Is this EGG Laon agreement compliant with CCA74?

[Big Naughty]

Thanks for taking the time to look at my post.

 

I have had a number of threatening letters about this Loan Agreement from all the usual DCA's, the latest of which is from Fredrickson International Limited demanding immediate payment, home visits, etc etc!

 

Well due to my unfortunate circumstances, no job, no money as some of you will know from my other posts I have no way of paying the outstanding ballance anytime soon! I would if I could. But I can't!

 

I have sent a number of letters to EGG about the account and what my options are, including CCA and SAR and all the other templates people have kindly sent me.

 

I sent EGG a CCA on 22nd January this year, then I followed on with a SAR when nothing came back from them.

 

I have attached what EGG have now sent me as their SAR response this month.

 

Can anyone say if it is a compliant agreement with CCA74 please as I have read many of them aren't. Should I be worried for now?

 

Thanks in advance.

 

BN

EGG Loan Page 1.pdf

EGG Loan Page 2.pdf

Edited April 22, 2010 by Big Naughty
Spelling

[Big Naughty]

I have now had a letter from the DCA (Frederickson International) this week offering me a final settlement, as long as I call them straight away of course, or they will suggest that their client proceeds with court action!

 

Should I be worried?

 

BN

[Big Naughty]

Would anyone have the time to quickly look at these agreements for me please?

 

ANy advice welcome as well as to what to do next.

 

BN

[Craigbadger]

Hi there.

Have you reclaimed the PPI?

Looking at this you are talking a very large of sum of money.

 

In my opinion its unenforceable anyway as there is nothing to link the 2 pages but i'm really no expert on this, a real layman.

 

Personally I would not be too worried yet, in the right place.

 

I recommend you post a link to this thread on the dca forum for some expert advice on where to go from here.

 

Debt Collection Industry - The Consumer Forums

Edited June 14, 2010 by Craigbadger

[Big Naughty]

Hi there - no I havent claimed the PPI. Would I be admitting that I had an agreement then though?

 

How do I post a link without typing it al out again?

 

BN

[Craigbadger]

This is where I would want some further advice.

The thing is if the ppi owed was as much or nearly as much as the balance owed then that may be a better way to go.

 

I will post a link up for you, should be some more responses.

[Et Contra Pacem Regis]

1. The agreement looks fine to me. The link to the second page is not a problem, following Carey v HSBC those two are clearly part of the same document. The front page has the necessary prescribed terms (in this case the Amount of Credit and the repayment obligations.

2. claiming PPI missale would not effect an allegation that the agreement was unenforceable.

 

Egg are extremely sensitive about PPI mis-selling and may well roll over as soon as you write to them about it, however they are likely to use the refund to reduce the debt, rather than actually giving you any money.

[Craigbadger]

I still think there is nothing to link the 2 pages but as I say take my word as my opinion.

 

I guess theres the matter of whether its 1 page or a print off etc.

 

And the question as to why they sent nothing to your cca request.

 

But op as ECPR has said get on the PPI for now.

Edited June 14, 2010 by Craigbadger

[dx100uk]

reclaim the ppi they can only take arrears not the whole balance from any reclaim/

 

dx

[Undercover-Elsa]

Hi,

Have they sent you a Default Notice for this account?

If so, dig it out (and the envelope it came in if possible!) and post it up.

(Removing personal details but not dates)

Sometimes there's more than one way to crack an egg.

 

Elsa x

[Tonster]

1. The agreement looks fine to me. The link to the second page is not a problem, following Carey v HSBC those two are clearly part of the same document. The front page has the necessary prescribed terms (in this case the Amount of Credit and the repayment obligations.

2. claiming PPI missale would not effect an allegation that the agreement was unenforceable.

 

Egg are extremely sensitive about PPI mis-selling and may well roll over as soon as you write to them about it, however they are likely to use the refund to reduce the debt, rather than actually giving you any money.

 

Hi All

 

I have a very similar agreement but without the PPI but you mention that the prescribed terms are there (amount of credit and repayment obligation) but I don't see the amount of credit anywhere, nor is there on mine, so wouldn't that make the agreement unenforceable on that basis?

 

Tonster

[Et Contra Pacem Regis]

The "Total Amount" is really what the CCA calls the "Amount of Credit". The Regs don't say it has to be called "Amount of Credit".

[Tonster]

The "Total Amount" is really what the CCA calls the "Amount of Credit". The Regs don't say it has to be called "Amount of Credit".

 

I'm not sure it does. The total amount in this case is the total loan added to the PPI, nowhere does it show what the charge for credit is anywhere and that should be on the agreement and it isn't.

[Tonster]

I'm not sure it does. The total amount in this case is the total loan added to the PPI, nowhere does it show what the charge for credit is anywhere and that should be on the agreement and it isn't.

 

 

In fact if you look again at the agreement the total amount you mention '£30428.50' is excluding any interest/credit and if you look at the repayments 60*612.11 = 36726.60 which is obviously the full amount repayable. This charge for credit should be stated and it isn't which makes this agreement unenforceable because it lacks the prescribed terms.

[Et Contra Pacem Regis]

The Total Charge for Credit is not prescribed. It is required by Schedule 1, paragraph 9/10 (depending on type of agreement) of the Consumer Credit (Agreements) Regulations 1983. Only Schedule 6 are prescribed terms.

 

Failing to include a required term makes the agreement enforceable only at the order of the court, not irredeemably unenforceable by section 127(3).

[stuartmck]

I have virtually the same wording on my agreement - received today.

 

Does anyone have a link to an appropriate template letter to respond to Egg (or in my case Credit Solutions DCA)?

 

Thanks in advance.

[Tonster]

The Total Charge for Credit is not prescribed. It is required by Schedule 1, paragraph 9/10 (depending on type of agreement) of the Consumer Credit (Agreements) Regulations 1983. Only Schedule 6 are prescribed terms.

 

Failing to include a required term makes the agreement enforceable only at the order of the court, not irredeemably unenforceable by section 127(3).

 

From what I have read on this site and in the following sticky link a term stating the amount of credit for a fixed Sum Credit Agreement (loan as in this case) is prescribed in paragraph 2 of schedule 6 and so is protected by section 127(3) or am I being completely thick?

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/105315-my-agreement-enforceable-useful.html

[Bazooka Boo]

You are correct Tonster, EGG don't do enforceable agreements.

 

The agreement the OP posted up is not enforceable, send them the 'failed' letter.

Edited July 2, 2010 by Bazooka Boo

[Big Naughty]

Sorry for not responding sooner. I dont have my own computer anymore so I have to beg and borrow to get online.

 

Are you now saying the document I posted at the start is not enforceable, or is enforceable? Sorry for asking a dumb question!

 

BN

[Tonster]

Not enforceable, the total amount of credit should be present and it isn't. It is virtually the same as mine (except mine doesn't have the PPI)

[Big Naughty]

Thank you Tonster - you have made my day!

 

BN

[Mozz1]

BN pls let us know how you get on with this. Keep this thread updated!

[Big Naughty]

Hi Mozz1 - I will try to do a monthly progress now I can get on line more often. The good news is that I am earning again so I am paying the ones that have agreements. I have had one court date for CCJ but I manged to pay the solicitor so avoided that.

 

I know its wrong but that has become my strategy now:

 

1 - CCA

2 - SAR

3 - Letters to stop phone harrassment and door stop collections

4 - Wait for solicitors letter with court date thenpay

 

OR

 

5 - Go for statute barred after 6 years.

 

I dont even think that if I was lucky enough to buy a winning lottery ticket that I would pay the ones that dont have agreements!

 

I do have some other posts on hear as well. Interesting ones about Amex!

 

Let me know if yu want the links?

 

BN

[Mozz1]

Dude, read posts 28 thru 41 on this thread then come back to me

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/265084-robinson-way-hfc-2.html

[Big Naughty]

Hi there - yes I have had lots of Without Predudice letters and F&F offers for Egg and others. Even if I beleived the DCAs which I dont, I dont have the money to pay them anyway!

 

Would you/anyone know where I can find the Failed Letter.I think I have a template already but I want to check if its the same thing.

 

BN