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HELP - Is this Egg Loan Enforceable ?

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Hi, i'm hoping one of the resident legal experts can spare a few minutes to give me some advice on my egg loan. The account is in default and arrears but I'm at the stage of making an offer to repay. What I really want is to settle at a bit of a discount and get the default cleared off my credit file.

 

In terms of the agreement, one thing that jumps out to me is that there is no details of the "charge for credit" but I dont know for definite if this makes it unenforceable and there may be other problems.

 

Interestingly, Egg wrote to me last year offering to refinance at a lower rate which I didnt accept as I thought they would credit search me and that would have thrown up problems which may have affected my egg card limit.

 

Many thanks in anticipation.....

 

pg1eggloan.jpg - Image - Photobucket - Video and Image Hosting

 

pg3loan.jpg - Image - Photobucket - Video and Image Hosting


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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Hi as you say no total credit charged also no total repayable so could be unenforceable, I am no expert on loans most of what I have been looking at is bank/ credit card charges and their agreements

 

all the best dpick:)


cannot find it A to Z

 

http://www.consumeractiongroup.co.uk/forum/consumer-forums-website-questions/53182-cant-find-what-youre.html

 

 

Halifax :D

Paid in full £2295

 

MBNA:mad: 20/03/2008 settled in full out of court

 

Capital One:D

07/07/2007 Capital one charges paid in full £1666

19/01/2008 recovered PPI £2216 + costs

 

Littlewoods :-D

12/08/2007 write off £1176.10 debt.

 

JD Williams charges refunded in full £640

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To the best of my knowledge it needs an 'amount of credit' figure and 'total charge for credit' figure.

 

Regards

 

Lantana

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Hi

 

Egg are a class act, this is perfect and you must resume payment immediately or risk everything at court.....

 

NOT

 

Read it, page 1 at bottom refers to Sections 6,7,8,9 .... where are those in the T&C.... errr where are the T&Cs exactly..... errr CCA S77-79 request specifically states a true copy of the executed agreement (and any document referred to).

 

They have not complied (as with me) with the CCA request: issue a Default notice on them - refer to my recent post elsewhere - got connectivity issues at the moment so cant give you a link.... that spells out exactly what they cannot do. Do NOT tell them WHY they are in default... they have a bunch of very expensive legal folk for that.... do it registered/recorded first class now.

 

Also consider, in case Egg read this, IF they do supply T&C - how do you know they were the ones originally issued???? I have seen lots of examples where a cursory glance shows they are current T&C.... this is NOT what they must provide and again fails the test....

 

ok????

 

relax

 

Z


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Hi

Could some one explain the figures i`m a bit thick on figures.

 

a/ £15000.00 borrowed over 5yrs

b/ Interest @ 9.51% =£1420.50 as per agreement

 

a/ £15000.00

+

b/ £ 1420.50

________

£16420.50 -: 60 month = £273.67 monthly

 

60 payments x £315.13 = £18907.80

loan £15000.00

________

Interest £3907.80 = 26.04%

 

 

most loan agreements i have signed were

amount of loan £1000.00

interest 100.00

admin fee 50.00

________

Total payable £1150.00 divided 24 monthly payments of £47.91

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Hi,

 

Please don't take this the wrong way.

 

I think it might be a bit unwise to post your agreement amount details just in case the EGG spies are online.

 

It might be best to remove your entry and PM the details instead.

 

Best wishes.

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Hi,

 

Please don't take this the wrong way.

 

I think it might be a bit unwise to post your agreement amount details just in case the EGG spies are online.

 

It might be best to remove your entry and PM the details instead.

 

Best wishes.

Thanks for your concern. I'm fairly relaxed - all personal identifying details have been hidden and in any event I will be contacting Egg to highlight the problems and to negotiate a settlement.

 

Cheers


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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Hi

Could some one explain the figures i`m a bit thick on figures.

 

a/ £15000.00 borrowed over 5yrs

b/ Interest @ 9.51% =£1420.50 as per agreement

 

a/ £15000.00

+

b/ £ 1420.50

________

£16420.50 -: 60 month = £273.67 monthly

 

60 payments x £315.13 = £18907.80

loan £15000.00

________

Interest £3907.80 = 26.04%

 

 

most loan agreements i have signed were

amount of loan £1000.00

interest 100.00

admin fee 50.00

________

Total payable £1150.00 divided 24 monthly payments of £47.91

The figures dont match because you are adding only 1 year's interest instead of 5.

 

Cheers


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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Hi

 

Egg are a class act, this is perfect and you must resume payment immediately or risk everything at court.....

 

NOT

 

Read it, page 1 at bottom refers to Sections 6,7,8,9 .... where are those in the T&C.... errr where are the T&Cs exactly..... errr CCA S77-79 request specifically states a true copy of the executed agreement (and any document referred to).

 

They have not complied (as with me) with the CCA request: issue a Default notice on them - refer to my recent post elsewhere - got connectivity issues at the moment so cant give you a link.... that spells out exactly what they cannot do. Do NOT tell them WHY they are in default... they have a bunch of very expensive legal folk for that.... do it registered/recorded first class now.

 

Also consider, in case Egg read this, IF they do supply T&C - how do you know they were the ones originally issued???? I have seen lots of examples where a cursory glance shows they are current T&C.... this is NOT what they must provide and again fails the test....

 

ok????

 

relax

 

Z

Thanks Zubo. I havent CCA'd them yet as the copy agreement is from my own files. I do have a copy of the terms and conditions which are on a separate piece of paper. What I basically want is to understand what is wrong with the agreement so that I can use it as a bargaining tool with Egg. Having thought about it further today, I may ask them to refinance the loan and my egg card at 0% over 5 years. Both accounts are in default so if they are prepared to refinance and remove the defaults then i'd be very happy.


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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To recap, I wrote to Egg recently for a copy of my loan agreement (unsecured loan for £15k taken out in January 2002) and whilst they did supply a copy I spotted what I think are a couple of flaws;

1. There is no "total amount payable" and no "total charge for credit" detailed in the agreement.

2. The agreement is signed and dated by Egg before the date of signature (I understand that I have to sign the agreement first)

I have pointed these issues out to Egg as they are basically pushing hard for repayment and threatening to send a DCA to visit me at home.

 

I now have a response from Egg to say that regarding point 1. above the requirement to show total amount of credit and total amount payable was only introduced on 31st May 2005 and in relation to point 2. it doesnt matter who signs the agreement first.

 

Can anyone help me by confirming whether I am correct in my stance or whether Egg are correct ?


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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To recap, I wrote to Egg recently for a copy of my loan agreement (unsecured loan for £15k taken out in January 2002) and whilst they did supply a copy I spotted what I think are a couple of flaws;

1. There is no "total amount payable" and no "total charge for credit" detailed in the agreement.

2. The agreement is signed and dated by Egg before the date of signature (I understand that I have to sign the agreement first)

I have pointed these issues out to Egg as they are basically pushing hard for repayment and threatening to send a DCA to visit me at home.

 

I now have a response from Egg to say that regarding point 1. above the requirement to show total amount of credit and total amount payable was only introduced on 31st May 2005 and in relation to point 2. it doesnt matter who signs the agreement first.

 

Can anyone help me by confirming whether I am correct in my stance or whether Egg are correct ?

 

Hi

I can't find your agreement it is as well to check the APR and the placing of any fees to make sure that they are not included within the total credit as this would render the agreement unenforceable under 127

 

Peter


VT against welcome finance costs returned

Refund against jetline travel

Caital one settled 6th November

N1 Filed Yorkshire Bank 26/09/06

£677+£172int.+£80Chgs acknowledgemment of claim recieved 29th/09,Defence recieved 27th October Recieved AO 30t hOctt Settled in Full 8th December

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Hi The agreement mentions terms and conditions where these include in you response from the request?

 

Regards

peter


VT against welcome finance costs returned

Refund against jetline travel

Caital one settled 6th November

N1 Filed Yorkshire Bank 26/09/06

£677+£172int.+£80Chgs acknowledgemment of claim recieved 29th/09,Defence recieved 27th October Recieved AO 30t hOctt Settled in Full 8th December

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Subscribing.


Before you criticise another man you should first walk a mile in his shoes. Then, when you criticise him, you'll be a mile away and he won't have any shoes on.

 

Don't get me confused with somebody knowledgeable by all those green blobs. I got most of them by making people laugh.

 

I am not European, I am English.

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Hi The agreement mentions terms and conditions where these include in you response from the request?

 

Regards

peter

 

Probably not. I've had the same from Egg and with no T&C's supplied.

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Hi The agreement mentions terms and conditions where these include in you response from the request?

 

Regards

peter

 

Hi Peter

 

Thanks very much for having a look. I havent actually sent a Subject Access Request to them as I have kept my own copy of the agreement.

 

Cheers


All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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