Arrow have taken over Egg Loan

[The Debt Star]

I had an Egg Loan in 2004. This was paid with an Egg "top up loan" in 2005. I kept and spent the balance

 

I have CCA'd Egg for the 2005 Loan agreement and it is clearly not a multiple agreement dealing with both a restricted and unrestricted use of the 2005 Loan.

 

I contend that the 2005 Loan was restricted use because they took a chunk of it.

 

My reading of the CCA 1974 s11 and s18 is that agreements should be multiple if they have restricted and unrestricted use (I think)?

 

Otherwise the agreement requires validating by Egg through the Court?

 

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Anyone? Pretty, pretty please?

 

I'll get me coat....

[The Debt Star]

I had an Egg Loan in 2004. This was paid with an Egg "top up loan" in 2005. I kept and spent the balance.

 

I have CCA'd Egg for the 2005 Loan agreement and I can see that it is valid but is not a multiple agreement ie it doesn't refer to both a restricted and unrestricted use of the "top up" Loan.

 

I contend that the "top up" Loan was part-restricted use because they took a chunk of it for themselves.

 

My reading of the CCA 1974 s11 and s18 is that agreements should be multiple if they have restricted and unrestricted use (I think)? The wording of the statute is hard to follow.

 

If so, does the agreement requires validating by Egg through the Court?

[42man]

You might find this useful - http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/171037-multiple-agreements-falling-within.html#post1845581

[The Debt Star]

egg have written 2day telling me that they are under no obligation to let me have a copy of the closed 2004 loan.

they cite s78[3][a] and the right to request a copy of an executed agreement ceases.basically they say that as no sum payable i can't have a copy.

this poses a problem as i need to know if the closed 2004 loan was dodgy and preempted egg's sale of my top up loan in 2005?

also if restricted/unrestricted argument can stand up.

any ideas? presumably they would have to let me have a copy under cpr part 18 if they sue for the top up loan?

[freethemice]

Sounds like you are arguing for arguments sake here. You admit in your first post at best this is unenforceable without a court order and have given no reason why you believe a court order would not be granted.

In what way are you saying that Eggs behaviour was detrimental to you?

Please don't tell me your just trying to get out of debt on a technicality!

 

The second loan is the one with money due on so Egg would be right in saying that the original loan is irrelavant in this. If you suspected it was not legal you should not have agreed the top-up loan to pay this. This would be viewed as full and final settlement of the original loan and I can't see why you need to see this agreeement.

[The Debt Star]

Hi. No, not at all. Its now actually quite complicated and has moved on a bit. I'm not loan dodging but I am seeking Egg to reschedule the loan to the true amount of principle loan. It transpires that there was a lot of single premium ppi on both the original loan and also the credit card, which was added to the sums paid at the time plus what was loaded onto my consiolidation loan. The result is that Egg ripped me off and I now have proof of it. They will have to reschedule the loan now and amend or remove the dodgy default they entered isome years back. One of the resaons why I was consumed by debt in the first place is because companies like Egg abused the credit lending process. I have my share of the blame, but not all of it. I am glad that I persevered with investigating this Egg claim.

 

I do understand your question and take no offense in it; I have been paying Egg via CapQuest for years and have done so against all the fianncial odds. I do not deny the liability, what am arguing over is the amount of principle that they are claiming.

[The Debt Star]

oh, and I do have the original loan agreement now and credit card statements. Thats how I know they loaded unlawful payments onto my second loan. So, you see, it is relevant to the whole mis-selling issue as there was a clear breach of their fiduciary duty to me as their customer to properly gauge the true amount of principle I owed on both credit card and first loan.

[The Debt Star]

Its been a while since I posted on this thread and i have updates.

 

The upshot is that, having received the CCAs for my existing (consolidation) loan AND the closed credit card and closed loan, Egg sold me monthly premium and single premium PPI on the older (closed) accounts. The old loan CCA was defo a multiple agreement with the single premium PPI and was the typical "flawed" Egg CCA. The existing consolidation loan was probably sold to cover up a multitude of Egg mis-selling (PPI, dodgy CCA etc).

 

Anyway, I have filed the FOS PPI claim forms with Egg and have also lodged a complaint with the FOS.

 

Egg offered the following PPI compensation on a goodwill basis:

 

1. Existing consolidation loan - nothing. They say as no PPI sold with this that thereis no claim. Wrong again Egg, because this was a consolidation loan and a tranch of that principle was comprised of single premium PPI carried over fro the old loan.

 

2. Original loan £469.00 for single PPI paid during the 'life' of that loan including 8% interest

 

3. Credit Card £665.00 for the actual monthly PPI paid including 8% interest

 

The credt card PPI offer is acceptable but I aked them to credit this to my existing loan balance AFTER that loan is re-scheduled, to take into account the PPI element in it.

 

The concern with the old loan PPI goodwill offer is that this might be an attempt by Egg to prevent a claim for the carry forward of the mis-sold PPI element to the consolidation loan. It has been worked out to be in region of £1000. So that part of my claim has been ignored by Egg.

 

Well the FOS may well have to adjudicate on this but I wanted to give Egg one last chance to rectify matters.

 

Now, I still maintain the consolidation loan was mis-sold but, in any event, I am also pushing for the PPI rebate for all 3 accounts in tandem with this dispute. Although no PPI was sold with the existing consolidation loan, the 'balance' of the single premium PPI from the old loan is still 'part of' the existing loan and this is what I suggested Egg do to resolve the PPI issue:

 

1. Refund the PPI contained in all loan repayments made so far to both the old loan and the existing loan accounts (plus 8% interest), which may be used toward reducing the existing loan balance.

2. The remaining balance of the existing Loan to be reduced by the % of the amount of PPI comprised in it, effectively removing the PPI element from it. Any amounts being used toward reducing this balance are to be applied AFTER the reduction.

 

3.The Default dated to be removed from my credit files as this was for inaccurate sum and is in breach of the Data Protection Act because it is not for the right sum (assuming the FOS agrees the PPI was mis-sold) and

 

4.Confirmation of the re-scheduled loan, upon which I will recommence regular payments.

In response to the above, Egg have withdrawn their goodwill offer on the credit card PPI, using the FOS investigation as their excuse. I have heard nothing from them about the old loan refund or the claim for the the PPI 'element' in the existing loan.

 

So, all in all, while it is moving in the right direction on PPI (assuming the FOS agree to something similar to the Egg goodwill offers), I await to see if the claim for the PPI element in the existing loan is carried and if there is any likelihood of the mis-selling claim.

[The Debt Star]

Had a letter in the post yesterday from Egg. My first in 12 months. Its an absolute notice of assignment to "Britannica Recoveries S.a.r.l, t/a Arrow Global Receivables Mgt Ltd."

 

Background: I defaulted on this loan in 2006 and entered a CCCS DMP with Egg which CapQuest administered 'til 2010. In 2010 I complained to the FOS about PPI and this complaint remains unresolved as Egg have failed in their duties to pay the compensation and provide PPI calculations etc. The FOS are presently chasing Egg on fulfilling the adjudication - which has only partly been done despite it dating back to March 2011.

 

During the early stages of my dispute with Egg they tried passing to Fredricksons who passed it back to Egg after a couple of letters.

 

I am paying Egg £20 pcm at present, on an affordability basis, and have been doing so with no problems for over six months now.

 

I'm worried that they will start getting heavy and harrassing me, just like CrapQuest used to. At present although the FOS have adjudicated against Egg on the PPI Egg have not paid all of the money due and have ignored requests to do so.

 

Understand from a neighbouring thread that Fredricksons and Brian Carter will now get on board and make my life horrible. So any suggestions as to best tactic / approach to take?

[robbom]

I had the same letter last week and have received a letter today from Arrow to say that Moorcroft are managing the account. Moorcroft are not a problem as I've successfully blown them off in the past. Refusing to speak to them and answering the first letter with a letter telling them I was 'in dispute' and then ignoring everything else they sent. Bit worried about Fred's getting involved though.

 

My problem is that this account is in dispute with Egg, and has been for well over a year with no payments being made. Can they legally sell the account like this? I thought that 'in dispute' accounts have to be kept and cannot be transferred. If this is the case, I'll write to Egg, Moorcroft, Arrow and the ombudsman. If it is legal, do I have to go through all of the SAR business again & put the account in dispute with Arrow when they don't come up with an agreement?

 

My advice to The Debt Star is that they cannot have what you haven't got. When Arrow write to tell you who is managing the debt for them, send an income/outgoings sheet and reiterate your offer. In my experience (6 creditors) they always accept a fair offer backed by your I/O sheet. It looks pretty bad on them if they take you to court after refusing an offer to pay what you can afford. Most importantly, DON'T WORRY!

[BRIGADIER2JCS]

Have they given a final response to your dispute?

[BRIGADIER2JCS]

Arrow purchase debts Freds chase collection Carter poses as a solicitor and

likes to start litigation as a means of frightening people into making payments, and then discontinuing

when a defence is entered.

[The Debt Star]

like you robbom i have a prior dispute with egg. so i will get ready to send 3 letters (egg, Arrow, and the DCA).

 

i want egg to be forced into taking this account back

[The Debt Star]

NOA received from Arrow 2day. The DCA will be Wescot.

[BRIGADIER2JCS]

WAS the NOA sent recorded delivery?

[The Debt Star]

No it wasn't. Why do you ask?

[The Debt Star]

The consensus on another forum I've been posting on regarding this is that Egg can absolutely assign the loan DESPITE it being in prior dispute and REGARDLESS of the FOS involvement. However, it has been suggested that I write to Arrow direct (ignoring Wescot) with a view to asking for Arrow's details so I can pay my £20 pm direct to the new owner. Presumably if Arrow then ignore that request this can be used in court as I have offered to pay the new owner. Wescot meanwhile cannot engage in collection activities on an account in prior dispute. That's pretty well as far as I've got. Any of that make sense?

[BRIGADIER2JCS]

The reason for asking about the NOA is that there is some misguided opinion that to

be valid an NOA must be sent RD.

[BRIGADIER2JCS]

DS you have it right, as it is now virtually impossible in this case to attempt to deal with the

OC there is no reason that you should not cut one shark out of the loop.

Brig,

[The Debt Star]

Thanks. It was a bit of sesh thrashing this out but it looks like a plan.

 

However, Arrow Global presumably will ignore my request for their bank details and simply keep hiving the debt off to a succession of DCAs. In the meantime, I genuinely want to pay something towards the debt and the question is, how?

 

Does anyone have the bank account details for Arrow Global?

 

Should I send them a cheque each month?

[BRIGADIER2JCS]

I doubt any one has those details to hand, but make the the offer, type your self up or download

a STANDING ORDER FORM and send to them ask them to complete the details and return it to you.

Then if any thing does get escalated you are the good one having made all the effort to settle the matter.

Never send a cheque or use Direct DEBIT.

 

Brig.

[The Debt Star]

Good. I'll write initially for their bank account details, make my offer. When they ignore I'll send the SO payment.

 

If anyone does pass this way that can throw some light on Arrow's banking arrangements - if anyone is paying them direct at present - please PM me.

[BRIGADIER2JCS]

I can't find any details on an advanced search.Send the sanding order form to them with your offer,

with the minimum detail of your account just Name of bank and which branch a nd ask them to complete their details.

you need to leve the ball firmly in thei court.

Brig.

[The Debt Star]

cheers m8.

[BRIGADIER2JCS]

Most Welcome!!