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Wednesday 1867 poss vs Egg

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How we all doing :)

 

This is my story a bit long winded but hey ho.

 

I am currently on a dmp with Payplan.

 

I had an Egg card, in the midst of borrowing from Peter to pay Paul, i changed this into an Egg loan, to get an end date etc :rolleyes:

 

Now when the loan was going thro Egg told me i wouldnt have to pay my Egg card account, cos it would of been paid by the loan and cleared. Nether the less, the direct debit went thro for the loan and credit card and everything else, effectively pushing me over the edge, even tho id been on the edge for some time :-| .

 

So my debt has been transferred to a dca, ive been paying them thro Payplan anyway.

 

Since all this has come up with reclaiming and cca requests, i realise cos i changed to a loan, there isn't going to be a lot i can claim for. Odds are they will have the loan agreement, well they should as it was only done 2 yrs ago.

 

I paid by direct debit, so will have hardly any late payments, maybe some for going over my limit, how much do Egg usually charge for going over your limit?

 

Ive sent them a cheeky email to see if i can get my statements without sending a sar. Probably still have to send a sar next week, but no harm in trying :)

 

 

So thats it, if anyone can answer the question, id be grateful.

 

If anyone has any suggestions on a point of attack over, id again be grateful.

 

Thanks

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Well got a reply to my email.

 

Said there is a £2 charge per sheet to a maximum of £10, which we all know is the right fee, if i were to agree, they would deduct £10 from my Egg card and i would have them in FOUR working days, wow these boys dont mess about do they lol, shame they cant charge my card as its been closed :/

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Well received a secure message today, stating as my card is closed they will supply the statements free of charge and i will recive them within 4 working days :) Lets see if they turn up ;)

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Hi

 

I am in a similar situation as my egg account got clossed a couple of years ago and I got the statements through very quickly from my request, they then offered me £80 when I was asking for £500 (reduced charge to £16 from £20). So I have part accepted and am waiting for response to LBA.

 

Good luck with yours.

 

Yode


Yode

 

Yode v Egg - smashed after 4 weeks

Yode v NatWest battle to the end (mcols issued) waiting retaliation

 

 

Sign the petition to the Prime Minister here:

http://petitions.pm.gov.uk/bankcourts/

Thanks

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Cheers Yode, i got in a muddle with mine and ended up defaulting on the loan. they have charged me interest on 3 payments after the date of default tho, not sure if this is right?

 

Trying to get PPI back too, obviously once i default no way i could claim so of no use, so id like the money back thanks egg :)

 

Still waiting for the credit card statements, but like i said earlier, i dont think they will be many charges, maybe 3-4, might scrape £100 in charges i think, will soon see..................

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Top stuff from Egg, well so far :) received full list of transactions going back to October 2000, why oh why couldnt all the banks be this quick :)

 

Never mind the 3-4 charges, quick flick through, found 23.........

 

 

Just going to input them into the spreadsheet with interest to see a grand total.

 

I have one question tho, 23 charges is £460 without interest, so £460 worth of bank charges was then turned into the loan.

 

Ive seen snippets about what you do in this situation, but cant remember where.

 

Any info much appreciated.

 

 

Thanks

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Well just added it all up and it comes out at £654.

 

Sending the LBA through the secure message system, with a note asking if they need it in writing.

 

Im asking for a cheque of £600 to settle within 14 days, if not full amount including interest and court costs :)

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Why do you ask for £600 when they are going to give you £654, after just one exchange of letters in English (provided you say the right thing), taking probably less than 2 weeks?

 

Egg is the civilized card, they don't do court now (used to).


 

 

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To be honest, it came as a shock, as i previously posted i only thought i would have 3-4 ranging to £100 maybe. So hadn't really geared myself up for anything to big,thought they would refund £100 no problem, so when it totalled £600+ i was surprised, havent read many of the other Egg threads, can only go on the fun im having with other banks.

 

I only asked for £600 because although the Egg Card account is closed, i defaulted on the loan to clear the card, i would prefer the charges money back in a cheque, so i stated i would only accept £600 in a cheque if they didnt agree, i would then persue the full amount plus further costs. I didnt realise they would be as easy as this, thought it would be a goodwill offer of maybe £200, then haggle before court, where as id just prefer a quick settlement if poss.

 

Also it is one of my smaller ones £2k from HSBC, £2k ppi from Egg on the loan i defaulted on http://www.consumeractiongroup.co.uk/forum/ppi/97795-egg-loan-ppi-defaulted.html and lots of fun with MBNA.

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It is only easy if you follow the proven route, walking a line through the minefield between two ropes marked out by forerunners.

 

When your itemised claim goes in, Egg comes back with a template question -- "We have obeyed OFT guideline and dropped our charge to £16. You say our charge is unlawful but do not offer evidence to prove it."

 

This is like a catechism question, and must be answered by a skilled retort such as in moc1982's winning thread, or you might not proceed by express to the next stage. After "Open Sesame" has been correctly intoned, then Egg sees no profit in further resistance so throws in the towel, before you can say Jack Robinson. No aggro, no court messing.


 

 

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Previous post i was wondering if i was right or wrong, still not sure 8)

 

When i added my charges up, i came to £460, i duly added interest.

 

This is my question.

 

I had the card between 2000-05

 

 

Interest was 1.093% a month until Oct 04 (13.11% apr)

 

From then it started as Cash Interest 1.240% & Merchandise interest 1.167% totals 2.407% (28.884% apr)

 

In March 2005 it rises to total 2.552% (30.624% apr)

 

In August 2005 it rises to 2.625% (31.5% apr)

 

Then the last 2 months before my Egg loan cleared the Egg Card my interest rate was 2.837% (34.044% apr :eek: )

 

Now what rate of interest do i charge? Do i keep it to 13% can i getaway with changing it to 34% or do i total every months percentage up and then divide them to get an average percentage over the hostory of the charges? Or do i go for 34% if its wrong, let them work it out :lol: ?

 

 

Cheers :-)

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This is not rocket science. If you get the total wrong by a few pounds I do not believe Egg will quibble.

 

As Egg constantly varies its monthly interest rate, I would simply accrue the interest month by month using the rate applicable to that month. The Purchases interest rate is probably applicable, not the Cash Advances interest rate.

 

One thing though, in any month where your debit balance was much reduced by pay-ins, your interest accrual should not exceed what was actually accrued by Egg. E.G. If in Febraury 2005 you paid off your entire balance, then all your previous unlawful charges and interest should accrue zero interest in February 2005. Spreadsheets are but a convenience to reconstruct the unlawful interest which was physically, actually levied by Egg. Because this type of interest got mixed up with interest accruing from Purchases, it gets quite complicated. Egg is unlikely to split hairs, thank goodness.


 

 

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If you get the total wrong by a few pounds I do not believe Egg will quibble.

 

 

As you can imagine the difference between 13% and 34% over 4 yrs is quite a difference, in the region of £300 :o

 

All depends if they accept my offer to settle straight away, if not, ill cross this bridge then :cool:

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Cash Advance interest is accrued on cash advances until paid off. Merchandise interest is accrued on purchases until paid off.

It is either or, never both.

Not sure which rate is used for charges until paid off, probably the latter.


 

 

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No worries, hopefully they will accept the settlement i requested.......

 

Thinking of resending it, so i have written proof etc.

 

Sent a message yesterday asking about PPI, said i asked for it when i applied in 2000, but now they are asking for the £10 fee for a full dsir.

 

Also said can claim on ppi, even it im over the limit :|

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Well i sent the LBA by mistake over the secure messages on their website. I did get a reply saying they have forwarded my request to Derby and i will get a response in 3-5 working days. Obviously i didnt, their 14 days is up, but as i sent the LBA by mistake, i today sent a pre lim by snail mail to Egg at Pride Park, havent mentioned a deal, claiming the whole amount plus interest, ive gone for a higher level of interest too.

Lets see what they come back with :)

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Update*

Sent Pre Lim 27 June, today received a "We've Received your Complaint" letter.

See if anything comes of it. LBA will be going in the post 11 July, unless they offer a settlement :)

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Well tomorrow is the 11th, as of yet nothing received back, unsurprisingly.

Well if nothing is in the post tomorrow, i mean later today :p the LBA goes to Egg :)

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Hi Wednesday. I'd forgotten you had an Egg thread!! I am going to start one of my own as i'm seriously confused with the info they've sent me. My position is very similiar to yours in that i had a loan to replace card. I really don't get the whole interest thing.

 

me + numbers = :?

 

If you have chance will you drop in on my thread please, it'll be up soon.


I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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If you have chance will you drop in on my thread please, it'll be up soon.

 

Have done, dont know what use ill be, fireguard and chocolate come to mind :D

 

I sent Egg a cca regarding my loan, this is the letter i sent, they are now in default :cool:

 

Dear Egg,

 

I have been in contact with staff from Egg recently through the secure messages on your website.

 

My two main points or questions are as follows:

 

1. My loan was defaulted in February XX, but in March and June of XXXX, on three of my payments, part of the payment was taken for interest. I understand that my balance on date of default is the final amount I have to pay and any further interest shouldn’t be applied to my account. Your response was that the “interest was accumulated on missed payments”. Obviously I would like to confirm this for myself, by checking the agreement. I today received a copy of my “agreement”, I will refer to this more.

 

2. Payment Protection Insurance. I also received statements of my loan history, I was surprised to find a line at the bottom of the statement, it read as such

“ PPI Rebate Available @ 14/06/07 £XXX.XX” I have a few points regarding the PPI. Firstly I don’t remember asking for PPI on the loan, again I was told in a secure message, the agreement will prove I asked for PPI, now on this agreement I received, the PPI is differently priced up on each piece of paper, on one it says “Plus PPI” surely PPI is optional? It shouldn’t be added automatically, which is what it looks like. Regarding the “Rebate” I have never received such a rebate, I have asked on several occasions, if I should and when will I receive the rebate?

 

Also because I defaulted on the loan, the PPI should have been cancelled as it would surely now be null and void, to this point, I would like to know, why after 5% of the life of the loan, I haven’t been refunded any of the premium. If the rebate is refunded to myself, I worked that out roughly, for covering me 5% of the time of the loan I was charged 58% of the premium. I asked for terms and conditions, or a policy, where this is stated as the correct charge for having it for that amount of time.

 

WHAT I REQUIRE.

 

As I previously stated, I don’t accept the agreement I received today, is infact a true copy of my loan agreement, amongst other legal requirements it is missing, it is missing all terms and conditions relating to my loan.

 

So I understand that under the Consumer Credit Act 1974 (Sections 77-79), I am entitled to receive a copy of my credit agreement on request. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act. I understand a copy of my credit agreement should be supplied within 12 working days. I understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

 

With the agreement, I also require proof of my request for PPI, I don’t accept this as proof I accepted PPI, I require to see where I signed for the PPI. If you do not provide me with suitable proof, I will be looking to have the PPI refunded.

 

I would also like a copy of the terms and conditions or a copy of the insurance policy relating to cancellation fee’s.

 

I also request an answer to the “Rebate available of £XXX.XX” what is it? Will It be paid to me? When will it be paid? Can I expect a cheque?

 

I look forward to hear your views on my points and how we are going to come to a settlement and obviously I look forward to receiving a true copy of my executed agreement.

 

 

Give them til mid week, then fire another letter off, asking where my agreement is :)

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No agreement, so im drafting a letter, this ok?

 

Dear Egg,

I have enclosed a letter dated XX June that I posted to your above address, as of yet, the only response I have received to it, is what seems to be a computer generated letter, this is obviously not good enough.

 

None of my points in the letter have been addressed, which again is disappointing.

I feel there is a more serious error in the way you have or haven’t dealt with my previous letter, the letter was made up of a legal request under the Consumer Credit Act 1974 for a true copy of my executed agreement, I also included the payment of £1 for this.

 

I’m sure your aware under the Consumer Credit Act, when served with a request for a copy of an agreement, you have 12 working days to supply one, as of today 18th July, I am still awaiting a true copy of my executed agreement.I’m sure your also aware that if you don’t comply with my request within 12 working days, the account is then placed into default, while the account is in default you are unable to enforce this alleged debt which includes but is not limited to:

 

· You may not demand any payment on this account, nor am I obliged to offer any payment to you.

 

· You may not add any further interest or charges to this account.

 

· You may not pass this account to any third party.

 

· You may not register any information in respect of this account with any of the credit reference agencies.

 

So I will now be ceasing payment to this account up until the time you provide me with a true copy of my agreement as requested per the Consumer Credit Act 1974, which I feel is an action I have been forced into by Egg for their lack lustre attitude to responding to customer complaints and legal requests under the Consumer Credit Act.

 

If and when you supply an agreement that conforms to the Consumer Credit Act 1974, I will of course recommence payments to Egg.

 

I look forward to receiving a copy of my agreement by return.

 

Yours Sincerely

 

Any tips on improving much appreciated :)

Edit

 

Its for an Egg Loan

 

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You could also add the fact that if the default continues for a month they commit an offence under section 78(6) of the CCA 1974. Otherwise it looks good.


Steven

 

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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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Well i havent spoken to Egg in over a year about my debt, ive just been happily paying the agreed amount, they have been happily been accepting the amount and then today i have a mesage they called and will call back tomorrow.

 

What could they possibly want?

 

More than likely full payment, maybe they are getting worried?

 

Could tell them im not paying anymore, would save the £1.04 in rcorded postage on the above letter :D

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