EGG LOAN AGREEMENT - Is it ok?

[jamcatella]

Hi

I am hoping someone can help - I have received my loan agreement back from Egg and am not sure if it is ok or not.

 

I am currently being chased by DCL (part of Egg) for the outstanding loan balance and they have given me the option of paying 75% as an F&F or paying the arrears and going back to the monthly payments - however due to the change in our circumstances we can no longer afford to make the monthly payments - we were originally in negotiations with egg at paying 25% as an F&f and we're given the impression by 2 different members of staff that this was likely to be excepted but overnight they changed their policies - I am currently at a loss as to what to do as cant afford either option.

 

I would be really greatful if anyone can take a look at the agreement and advice

 

many thanks

[MandM]

Hi J.

 

Too small to see. Can you re-post.

 

M

[jamcatella]

Right I shall try again, not sure why its come out so small - fingers crossed!

[jamcatella]

hopefully third time lucky

Egg01.pdf

Egg02.pdf

[jamcatella]

Hi

 

Really hoping someone can take a look at the agreement and advice...

[MandM]

Bumping...........

[MandM]

hi J.

 

For the agreement to be 'Properly Executed' it must contain;

 

1. A heading in the prescribed form giving the nature of the agreement

2. The name and address of both the debtor and creditor

3. Financial Information

4. A statement of your rights

5. A signature box in the prescribed form

 

If an agreement has any of these items missing, it is not properly executed. yours appears to have all of these.

 

A properly executed agreement is enforceable except in two cases where it may not be:

 

a) if the debtor's rights were not in the agreement and they were not sent to him/her within 7 days.

 

b) if the agreement is not legible

 

IMO opinion this is a properly executed and enforceable agreement.

 

I have acquired this info from the thread below>>>>

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html as no-one seems to have taken a peek for you. Have a look and see what you think, but seems OK to me.

 

Might want to leave it up for further opinions though.

 

M

[silverfox1961]

Hi,

(MandM Got your PM)

 

Dependant on how the agreement was signed will make a difference to this bearing in mind I'm not too good with Egg agreements. Most of the agreement looks fine but there is no right of cancellation.

 

I was under the impression that all loan agreements agreed by post should have a box about the right to cancel.

If the agreement was signed on business premises then that right is void.

A bit of clarification would help. Did you do the application via phone and post?

Did they send you any notice of cancellation after you signed?

 

fox

[MandM]

J,

 

if 'affordability' is an issue in itself, perhaps a different approach may be needed! I assume, as a DCA is involved, that your credit file is already trashed.

 

Bear in mind that a CC will only make you pay what you can reasonably afford to pay (per month). The DCA knows this!!! Therefore, that is all you will need to offer.

 

If you need help to look at this as an option i'd be happy to point you in the right direction as i've gone this route myself (as have many others on this forum).

 

In the meantime further help may come with regards the agreement and it will give you the opportunity to post up more info such as the DN, which may also give you some scope. Have they terminated the agreement yet?

 

M

 

PS thanks fox

Edited December 22, 2009 by MandM
added ps

[jamcatella]

Thanks for your responses,

 

M&M - I think we will have to go in with means statements and a monthly payment offer - although they didnt give this as an option. Does anyone know whether they will want the arrears paid before agreeing to this?

 

Silverfox - We applied online so the agreemnets would have come in the post - I dont remember whether we did receive notice of cancellation.

 

Thanks

[MandM]

OK. with regards to I & E I like the template on the National Debtline site. It's quite a simple one to use and comfy for fiddling around with it until you're happy.

 

Make sure you put down what you require fully for your normal life - mortgage/rent, rates, utilities, food, clothing, travel. some say you can even put £50/month as holiday savings!!

 

In the other bit put ALL your creditors - they are only entitled to their portion - they cannot demand more to the disadvantage of others. The form will work out what you can afford - and whether they agree or not that's all a court is likely to give them (and they know that).

 

It will work it out in relation to what you pay them monthly normally and includes the arrears.

 

Despite what they'll try and convince you, you do not have to produce wage slips etc. None of their business!!!

 

In the meantime, start posting up further paperwork relevant to the debt, particularly the DN.

 

You may want to take this opportunity to throw more (or all) of your creditors into the hat now. If so, then start a thread for each one as it develops and you'll get lots of help and support on here with how to deal with them.

 

Keep all letters (and envelopes) from now on and avoid telephone contact - keep it in writing. I promise it gets easier.

 

Here's a collection of letters that you may find handy. Use them, try and get interest reduced or stopped where you can. Once you know your way around the site a bit then someone will tell you how to find your way around the templates library.

 

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

 

 

Good luck and Merry Christmas

 

M