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Egg selling to Barclays
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:
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: