EGG Loan

[Talbot]

unreal just got a letter through demanding payment immediately of£xxx. Miffed now, is this just a standard letter do we think because its got my amounts owed etc. I've got a month apparently:mad:

[Talbot]

bumpy bump..

[Talbot]

anyone had this before:

 

a letter stating they agree to reduced payments for 6 months then send another letter asking for payment (not the reduced amount)??????????

 

Also they have e-mailed me with a load of new terms and conditions on my Egg card (which luckily I haven't used and have no intention of doing)

Edited April 21, 2009 by Talbot
add

[Talbot]

bumpy bump

[Talbot]

Have you seen my later post, they sent me another letter straight after asking for overdue payments to be made immediately. Have you come across this before.

[Talbot]

help............

[Talbot]

help............

[Talbot]

Can anyone actually tell me what a default notice actually is....as mentioned above they have agreed to my £1 month payment for 6 months and followed up a day later with another letter stating we want the payment arrears now?

 

Have they defaulted a bit quick, not actually had a notice of default just a letter saying they will??

 

Confused?

[cds]

a default notice is a precursor to termination of the agreement, if you do not not comply with the default they can legally end your agreement and go for enforcement through the courts.

 

assuming all their paperwork is in order

 

cds

[Talbot]

Thanks for the info, one more question though:

 

how do you comply with their default, I am sending them £1 month as stated?

[Mightyacorn]

I can confirm that Egg are absolute b******'s. I have two CCJ's by Egg one a loan, the other a card. I have now found out that certainly the card, and probably the loan, were unenforceable, and I'm now trying to gather sufficient information to have them set aside.

 

In the meantime I've been unable to meet the high payments set by the original CCJ when my circumstances were better, and I've had to pay for variations. Egg have contested both variations, asking for even higher payments on the card, and a first legal charge on my property which I'm in the process of selling with negative equity. I have been in contact with Egg throughout and they are fully aware of my circumstances (which includes lots of other debts, including Capital Gains, VAT and Income Tax), yet they want more.

[Talbot]

I can confirm that Egg are absolute b******'s. I have two CCJ's by Egg one a loan, the other a card. I have now found out that certainly the card, and probably the loan, were unenforceable, and I'm now trying to gather sufficient information to have them set aside.

 

In the meantime I've been unable to meet the high payments set by the original CCJ when my circumstances were better, and I've had to pay for variations. Egg have contested both variations, asking for even higher payments on the card, and a first legal charge on my property which I'm in the process of selling with negative equity. I have been in contact with Egg throughout and they are fully aware of my circumstances (which includes lots of other debts, including Capital Gains, VAT and Income Tax), yet they want more.

 

 

Sounds shocking i'm sorry to hear about your situation but surely they wouldn't want a charge on your house if your in negative equity?

And I was under the impression that once you've agreed payment terms through a court which I assume is your CCJ then that was it. If you went back to court surely they would look at your circumstances again and agree a reasonable figure (the judge that is not Egg) Were your agreements paper based, mine were done online so its a dodgy issue no-one has got a success story based on online applications as far as I know. The fact they have sent me a letter stating they agree to 6 months at £1 is an agreement as such even if they sent a letter the day after asking for payments?

[Mightyacorn]

Sounds shocking i'm sorry to hear about your situation but surely they wouldn't want a charge on your house if your in negative equity?

And I was under the impression that once you've agreed payment terms through a court which I assume is your CCJ then that was it. If you went back to court surely they would look at your circumstances again and agree a reasonable figure (the judge that is not Egg) Were your agreements paper based, mine were done online so its a dodgy issue no-one has got a success story based on online applications as far as I know. The fact they have sent me a letter stating they agree to 6 months at £1 is an agreement as such even if they sent a letter the day after asking for payments?

 

The payments I was making to Egg were CCJ agreed, I then couldn't pay the agreed terms so I took thenm back to Court costing me £35 for each one which I could ill afford, that's when they turned really nasty. I was paying £113 on one and £95 on th other per month, so I asked the Court to reduce them to £10 each per month, having spoken to Egg and told them I was in deep trouble, Egg countered and tried to get £150 per month on each and a legal charge on my property. We have now agreed £20 per month on each, but I am p****d off cos I honestly believe that they are non-enforceable.

[Talbot]

at least you got it agreed which is good, not surprised your miffed off though. i just wonder if my letter stating they will give me 6 months will stand up in court if needed

[Talbot]

Not got a scanner so here is the typed version sent to me:

 

thank you for completing a financial statement indicating that you are unable to pay monthly payment on your egg loan.

 

We confirm that we are prepared to reduce your payment to £1.00 for the next 6 months, and the first payment of £1.00 must be received by 30th May 2009. This is without an any way varying or modifying our agreement with you for the above account or abondoning any of our rights under it.

 

As a result of this arrangement we will register the arrears that will accrue on your account with the Credit Reference Agencies we use, as you will no longer be complying with the terms and conditions of the agreement. This may affect your ability to obtain credit in the future. We will also issue a default notice.

 

If any agreed reduced payments are not maintained each month we will consider instructing a debt collection agency to collect these payments each month on our behalf.

 

Payments can be made in the following ways: blah blah..

 

Should i send a response to this?

[Talbot]

This is the first draft reply I am sending to Egg over there letter to me as shown in the post above.

 

What does everyone think before I proceed?

Egg1.doc

[Talbot]

bump..help

[Talbot]

can anyone look at my letter please...

[Talbot]

bump.......

[davey77]

To be honest they can, and will, do want they want and the only way to stop the default or CRA files being trashed is to pay the arrears up to date (which you obviously can't do.)

 

I wouldn't worry too much about details re other letters contradicting the £1 offer or the possibility of a Default. That's going to happen as long as you don't pay what they want. It's really a formality on their part at least.

 

I have been through your thread again and can't see that you have requested a CCA yet? If you are going to write letters then i would suggest that's the most important one you can spend time doing. If they fail to supply it within 12 + 2 days then you can withhold payment (bearing in mind that will increase phonecalls so do what you feel comfortable with or can afford.)

 

At some point do that SAR as well. Although do the CCA first as that has a shorter timeframe for compliance and has implications on enforcement while they are in Default. What date is this agreement? Recent or old?

 

If you are going to send the letter i would just put the top paragraph at the top of the CCA request letter (kill two birds with one stone and save yourself a stamp)

 

Although change the wording to:

 

"I am writing to confirm receipt of your letter dated 16th April 2009 in which you agree to a reduced payment plan of £1.00 for the next 6 months."

[davey77]

Ah, Feb 07 i think you have said for this loan. Well worth a try to check the enforceability aspect although be prepared that loans quite often seem to be put together quite well the last couple of years at least.

[Talbot]

davey your a star thank you very much for having a look for me, i applied online for this after the 2004 deadline in fact around 2007 this is why i didn't bother doing a CCA. It is worth doin an SAR though and I should have sorted one by now, going to do it today been to focused on the MBNA stuff. I will still send a letter thanking them for agreeing to the £1.00 per month just so I am keeping up correspondance along with an SAR.

 

Many thanks my friend!

[Talbot]

sending SAr today first then following up with a correspondance letter.

[davey77]

A SAR won't put the account in dispute in the same way should they fail to supply you anything within 40 working days but a CCA request would after 12 + 2 days so it's really about what you want to achieve.

 

Being an online loan application (and not requiring a signature) and after 2004 it's most likely they have a valid CCA and that it will be enforceable but it's always worth checking. They do get lost so you never know your luck.

 

And even if it's an ok agreement there's always mis sold PPI and mis stated APR or wording.. various discrepancies to look for which, although wouldn't make it completely unenforceable, would give you a stronger position to argue for a reduced F&F one day perhaps.

[Talbot]

ah i see, i will send off for a CCA tomorrow and get the ball rolling, i assume if they did lose it they can print another and its difficult to prove either way but as said it would give a greater bargaining chip in the future if they didnt comply on time.