Yep! I'm another Egghead. **WON**

[Hopeful1]

Right, here's the tale:

 

Egg card converted to egg loan.

 

Defaulted on loan passed to DCA.

 

DCA passed to another DCA.

 

CCA request - Document sent. Not satisfied it's kosher, but have put to side for now.

 

Egg have answered S.A.R - sent agreements for both accounts. Clear statements for the card.

 

Loan info is just what i think are called screen shots.

 

Now the charges on the card only come to about 200 which surprised me - i expected it to be more. I seem to have paid out more in interest, cash advances charges or merchandise interest.

 

Now would i work out the interest on that 200 of charges? The outstanding balance is over 2500 (although DCA have added 600 on top of that!!) so charges aren't going to make much of a dent.

 

Not at all sure what i'm doing here or which way i should go. Any feedback would be much appreciated. I'm tired today so i don't think that's helping.

 

Please bear with me if i sound thicker than usual :-|

[Mistermind]

Egg Card

 

Your itemised penalty charges can all be reclaimed, whether £20 or £16. Each of these unlawful charges, if not paid off, would also attract monthly debit interest, same as your card spending.

 

E.g. If in Jan 2007 a £16 charge was levied, then assuming Purchases interest rate (not Cash Advance interest rate) of 2% monthly, this fluctuating rate as shown on monthly card statement, would result in accrual of monthly debit interest of 32 pence, as shown on your Feb 2007 statement.

 

If in Feb 2007 you incurred another £16 charge, then in March there would be 2% debit interest on £16.32 from Jan, plus 2% debit interest on £16 from Feb -- i.e. reclaimable interest of 33 pence plus 32 pence, and so on into April. There are various excel spreadsheets that will calculate interest as you input the charges, search threads started by Vampiress). Anyone uncomfortable with Excel can also do this manually for a small number of charges, adding up the interest from month to month. This is not rocket science, and Egg will not expect 100% computation accuracy, it is doubtful if Egg will kick over a few pounds.

 

The only point is, if in any month you paid off your entire card balance, then for that month no debit interest would have been levied from unlawful charges, so for that month no debit interest can be reclaimed, reflecting the fact that the statement for that month did NOT list any debit interest.

 

8% per annum simple interest can be added to the sum of (reclaimed charges + reclaimed interest). This being the Statutory Interest which the court would award if you did go to court and won your case. Egg will probably pay your S.I. if you claim it. Some delighted reclaimants found they got it even when they did not claim this. If Egg says they won't pay S.I. then you COULD say, see you in court. Even attempting to carry out your threat will take up many months, plus expense. But I doubt if Egg will make difficulties. See V-E Day thread. But respond using moc1982's template letter when Egg writes to say "We reduced £20 to £16 as per OFT guidelines. You say £16 is unlawful, but do not produce evidence."

 

There, I have written all I know, there is nothing else.

 

GL.

 

Egg Loan

 

Interest on loans was front-loaded, i.e. when you took out a loan of £2K, repayable over 5 years, interest is assumed upfront, and your instalments will repay say £5K or £6K over 5 years. I have not seen your Loan statement. If you suffered penalty charges on this account they can be reclaimed. There would not be many penalty charges on Loan Accounts as opposed to credit card accounts, as when loans fall behind, Egg would quite soon pass or sell the Loan Account to a debt collector.

 

At Loan Account opening time, all the expected future interest was frontloaded from the start into a notional balance owing, so there is no need to apply interest month by month. If this is indeed the case, then no debit interest is to be reclaimed from penalty charges, if any, applied on Loan Account. The principle is, if no debit interest was ACTUALLY levied accruing from an unlawful penalty charge, then there is no debit interest to be reclaimed.

 

If you took out a 5-year Loan, but are in a position to pay off your loan early, say after only 2 years, normally you will get a rebate worked out by formula detailed in the Loan Agreement.

 

If your Loan Account has been passed or sold to debt collectors, Egg will these days probably refund card charges and interest into your private bank account, rather than paying the debt collector.

[wednesday1867]

Right, here's the tale:

 

Egg card converted to egg loan.

 

Defaulted on loan passed to DCA.

 

 

Wow that is familiar

 

Have to keep an eye and see how you get on, i sent LBA for my Egg card charges today.

 

12 +2 for the CCA on the loan are up tomorrow and as there is a postal strike, i doubt ill be getting it

 

Keep us posted Hopefull

[Hopeful1]

I'm having a real nightmare trying to work out the loan info on these screen shots info. They're mixed in with shots from another account that is no longer active and was paid off, so it's really confusing.

 

However, going on what Mistermind has said - thank you very much for that info - i won't find anything on the loan so i need to work out the charges with interest from the card. I am guessing i then need to use the dodgy CA to negotiate what's left.

 

According to the Egg info. the outstanding balance is 600.00 less than the amount Arc say i owe. I don't know if it is Arc or Eversheds (who had acc. 1st) that have added this amount on. When Arc contact me again, can i say they haven't complied with my CCA request because they haven't sent a statement of account? I'm assuming this would show payments made to them with any charges they've added.

 

Oh my head :?

 

Wednesday - isn't it scary how many of us have a familiar tale?

 

Right, time to do more reading

[Hopeful1]

Well, nasty Arc have been in touch now that Egg have sent statements. Am i right in thinking the account can remain in dispute until charges are refunded?

 

Also, part of a CCA request is for a statement of account. ARC only sent me the agreement. Is this also grounds for the account being in dispute. I want this info to see who has added the additional 600.00.

 

I am now beginning to wonder if the agreement is enforceable as well. There's been a lot of converstion about 2 page agreements not being enforceable, but some are saying that's how they've copied a 2 sided doc. I'm going to try to get into CAB next week.

[Hopeful1]

My charges from the card account are minimal but have sent off for them anyway. On some of the screen shots the info is about payments due with a date in August for a very reasonable amount. Also when the account was passed on i couldn't access secure messaging but now i can. Does anyone think they may be preparing to deal with me directly or is this normal Egg like behaviour?

 

I don't mind paying debts i just mind DCAs!!

[Hopeful1]

Hello evryone!

I'm afraid it's all quiet on my Egg front at the moment

BUT i am here to solicit for a friend - Vinegarvera is trying to help her sister but unfortunately i'm the only one trying to offer support. She really could do with a more knowledgeable companion as well!!

Please would people ( as opposed to aliens??) have a look and post their opinions:

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/107305-egg-capquest-arc-mess.html

Thank you in advance - i will check the results in the morning!

[steven4064]

I've posted on vera's thread - I'm not sure I have fully followed the story so far - please PM me if "I have got hold of the wrong end of the stick"

 

Another suggestion - in addition to what I wrote there - it might be worth contacting vera's sister's local newspaper, local radio station, TV. I'm sure that a headline "credit card company persecutes mother of terminally ill children" is not something Egg would want to see.

[Hopeful1]

Blimey, i think you are right about that headline. I'll look at the thread again to see what you've posted.

 

I'm sorry to take advantage, but would you look at VVera's own thread as well, if you have time?

 

http://www.consumeractiongroup.co.uk/forum/general-debt/101887-cca-egg-ok.html

 

I've only be at this a short time and am still learning. I've helped Vera with the basics, but she needs meatier advice now! I hate to see someone feeling desperate - been there done that. Again i seem to be the only one posting.

 

Thanks for your help Steven

[Hopeful1]

After a long wait i am disappointed to say that Egg have refused my charges claim. However, i've read a few threads and can see i've had the standard letter - charges fair, OFT said 16.00 ok etc.

 

Again i have followed advice Mistermind has posted on other threads. I intend to send a version of the letter below:

 

Dear Ms Clayton,

 

Thankyou for your letter dated 19th April regarding my request for repayment of charges.

 

I have great respect for Egg's Genuine Pre-estimate of £20, great respect for Egg's Genuine Pre-estimate of £16 and great respect for all future Genuine Pre-estimates that Egg provide.

 

As a former cardholder I cannot help wondering, if after many years in business Egg has ever tried to reconcile Pre-estimates against Post-event audits. I am confident that a company devoted to justice and truth like Egg will not withhold evidence from the cardholder, that Egg will present evidence in court to show after-the-event costs, as well as before-the-event Genuine Pre-estimates. Therefore I intend to file a claim for the £80 charges and I hereby reject the £16 offer which you made in your previous correspondence.

Yours sincerely

 

So we shall see what the response is.

 

I have also asked them if i can make payments directly to them, but they've not responded. Seens how they've reactivated my access to their site, i am going to make payments anyway, as i have no wish to deal with Arc.

 

Since becoming empowered, i have no time for DCAs and will avoid dealing with them at all costs. THANK YOU CAG

[Hopeful1]

Well, i've e-mailed an adapted version of the above letter to the person dealing with my claim after the flat refusal to pay back charges.

 

Egg have not responded to my request to begin paying them directly, so I have made a payment online anyway! I do not want it going back to a DCA. I HATE those people with a passion after realising how much they've conned me over the lst couple of years. Because there is no interest or charges being added to the account and my claim is quite small, i am happy to pay before the issue is resolved. The balance will look better though when they do repay the money i've asked for

[pennypenny]

Hi Hopeful, how is the egg claim going? I am thinking about claiming charges on my o/h's credit card cos I'm sure there will be a few charges there, I think I will send the SAR and see what's what, anything to reduce the balance will help cos it never seems to go down.

I know what you mean about dealing with DCA's They are the most unreasonable people to deal with.

[Hopeful1]

Hi Pennypenny, how are you? Egg have been very ignorant to be honest. i think i have had 2 refusals and then they've just ignored me. They have finally made an offer which is less than a third of what i'm claiming - too late, i've already sent it all to FOS!!

 

I haven't got the time or energy for court at the moment. I've been broke for so long i can afford to wait for FOS to go through the whole process for me.

 

I would definitely claim Pennypenny. I'm just negotiating OH's PPI on his credit card. Like you say, if it reduces / clears the debt then all the better. My main aim now is to clear as much as possible without borrowing more which i would have done in the past. Quite sadly i use a Martin Lewis spreadsheet and love nothing more than seeing the numbers reducing when i add the payments i have made

[pennypenny]

Yeah, I'm the same, I've spent so long being in debt and stupidly borrowing more to try and get out of it only to find myself worse off, but thanks to this site things are definately getting better. Theres still a way to go but there is definately light at the end of the tunnel.

I will send off the SAR this week and try and reduce the Egg card balance. Good look with your claim, they will pay up in the end just keep at em!!!

[Hopeful1]

Had a letter from FOS today. Egg are denying their charges are unlawful - still - so FOS have asked them for further information.

 

What is wrong with these people? It's only just over £200 It's nothing to them, but it would make Christmas a lot easier for me!! My husband will be off for 2 weeks without pay over Christmas so every little bit helps.

[Hopeful1]

At last. Egg have finally agreed via FOS to repay the charges. It's a relief as OH already knows he will be without work for at least 2 weeks over Christmas.

 

It's only a few hundred, but it goes a long way when you haven't got much. It nearly pays a month's mortgage. That's what these people don't take into acc.

 

FOS have said they should repay it back into Egg acc. but i've asked for a cheque

[steven4064]

Hopeful

 

Well done for hanging in there (and being an inspiration to the rest of us) A well deserved CONGRAULATIONS

[Hopeful1]

Hopeful

 

Well done for hanging in there (and being an inspiration to the rest of us) A well deserved CONGRAULATIONS

 

 

Thank you, that's really kind of you to say that.

 

I've got to admit, i am pleased. I started off on this site in May feeling so down and at rock bottom with my financial situation. Since joining CAG i have managed to reduce debts WITHOUT extra borrowing, which i have never done before. I am also tackling my debt without relying on debts being 'written off'. I'm repaying what i owe but without charges and PPI.

 

My biggest achievement has been getting rid of the DCAs who have given me grief.

 

I have a spreadsheet with all my debts on. Each month i update it with the payments made. I also set myself targets of what i am going to pay off within a certain time.

 

I still have a lot to do and some battles to fight, but i'm getting there.

 

At the end of this journey i will not forget to donate to CAG. At the moment though every penny counts to debt reduction!!

 

xxx

[steven4064]

That's fantastic - getting out of debt is not an easy thing to do, particularly as those who you think would help (ie banks) actually just kick you when you're down.

 

I'm glad you have found CAG so helpful - that's what it is here for. Your comments are what makes helping here worthwhile.

 

Have you seen this book? For anyone else reading this thread who is wanting to get out of debt (or just not get in debt) - read the review and comments.

[Hopeful1]

Had a look at that review. I shall have a look on Amazon over the weekend to order it

[Mistermind]

What goes around comes around.

 

Northern Rock Bank is in debt to the tune of £25 billion borrowed from HM Treasury over just 3 months. Yes they are the debtor, we taxpayers the creditor.

 

Shall we slap on a Default Notice, and get a DCA to ring them up endlessly, write to them, and doorstep them? :grin:

[Hopeful1]

What goes around comes around.

 

Northern Rock Bank is in debt to the tune of £25 billion borrowed from HM Treasury over just 3 months. Yes they are the debtor, we taxpayers the creditor.

 

Shall we slap on a Default Notice, and get a DCA to ring them up endlessly, write to them, and doorstep them? :grin:

 

Don't forget we need to design some postcards and be rude down the 'phone when challenged

[Hopeful1]

Well, talk about you know what-ing on my bonfire. I've just posted this on my main thread:

 

Last night i made an online payment to Egg. I could log in, make a payment but couldn't look at details of loan. I sent a secured message asking why.

 

I've just had the response - they've terminated the acc. it's with a DCA

 

I've e-mailed back asking for an explanation as to why. I've been making the payment shown online and each month i've paid a bit off the arrears which i paid off last night.

 

Pointed out i've had no notification of it being passed on.

 

Since allowing me online access again, Egg have never written to ask me to make payments, i've done it off my own back, even whilst the charges were being disputed.

 

Any advice or comments?

 

It really is a rollercoaster this malarkey isn't it?

 

Well, i shall wait for their response and take it from there. I think these people like to make life difficult. Perhaps i'll use the charges to offer a full and final!!