Egg selling to Barclays

[Never-In-Doubt]

If you've received an email like the one below (or a letter); then your account has been sold as part of the transfer of accounts, to Barclays. This is not an Assignment, it is total sale of all accounts (which any lender can do) so please, no queries regards to the lawful assignment as this does not apply.

What does apply however is RoSO (Right of SetOff) which means that Barclays could dip into other accounts held with them, to service a debt owed to Egg. Now, whilst Barclays are not the worst at utilising RoSO they are not the best either and don't do it much - however they may start to as a result of the problems with Egg agreements, therefore if you can - get a new account sorted asap.

If you cannot open a new account then try opening an online saver and literally move all Barclays funds into this (obviously at another bank) and then transfer over DD payments as and when you know bills are due. Remember banks all conform to Financial Hardship so if they break the rules by dipping into wages thus leaving you in poverty, some funds have to be refunded to allow you to pay certain bills etc....

It's always best to have a parachute account at the ready, if not then it will mean some messing about with moving money and/or moving banks altogether.

Letters that were sent out look similar to this:

[fiscalfool]

Re: Egg selling to Barclays

Indeed. Barclays were perfectly happy for me to keep my Barclays Premier account open ... I just didn't want to risk funding it each month for it to disappear!

[SLUG]

Re: Egg selling to Barclays

Ugh! how annoying..... I have a barclays premier with a big fat OD which I hit the limit of every month. I do wonder if they will dip into this though, as anything will push me over?

Anyway, I best start looking into a new account somewhere else.......with my shot credit rating an' all!

[swanfan]

Re: Egg selling to Barclays

I don't think they can take anything if the account is overdrawn ie into the overdraft.

They can and will transfer from savings(from the same bank) to the current account, if you have any to cover any offsetting. Barclays did this to me 18 months ago.

[fiscalfool]

Re: Egg selling to Barclays

I miss my Barclays Premier account ... but with the Co-Op one, I know I have no OD, and have only to spend what is in there. Hence on a mission to get a small chunk of cash to cover emergencies.

[SLUG]

Re: Egg selling to Barclays

I don't think they can take anything if the account is overdrawn ie into the overdraft.

They can and will transfer from savings(from the same bank) to the current account, if you have any to cover any offsetting. Barclays did this to me 18 months ago.

If true this is good for me - I have a stonking OD from a previous life, and my pay doesn't take me out of this, it happily ticks along like that and has done for many years. I wouldn't know what to do if I was ever in credit!

....and I deffo dont have any savings with them.

[SLUG]

Re: Egg selling to Barclays

Thinking about it, I do have a joint account with Barclays that is in credit through the month.

I would very much doubt they could take from that though could they?

[Never-In-Doubt]

Re: Egg selling to Barclays

Chill out about this!! Right of off set does not allow a lender to make you financially worse off, ie they cannot make you overdrawn or exceed any pre agreed limit.

They usually use savings to offset. Not your overdraft!!

[Deepie]

Re: Egg selling to Barclays

Chill out about this!! Right of off set does not allow a lender to make you financially worse off, ie they cannot make you overdrawn or exceed any pre agreed limit.

They usually use savings to offset. Not your overdraft!!

HSBC did with me . had 2k OD they took 2 payments out over 2 months taking it to 2.5k this is over 2 years ago now . and not payed them a penny they took the payments to pay a SO for a HSBC loan

[Never-In-Doubt]

Re: Egg selling to Barclays

Ahh that's different as they used to try and say that all loans need to be repaid from a HSBC account.

As you never used the account and they spent on it; not you - they will not win this if they went to court, they cannot make you exceed ANY preagreed facilities by utilising offset. Plus what HSBC did isnt offsetting, it's just using your account to repay your loan.

[Deepie]

Re: Egg selling to Barclays

Ahh that's different as they used to try and say that all loans need to be repaid from a HSBC account.

As you never used the account and they spent on it; not you - they will not win this if they went to court, they cannot make you exceed ANY preagreed facilities by utilising offset. Plus what HSBC did isnt offsetting, it's just using your account to repay your loan.

That's good to know I did wonder why i had very little hassle from them

[SLUG]

Re: Egg selling to Barclays

Chill out about this!! Right of off set does not allow a lender to make you financially worse off, ie they cannot make you overdrawn or exceed any pre agreed limit.

They usually use savings to offset. Not your overdraft!!

Heh, dont worry Nids - all chilled here - just wondering aloud if I need to go through the hassle of getting another account.

Assumed I didn't TBH.

[Never-In-Doubt]

Re: Egg selling to Barclays

Heh, dont worry Nids - all chilled here - just wondering aloud if I need to go through the hassle of getting another account.

Assumed I didn't TBH.

Nah, you'll be fine for now but keep an eye on things..... if you can get a coop or similar account then consider it though yea?

[pompeyfaith]

Re: Egg selling to Barclays

Something worth mentioning as even I am not clear on this point which is quiet a valid one to ask:

No doubt in time barclays will update the terms and conditions on all agg card accounts now when you took out the egg card you agreed to the T&C's as you wanted the card with egg, right.

Now that Barclay's own all egg cards you did not agree to it and had no say in the matter so any T&C's that barclays use you also had no say in the matter or do you?

Can they compel you to abide by there T&C's as you have not agreed to them as you did when they where with egg.

Can this be considered unfair?

Regards

[Never-In-Doubt]

Re: Egg selling to Barclays

Something worth mentioning as even I am not clear on this point which is quiet a valid one to ask:

No doubt in time barclays will update the terms and conditions on all agg card accounts now when you took out the egg card you agreed to the T&C's as you wanted the card with egg, right.

Now that Barclay's own all egg cards you did not agree to it and had no say in the matter so any T&C's that barclays use you also had no say in the matter or do you?

Can they compel you to abide by there T&C's as you have not agreed to them as you did when they where with egg.

Can this be considered unfair?

Regards

Ahh, this would fail as all lenders can change their terms at their own pleasure - so long as they

1. Give you at least 30 days notice and
2. Allow you to refuse the changes and convert the account to a repayment, sticking with your old terms - this applies to all credit APR changes (revolving credit of course)

Hope that clarifies the issue.... exactly the same as when citi sold to Opus, when Santander bought the old Abbey etc etc etc.....