Arrow have taken over Egg Loan

[The Debt Star]

with the foz? yeah, defo will be doing that, but can't until getb the final response from egg. what pishes me off is that foz won't do it under the existing complaint. its all inter connected and i can't see the logic of a fresh complaint

[The Debt Star]

yep and thats wotz happened

[The Debt Star]

but you did though! well done Brig!

[The Debt Star]

afternoon amigos.

 

a letter in the post 2day from the DCA saying they are investigating with Arrow and will get back to me.

 

Nowt from Arrow whatsoever.

 

I would like to send Arrow a cheque each month for the payments that were previosuly paid to Egg. They haven't sent me their banking details and clearly won't bother to either. Soooo.....what's wrong with sending them cheques then? I can't think why I shouldn't if its my intention to pay and reduce the laon each month.

[The Debt Star]

In your situation nothing all, the can alter it, present it more than once, so go ahead.

 

huh? can you say that again?

[The Debt Star]

Ok cheers mate.

 

ref your keyboard, make sure there isn't anything underneath the keys. I thought my keyboard was shot and used it for months with no "p" key only to find a staple had lodged underneath LOL its fine now!

[The Debt Star]

new pc called for from the sounds of things! Send the bill to the MoD

[The Debt Star]

Update:

 

I have refused to deal with Westcot and sent my usual monthly payment (hitherto paid to Egg) direct to Arrow. By cheque. Arrow , who have been ignoring my requests for their banking details, have cashed the cheque. So looks like they will accept payment direct to them cutting out the DCA middle man.

 

Meanwhile, I have calculated that Egg owe me a further £1K+ in PPI and interest.

 

All off to the FOS now on basis of the PPI that remains outstanding on a prior disputed account that has been assigned to Arrow, who tried to get a DCA to collect on it.

 

V. messy. All Egg's fault.

[The Debt Star]

I guess the next problem will be that the balance of the loan is disputed because arrow won't be applying it to my account. So I'll have to keep PROOF in the form of cheque stubs and bank statements plus my letters to Arrow enclosing payments.

 

But TBH another line of dispute would be a good thing and should ensure that DCAs are kept out of the loop.

 

Westcot are now the 3rd set of DCAs sent packing on this loan.

[The Debt Star]

I've been working on a theory that DCAs can be kicked off the market place by debtors paying the OCs direct, whether they want to use a DCA or not. Egg wanted to use CapQuest and refused me details of their account number. On one of these forums I got that info and just started paying them direct regardless and ignored CapQuest. I told Freds to pish off and carried on paying Egg direct when the bank instructed them to come after me and now Egg have sold the account to Arrow I am determined to pay Arrow and not Westcot. So far, so good.

[The Debt Star]

Brig, you there mate?

 

I've just had an equifax alert telling me my long-term defaulted Egg account has been marked "settled." As the sum of £5K ish was sold to Arrow Global, presumably this just means that as far as Egg are concerned the debt is "settled" hence the amendment to my CRF?

 

Does this mean that Arrow can file a brand new Default on my CRFs for the debt they purchased from Egg? ie its a diferent account, new owner (same debt of course) but allowing them to file a fresh 6 year Default?

 

If this happens, what should I do about it? The ICO are as useless as a wet blanket.

[The Debt Star]

Also, of course, the AMOUNT they claim is settled is in dispute as they (Egg) still owe me £1K+ in PPI and interest!

[The Debt Star]

Ok thanks, but then why have they marked it as "settled"?

 

It did also occur to me Brig that what they are trying to do is get the 6 year clock ticking from the date "settled" (by Arrow) and not the date it defaulted 5 years ago?

[The Debt Star]

Rofl, what a joke. This email just in from the FOS ref my Egg loan sold to Arrow during a dispute over PPI:

 

"I have received an e-mail from Egg late last week and I have spoken to them again today.

 

"They are in the process of trying to calculate the refund but unfortunately by moving the account to Arrow this has only made it more difficult.

 

"I will phone them again next week and will persist until the matter is resolved although I appreciate fully your frustration."

 

[The Debt Star]

Truly, but the assignment of a debt in prior dispute by Egg to Arrow is now causing THEM problems in calculating my PPI refund and interest - and will also presumably complicate things for both Egg and Arrow as the balance sold by Egg was for the WRONG amount.

[The Debt Star]

The FOS have allegedly telephoned Egg and asked them to take the account back from Arrow. Their response was "no."

 

I have now requested at least half a dozen times a copy of any letter sent by the FOS to Egg regarding the assignment to Arrow and am being stone walled by them. Iwould like this for round 2 when the dispute with Arrow kicks off ref the claimed balance.

[The Debt Star]

Brig: Any tips on makimg a F&F to Arrow on the circumstances of this particular case? I would like to offer them a % of the debt but based on the TRUE balance ie with the extra PPI taken off that Egg SHOULD have arranged prior to the assignment but didn't.

[The Debt Star]

less PPI b/l is iro £4500. With PPI iro £5600.

I was thinking of 40% with an upper limit of 50% as I'm not out of work or paying £1 pcm or anything.

Yes, do need to prevent sale / assignment of balance in offer and would need that in writing from them?

As to CRA file cleared, do you mean marked settled or removed entirely from CRFs?

[The Debt Star]

cheers m8.

[The Debt Star]

Not yet Brig, on the F&F. I only sent the F&F at the weekend.

 

Ref the PPI and assignment of a prior disputed debt issue, the last i heard was from the FOS as posted above at #76.

 

Amazing how badly Egg have conducted themselves throughout this saga, which, in total (including the original PPI dispute) has been going on for 18 months now. Despite an adjudication in my favour Egg have tried to do one over and its stalled completely now they've assigned it. The FOS adjudicator is way too soft on them and I will shortly have to go to the Indp assessor I think...

[The Debt Star]

I have sent a formal complaint about the FOS by email and asked for the adjudicator's line manager details. Then its off to the Indp Assessor if I don't get a response or that response is yet more piffle and faffle. Having looked at the IA's website, it seems she can order the FOS to re-open a complaint and look at it correctly, if she deems their service standards are poor enough.

[The Debt Star]

needless to say the adjudicator hasn't rushed to respond

[The Debt Star]

This thread may seem a little confused to newcomers. So to summarise there are several issues:

 

1. Egg absolutely assigned (sold) my loan to Arrow Global during a prior dispute (book balance of debt was £5,500)

2. The prior dispute was a PPI claim that the FOS had adjudicated on in my favour 6+ months ago but which Egg had failed to comply with at the time of the absolute assignment to Arrow. I calculate that Egg owed me a further £1,100 in PPI prior to the assignment.

3. Arrow have instructed Wescot DCAs to collect the money on a prior dispute and for a disputed sum (due to point 2)

4. I have made a 25% F&F to Arrow based on the sum owing of £4,400 (the true debt after the PPI)

 

Not altogther uncomplicated.

 

Thus far:

 

1. Wescot have acknowledged my compalint but have not responded to it in detail

2. I have continued to pay Arrow the agreed repayments I was making to Egg (ie I am not paying Wescot anything) and Arrow have accepted my cheque forlast month's instalment

3. Egg have acknowledged my complaint about the assignment but have not responded in detail

4. The FOS have said they are chasing Egg bit nothing ever seems to get done. Egg have allegedly told the FOS that the assignment has "complicated" things

5. I have fired off a complaint about the FOS to the adjudicator as they have been sitting with their thumb up their jackson for months now

 

I wonder if Arrow will accept the F&F given how complicated it has become due to the absolute assignment? If they do my guess is that they (Arrow) will then try to pass it back to Egg who will want to recover the full sum. This is where the absolute assignment to Arrow becomes useful to me.

[The Debt Star]

Hi thanks for posting Brig and mrman.

 

mrman, been thinking about yuor comment re: "although if you have let them know you are offering f&f and claiming ppi, then they are going to be less likely to offer a larger reduction because they know you have original f&f amount plus money claimed via ppi."

The PPI was mis-sold and I have a FOS adjudication agreeing that it was. Egg have been told to stump up but haven't. Instead they sold a balance of £5500 to Arrow when in fact only £4400 was owing. It is not my fault about the PPI and as far as I'm concerned - whatever Egg and Arrow have agreed between themselves - the debt is £4400. You'll appreciate that i don't really care who owns the debt and I never asked for it to be sold to Arrow in the first place.

 

Therefore, from my perspective, I am offering the debt owner a f&f taking into account what the "true" balance is. It is the same f&f I would have offered Egg if they still owned thd debt. The PPI refund of £1100 is money that belongs to me and is due to me and which has nothing to do with the "true" loan balance, save and insofar as it would ordinarilly have been used to offset the balance. FOS agreed with that. But of course Egg did something really dumb and sold a debt in prior dispute.

 

Do you see my logic? The PPI has - or should have - nothing to do with the f&f because it is money that is due to me because of the mis-selling of PPI by Egg. Egg SHOULD have sold the loan for £4400 to Arrow and not for the £5500 but from my perspective any offer made to the debt owner HAS to take into account the mis-sold PPI of £1100, which I am entitled to anyway (whether paid direct or by way of off-set). The outstanding PPI claimc should not make any difference therefore.

 

Arrow, on the otherhand, have been stitched up by Egg. A bit like me selling you a car for £1000 when its worth £900.

 

Or am I wrong?

[The Debt Star]

Or in simpler terms if somebody owes you ten pounds and they say they only have five, will you accept that, they then pay with a ten pounds note and ask you for change?

 

Not quite, because in your example you are forgetting that I owe that somebody some of the £10 I claim is due to me, because of mis-sold some insurance to them, say worth £3 making their real debt to me £7. So if they offered £5 I would be hard done by, but not if they offered £7. Of course I have offered less because I have offered 25% based on recommendations to start with a lower offer than that which I will ultimately go to, say 50%.

 

Arrow own the debt and are claiming the full whack inclusive of the mis-sold PPI due to me. Thinking about it I do agree with you, as it is Egg not Arrow that owe the PPI. But of course Egg won't pay it over and sold the debt inclusive of the PPI to someone else who is pursuing me for the incorrect sum. So I am offering that party (Arrow) a f&f taking into account the PPI, which of course i would do as Egg haven't paid it back to me but sold on the total debt inclusive of it. Is that so unreasonable?

 

If I had the £1100 PPI cheque to hand - which I don't as Egg haven't paid it and probably never will (this claim is now getting on for 2 years) - then I would make the f&f based on the amount sold to Arrow. But in these circumstances we are talking about an absolute assignment to Arrow of a debt in prior dispute that includes a tranch of mis-sold PPI that is not being repaid and I have made a f&f taking into account that element of PPI the debt owner is chasing.

 

Surely the remedy for Arrow would be to negotiate with Egg for the shortfall as the debt in prior dispute was sold to them inclusive of it?

 

I do also have the matter of Arrow's DCA harassing me for a debt sum that is disputed.

Edited August 25, 2011 by The Debt Star
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