harassment.

 

Please note you may also consider this letter as a statutory notice under section 10 of the Data Protection Act to cease processing any data in relation to this account with immediate effect.

 

This means you must remove all information regarding this account from your own internal records and from my records with any credit reference agencies.

 

Should you refuse to comply, you must within 21 days provide me with a detailed breakdown of your reasoning behind continuing to process my data.

 

It is not sufficient to simply state that you have a ‘legal right’; You must outline your reasoning in this matter and state upon which legislation this reasoning depends.

 

Should you not respond within 21 days I expect that this means you agree to remove all such data.

Furthermore you should be aware that a creditor is not permitted to take ANY

Action against an account whilst it remains in dispute.

 

The lack of a credit agreement is a very clear dispute and as such the following applies.

 

* You may not demand any payment on the account, nor am I obliged to offer any payment to you.

* You may not add further interest or any charges to the account.

* You may not pass the account to a third party.

* You may not register any information in respect of the account with any credit reference agency.

* You may not issue a default notice related to the account.

 

I will be reporting your actions to any such regulatory authorities as I see fit.

[Jsgirl]

Thanks CCM. I assume this means that you think this is a ruse to avoid providing or admitting they cannot provide the agreement? Excellent.

 

I do have one small issue... and that is that the CCA letter was accidentally mailed by ordinary post. (I know! I know!) Sorry I should have mentioned it before.

 

Clearly they had it tho as they sent it back and refer to it in their letter as my recent correspondence.

 

I could just send it again properly this time and see what happens? Then move to this stage?

 

Can I really just ignore their request for previous addresses?

[creditcardmug]

You have the letter from them, this confirms your request, they fact they have returned your pound is their problem, the fact is they are in default of your lawful request.

 

When you send the letter above, this puts the matter in dispute, and the only thing they can then do is comply with your request.

 

Do NOT send them any of the info they have requested.

 

Post up on here any reply you get.

 

Regards CCM

[Jsgirl]

Cool! Here we go then. And thanks again.