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Big Nick

Egg Loan and Me (hello!)

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Hi all, this is my introduction to this forum so please be gentle! Just thought I'd try and explain what I'm going through right now and see if you can help me.

Mods are welcome to delete or amend this if you feel I'm giving out too much info.

 

About 10 years ago I got my first credit card and promptly maxed it out. Got a few more over the years, transferred various balances, consolidated them into loans, fell behind with those, got a bailout from the Bank of Dad (and a bollocking!) and am slowly paying off the rest.

 

Right now I have a credit card near maxed out but no real problems paying the minimum. Have applied for a CCA from them.

Current account has a £500 overdraft which I can't seem to clear so am paying minor fees for that (£3 per month). Not chasing this.

 

This Egg Loan was a top-up of a previous loan and has now been defaulted for about 5 years during which I've paid a small agreed amount each month. 2 months ago they got in touch for the first time in years wanting more money. Seems that somebody took charge of their defaultees section and decided I deserved more agressive chasing.

Although I can just pay a bit more I'm not wild about it having recently been made aware of the possibility that the agreement may not be enforceable and that the Payment Protection may have been wrongly sold or added on.

I CCA'd them and got told they needed my signature for them to give out the information, this in the same week they sent me a statement for the account. I've sent a letter back querying that (see other thread) and am now waiting for their next move.

 

I suppose I'm hoping to prove the agreement is unenforcable and not have to pay back the remaining amount.

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Write and ask them which section of the CCA 1974 says you must provide a signature before they comply with a statutory request. Remind them that they have 12 days to comply with a stautory request. If they do not comply in this time, they are in default and they must not undertake any collection activities. If the default continues for more than a month, they commit an offence.

 

At the same time, start a claim for any unlawful charges (late payment cahrges) and mis-sold PPI - prelim letter, letter before action, court.


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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Thanks Steven, I did point out to them a signature was not required under the CCA 1974. If I haven't got the documents from them by the 25th March I will stop the DD going out and write to tell them why. Pretty sure there's a template out there to guide me.

 

Good point regarding the payment charges. I'm sure they did that several times before I started getting things straight. I'll dig out the old statement and check the details tomorrow.

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Still waiting for a response for my Egg Loan CCA request. I'm now preparing a letter asking again for this and explaining that I am stopping payments until I receive the documents requested.

The loan account is in default so I can't see this action damaging my credit record!

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subbing


If you feel I have helped please tickle my scales;)

 

 

MBNA - Ongoing

Egg Loan - Ongoing

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Hi Nick,

 

 

In my request I also didn't sign it but I included a copy of my drivers licence ( with the sig blanked out) and a utility bill. I got the agreement back fine no arguments.

 

Pity for them the agreement is far from fine, so hang tough Nick, you aren't the first person to get themselves into trouble moneywise-you haven't bashed an old lady over the head and nicked their pension book. You aren't a criminal, just hard up like the rest of us are. You won't get a hard time here I absolutely promise you-everyone here is in the same or similar situation and we all help each other out.

 

Keep the faith, you'll be fine in the end.

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Well, they haven't sent the agreement so I wrote to them last week basically saying that until I get a copy of the agreement I'm not paying any more money.

 

Must say that having that extra £100 will go nicely to sorting out the credit card! That actually raises another point: IF the agreement is somehow legal, how soon do I have to resume payments?

 

I also need to find a way to scan and edit the paperwork so I can place it online. Got any good tips on this?

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Surprise! The loan agreement and T&Cs finally arrived. I will scan and post them soon. Should they have sent statements too?

 

Considering I told them I am disputing the account based on the lack of documents and stopped the payment, how do I stand now I have the documents? How long do I have until I am legally required to resume payments or take further action?

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I would say, when the next payment is due


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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are they enforcable?


If my advice helped you please click my star

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And, if you still have the default notice, you might want to check that it is valid.

 

And have you been getting Arrears Notices since October. If you have, check they got them right too. They were having problems, I am led to believe.

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I will put up the Default Notice which dates back to 2003 IIRC when I get the scanner sorted. Didn't know that could matter too.

 

As for enforceability, I have little idea what to look for. I may start an SAR soon.

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Get the agreement minus personal details posted up so people can check.

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Yes NIck-definitely get the agreement up here minus personal details.

 

 

If we can, we will rip it to bits.

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I've put all the bank documents in a PhotoBucket album. Hope you can read them cos it's the first time I've used my scanner in years!

 

Egg1.jpg

 

Egg2.jpg

Egg3.jpg

Egg4.jpg

Egg5.jpg

Egg6.jpg

Egg7.jpg

Edited by Big Nick
Problem viewing documents.

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Again, this looks enforceable. The prescribed terms are all there.


:)I am not an expert, but I can give good advice about Brighthouse:)

 

Am learning more and more about DCA's too :)

 

I have no legal experience and all advice given is based on the knowledge I've gained from this site.

 

<------If you think I have been helpful, please feel free to tip my scales - remember to put your CAG name though!

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Isn't there a possible multiple agreements issue because the PPI has not been properly separated out?

 

I wouldn't mind seeing the Default Notice to check it.

 

Have you had an Arrears Notice in the last few months? If you did, did you get one and then a "corrected" one?

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PPI etc., is not my strong point, so I can't comment :(


:)I am not an expert, but I can give good advice about Brighthouse:)

 

Am learning more and more about DCA's too :)

 

I have no legal experience and all advice given is based on the knowledge I've gained from this site.

 

<------If you think I have been helpful, please feel free to tip my scales - remember to put your CAG name though!

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Time for an SAR, methinks. Do you think I'm legally OK to withhold payment until that comes through as it sounds like it could be a few weeks yet?

 

Wondering now if I should arrange for an expert to review the SAR when it arrives to be certain. Think I might phone a few local solicitors to see what they charge and if they can help.

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There is a school of thought that says that the fact that PPI is a different sort of loan to the rest (it is restricted-use, debtor-creditor-supplier wherreas the remainder is unrestricted-use, debtor-creditor) and that makes it fall under s18 of the CCA 1974. However, not everyone agrees that this makes a difference. I think it does, but the issue has not been tested in court AFAIK


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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Just had a frustrating conversation with Egg callcentre :-x

 

I had an answerphone message asking me to call them 'as a matter of urgency'. I did that today and wasted 12 minutes going round in circles.

 

Called the number they gave, went thru numerous ID proving tricks and was then asked 'What did you want to talk about today?'. You'd think they would know as they asked me to call them in the first place. :-x

 

Eventually got put through to the collections dept who didn't know why I hadn't made the April payment and apparently didn't know about the letters I'd sent them. Told them to read the correspondence and then get back to me.

 

I reckon that if I'm making the effort to contact them then they should do the same. Aaaaarrrrghghghhhh!!!!!!!!!!:mad:

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sounds typical egg to me, do'nt ring again because you will still get phone calls and correspondance asking you to contact them etc as a matter of urgency. Writing only because verbal words are meaningless as far as they are concerned


If you feel I have helped please tickle my scales;)

 

 

MBNA - Ongoing

Egg Loan - Ongoing

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Holy thread revival Batman!

 

Back in February 2011 I sent a general letter to Egg requesting repayment of PPI on the grounds of mis-selling, they replied confirming their reciept of the letter and that they were investigating. In March I got the '4 weeks and still investigating' letter, in April I got the '8 weeks and still investigating, you can tell the Ombudsman' letter. Thought I'd give them a little while longer and then forgot about it all with work and other stuff.

I guess that I should have done an SAR first but I'm not good with all that legal stuff.

 

Last week I learnt of the sell-off to Arrow/Britannica and today the letter arrived saying that the debt was now in the hands of Britannica Recoveries and that I should deal with them directly.

 

Where does this leave me regarding the PPI repayment?

What's the worst that Britannica can do regarding this debt? I don't want to end up being declared bankrupt or having bailiffs round the house....

Going to phone them now and see what they say, no point paying Egg when BR want the money.

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Just had a good friendly chat with the RMA Arrow people and sorted out the repayments with my bank. That was the easy bit.

 

This is where it gets interesting....

In Feb 2011 the annual statement said I owed £2425. I am repaying £100 per month so I think I now owe £2025. RMA think it would be £2325. When I queried this RMA suggested I contact Egg via a phone number that proved to be out of service. They acknowledged this when I called them back and said they'd put the account into dispute but I should continue making repayments.

 

I wonder if Egg gave RMA the most up-to-date set of account details?

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Things are looking up!!!:-o

Today Egg sent me a letter saying they agreed with my PPI complaint! I don't quite get their logic with the refund they sent though.

 

Total compensation £4457.87 (see below)

Amount owed £2025

Refund cheque £1957.99

 

Award calculation

Total PPI premium £2918.90

Interest on premiums paid £463.19

Plus 8% interest £1075.78

 

They have withheld £474.88 to "put my loan in the position it would have been had I not taken PPI". What is this, is it allowed and why?

 

This also brings up another issue. While Egg were deciding this the debt was handed to RMA Arrow for collection. I've paid them £100 this month and obviously I now need to get this back and get them to agree that the debt is now settled. Is it wise of me to send copies of all the relevant letters to RMA for them to study?

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