Egg selling to Barclays

[pompeyfaith]

Re: Egg selling to Barclays

Yup, this is them:

http://www.ironmountain.co.uk/index.asp

Was not the best of moves as it is now costing them

[Never-In-Doubt]

Re: Egg selling to Barclays

That is true of MBNA, if my memory serves me right they binned a shite load around 2007 and that is why they are having problems now reconstructing agreements and the correct T&C's to go with them.

Well didn't they authorise Iron Mountain to destroy their archive or summat bonkers like that.....?

[pompeyfaith]

Re: Egg selling to Barclays

That is true of MBNA, if my memory serves me right they binned a shite load around 2007 and that is why they are having problems now reconstructing agreements and the correct T&C's to go with them.

[a-smith]

Re: Egg selling to Barclays

In time this MAY work to our advantage - all the credit card of mine who have not come up with a CCA are ones that have been sold on (at least once) the original lenders seem to sell the account on mass (as computer files) and after a while bin all the old paperwork - so in time, when you put in a CCA request - they won’t have one to send you

[Never-In-Doubt]

Re: Egg selling to Barclays

Thought that maybe the case although was not 100% sure, I still think it is unfair though as is upping the interest rate after a take over.

But as you say is legal so although considered unfair by the layman feck all could be done as probably too weak in a court.

Yes it is unfair as technically, a good product that you wanted is now a shite product that nobody wants! Same as my argument with Opus over the way they handles the takeover with Citi....

Point is, you are always in control as you just refuse the change and go onto repayment, however the bummer element is the fact that you have to then drop a product that you previously wanted.....

Its shocking, agreed - but lawfully, there aint much we can do if points 1&2 are met above

[pompeyfaith]

Re: Egg selling to Barclays

Thought that maybe the case although was not 100% sure, I still think it is unfair though as is upping the interest rate after a take over.

But as you say is legal so although considered unfair by the layman feck all could be done as probably too weak in a court.

[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.....

[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

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?

[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.

[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

[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

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

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!!

[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?