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Egg loan debt sold to caboot - credit agreement 'signed' online?


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Hi guys - I had an egg debt for a loan taken out in 2005 which I defaulted on after getting into financial difficulty. Egg wernt very helpful in accepting reduced payments and now a few years later after the debt being passed to several collectors its now been bought by caboot who contacted me early this year.


So I requested the credit agreement in Feb this year and now finally caboot have sent me copies of statements and the agreement.


The thing is I did not sign the agreement as it was all done online so the part where my signature should be says -


"This is a credit agreement regulated by the consumer credit act 1974. Sign it only if you want to be legally bound by its terms.


Signature of customer


please tick this box


(this is instead of providing your signature)



I can't recall exactly but obviously at the time I did tick the box but where do I stand legally?


I fully intend to pay this back given I took out the loan but I'm just looking for some leverage to negotiate reduced payments. Is this kind of agreement completely legal?


Furthermore, the agreement hasnt been signed by egg -


Where it says - "signature of lender" it states "signed on behalf of egg banking plc - jonathan walsh - head of loans" but no signature.


Any advice would be greatly appreciated.

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I did think that anything before 2006 was 'suspect' but really not sure about digital signatures, hopefully someone with helpful information will be along shortly.


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As The Consumer Credit Act 1974 (Electronic Communications) Order 2004 came into force in December 2004 any online agreements entered into prior to this date still need a signed executed credit agreement.

Electronic signatures weren't considered valid until this date.


There's more info here.....................


The Consumer Credit Act 1974 (Electronic Communications) Order 2004






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Unfortunately electronic "tick" box signatures were deemed legal from Dec 2004 onwards.


that said they still have to show the prescribed terms in the agreement, i.e. interest %, method of repayments and credit limit. These should be showing on your printout to make it an enforceable document.



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Hi, on credit agreements. I have an account with Welcome Finance. I signed and returned my copy of the credit agreement, but on the customer copy to keep for my records, Welcome Finance have not signed and dated my copy to keep. Should they have signed and dated both copies including my copy for my records?

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