DCA adding interest to old Egg Loan debt

[Bettingmad]

I previously held an Egg loan with an agreement for payment over 6yrs,

on the last year of my account I had to go on a DMP.

 

The Loan was taken on by Moorcroft who were charging 8% interest on the outstanding balance of £1800.

 

In short

are they entitled to charge 8% apr as the interest from the original Egg loan was front loaded so I had only capital left to pay?

 

I have received further corespondance from Moorcroft today saying that Idem will now be taking over my account.

I understand that they are under the same umbrella but are they any worse.

 

Incidentally moorcroft have been marking my credit file with 6's for the last three years despite me being in a DMP with payment.

 

This is incorrect surely?

 

Finally will Moorcroft have to provide me with a deed of assignment for the transfer of the debt?

 

I have had only what appears to be a letter informing me of the transfer.

Thanks in advance for any help or advice.

[fkofilee]

Moorcroft have to give you a Notice of assignment. Deeds are something different.

As for the 8%, im not sure, when it comes to PPI redress, you can charge this and when it goes to court. But as it is i really am not sure.

[renegadeimp]

Moorcraft cannot charge anything on it. Dont fall for their tricks.

[dx100uk]

I see from your previous thread

 

you never sent off any CCA requests

 

time you did

dx

[fletch70]

Moorcroft only have to provide a notice of assignment if they sell the debt . If they are just managing it then no, nothing needed

[citizenB]

If the original loan had the interest front loaded, then I would say that no more interest can be added - you might want to query that. Aside from which, it was my understanding that DCAs could not add anything on for collecting the debt !

[renegadeimp]

Unless it specifically states so in the original agreement, then they cant. And it is very rare for a clause like that to be added.

 

Moorcraft are hoping you fall for their tricks again. Get the full facts of the debt and report them. You wont be the only person they are doing this to.

[oleg]

This looks like Moorgate not Moorcroft. Egg sold their loan book to Britannica Recoveries who then unleashed Moorgate and /or idem on to victims. There are other threads about this.

Egg informed customers of the transfer and this notification would count as a de facto notice of assignment . Did you not receive one?

[renegadeimp]

Same thing. They cant do it.

[oleg]

I assume you mean add interest. I did not refer to that at all. I was merely pointing out the likely ownership status in case ppl understood that Moorcroft [more well known on this forum than Moorgate] were acting as external DCA.

[fletch70]

Oleg

Thanks for that , it makes sense for it to be purchased by someone other than moorcroft who are pretty lame as a DCA.

It seems a slightly confusing setup with the debt purchaser being Brittanica recoveries SARL -Mortlake who are somewhat shady and based in Luxembourg I think. They use Moorgate/Arden/Idem to collect who are all based in Solihull west Midlands

 

I would definitely get the S77 request off as they are a tad slow at responding

[Bettingmad]

Thanks all,

 

I don't know if my existing loan from Egg was sold off as a bad account as I had just started to default on payments

and started DMP around the same times as they were dumping their accounts.

 

I have also CCA'd them and it looks in order.

 

It is the question of moorgate adding 8% interest when the interest from my loan was front loaded that gripes me.

 

I have assumed that they were allowed to charge a statutory interest of 8% and have left it alone.

 

I don't want to persue this if is clearly going to be a waste of time.

 

My DMP has been rolling along smoothly for the last three years aside from Barclaycard also charging interest

on my two accounts albeit a small amount 3% and 6%.

[fletch70]

Don't quote me on this but could there be a ccj on this ?

 

As for the CCA request from what I hear many egg products were defective , did you get everything you should have, was ther PPI on this and if so was it shown separately within the interest calculations

If you were to challenge this, what s the worst that could happen?

 

I had a credt card sold to Brittanica and I know they didn't add interest and another one sold to Cabot . I know I used to get two different balances on that , but it s UE so it really doesn't matter anymore

[dx100uk]

they cannot add interest end off

 

its a typical trick of morgate to do this.

 

who decided the CCA was ok?

 

dx

[Bettingmad]

Thanks,

in view of the fact that they should not be adding interest what is going to be the most effective way of tackling this?

 

I assume letter of complaint which will no doubt be rejected and then FOS?

 

With regard to the CCA,

as I remember the document looked like the original application form with signature where it was supposed to be, I assumed that it looked legit.

 

Addmitedly I am no expert with regard to CCA's.

 

I did the same with Barclays for an old egg card and they sent a reconstitued one which did not I think covered the prescribed terms

and was devoid of a signature.

 

Moorgate are also updating my credit files with 6's every month with dmp under each 6.

 

I have complained about this but got a reply saying they were making the entries as they were supposed to.

 

The only good thing with being with Moorgate is the fact I havent heard a peep from them in 2.5 years.

[renegadeimp]

Not surprised you havent heard mor eof them really. Theyre laying low as you arent challenging them, and theyre adding more and more to the debt, and youre willingly going along and paying.

[dx100uk]

when did you take this out please?

 

and can you scan up the agreement?

[goodatresearch]

Can't add interest if the original contract didn't allow it. Statutory interest is only relevant to debts subject to some court orders.

[Bettingmad]

There is no PPI in respect of the loan.

 

It would appear that I have made a mistake in saying the interest was front loaded.

 

I have dug out my CCA information that appears to relate to Egg and my original loan.

 

It specifically says 'We charge interest at the above rate on a daily basis on the outstanding balance of your loan.

 

The interest will be added to your loan monthly in arrears and compounded monthly' I guess this allows them to continue with the interest?

 

I am unable to scan the document (7 pages) at the moment as my printer is all disconnected after it ran out of ink. I will try to set it up again later.

[renegadeimp]

WHo said that? The DCA or your original agreement?

[Bettingmad]

The original terms of my loan. Egg transferred their loan book to Moorgate.I don't believe my loan was sold as a bad debt to Moorcroft if that makes any difference?

[renegadeimp]

You wont know until you get the results of a SAR

[Bettingmad]

You wont know until you get the results of a SAR

 

Thanks. Who should I sar, egg or Moorcroft?

[dx100uk]

always the OC

 

egg

[fletch70]

Op

Can you double check who you are dealing with. Moorcroft are based in Stockport whereas moorgate arden and idem are in solihull Birmingham.