Egg Loan Transferred to Arrow Global

[garlok]

Re: Egg Loan Transferred to Arrow Global

And yes mate, I got carried away a bit, this does need really to be put together now with professional advice acting for him.

One of the big bonuses I found with all of our battles is that a legal practice letter heading alone puts them onto the back foot, it carries an awful lot of weight. And one tactic that you have already advised DS which is patience has been hammered into me by our sols all the way through. Thats hard when the world seems to be collapsing around your ears and the threats roll in.

Play them, sit and wait, let them hang themselves and then move in for the final kill is a mantra that I keep being told.

Our sols don't complain to the FOS until the end of the road and then hit 'em with the lot in one go. (I personally think FOS/OFT/FSA are useless anyway)

regards
Garlok

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

Yes Niddy, I see where you are coming from. Now we have more of the facts, the outstanding loan is in my view void. Thats it, it cannot be enforced would be my stance.

What I was trying to put across was that in principle, to use your wording a "regulatory dispute" cannot exist on the pure basis of a PPI issue. Hence DS would continue paying his 20 quid a month as agreed with the OC to the new owner. However if they were not prepared to continue then I would have hit them with everything I could.

NOW we are in posession of the facts, I would stop paying and tell them to foxtrot oscar pretty damn quick. I would also be putting together a reclaim of all monies paid, statutory interest and interest in restitution to boot. Just to get the status quo restored. That would rock them on their heels if not put it to bed altogether.

regards
Garlok

Exactly mate - glad it's not just me that sees the bigger problem here.... its all to do with retrospect and the interpretation of the retrospective error and what can be done about that error.....

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

Our sols don't complain to the FOS until the end of the road and then hit 'em with the lot in one go. (I personally think FOS/OFT/FSA are useless anyway)

Funded by the erm banks, I suppose?

[garlok]

Re: Egg Loan Transferred to Arrow Global

l

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

This in from the FOS:

"I will firstly address the matter of the mis-selling of the loan for which I apologise for not having covered previously.

"It is our general view in such situations that the consolidation of two such debts into one is an acceptable procedure adopted by the banks. The debts are of course already in existence at the time of merging and therefore we would not consider this to be a case of mis-selling. You have referred to the Consumer Credit Act and this being unlawful but such a decision can only therefore be made in a court of law and not by a mediation service such as ourselves.

"I have spoken to Egg with regard to the outstanding issues in connection with the settlement and it has advised me that cheques and calculations will be in the post to you this week.

"Turning to the issue of the bank selling the debt whilst the settlement is on-going we can simply ask that this action is suspended or reversed but cannot prevent the bank from doing so. I have spoken to Egg on this matter and it has advised me that it is unwilling to reverse the sale and have stated that if you wish to complain about the sale or the way that it has dealt with the settlement it would be necessary for a new complaint to be raised.

"Should however you wish me to re-open your case in order to issue a more formal response with regard to the mis-selling issue I more than willing to do so.""

[Susie]

Re: Egg Loan Transferred to Arrow Global

Well the good news is that you are going to get a cheque so you can pay it into whatever account you choose, just a shame that the selling of the loan is not going to be reversed and from the sounds of it would need a court to decide the legalities of it

[caspar]

Re: Egg Loan Transferred to Arrow Global

This in from the FOS:



"It is our general view in such situations that the consolidation of two such debts into one is an acceptable procedure adopted by the banks. Bollocks! For a start they fall under two different parts of legislation. The debts are of course already in existence at the time of merging and therefore we would not consider this to be a case of mis-selling. You have referred to the Consumer Credit Act and this being unlawful but such a decision can only therefore be made in a court of law and not by a mediation service such as ourselves.

"I have spoken to Egg with regard to the outstanding issues in connection with the settlement and it has advised me that cheques and calculations will be in the post to you this week. Good, and about time!

"Turning to the issue of the bank selling the debt whilst the settlement is on-going we can simply ask that this action is suspended or reversed but cannot prevent the bank from doing so. I have spoken to Egg on this matter and it has advised me that it is unwilling to reverse the sale and have stated that if you wish to complain about the sale or the way that it has dealt with the settlement it would be necessary for a new complaint to be raised.

"Should however you wish me to re-open your case in order to issue a more formal response with regard to the mis-selling issue I more than willing to do so.""

Reading between the lines on that last bit, they obviously (as indicated in their earlier response) do not consider this good practice. They are impotent to do anything about it, but should you wish to pursue it further through the courts they're willing to issue a formal statement to support you and your position.

What strikes me about this is that you wait how many months for a response? Once you get one, you find that on certain critical bits they do not have the requisite power to act. That must be REALLY frustrating!

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

I totally disagree what they said. The lender cannot Bundle a s.77 & s.78 credit into one unless the customer explicitly agreed to it.

It is nor normal nor acceptable UNLESS you fully agreed to it and signed to say so!

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Given, but the FOS say this is a matter for the court and not for them.

Is that correct?

It would be good to get a handle on this discrete issue, as I have replied to the adjudicator requesting that he re-open the file so as to send me a formal response from the FOS on this matter of the merging of the Egg card and the Egg loan into a new Egg "top up" loan (their terminology at the time it was sold to me).

The top-up sum, by the way, was for £3, the remaining balance of £9K was entirely comprised of the existing cc and loan accounts. CC had monthly PPI and old loan had single premium PPI with 3 out of the original 4 years still to run. Top Up loan had no PPI.

I hope to be able to use this as a means of continuing my Egg (or is it Arrow?) dispute, after the PPI issue is resolved (not that it will be, based on Egg's performance to date). Therefore, how does this need to be packaged to make the FOS sit up, take notice and deal with it?

DS

[caspar]

Re: Egg Loan Transferred to Arrow Global

DS - Can you go into detail about the actual transfer of the Egg CC and the Egg loan to the top up loan you were sold.

Please don't misinterpret these as insulting!

Did you understand exactly what you were being sold?

Why exactly did they recommend this rather than maintaining the status quo?

If you were in the same position now, would you do the same thing again?

If the answer to the above was no, why not?

Were you pressured in any way to take the loan out?

Sorry, basic questions I know, but I'm trying to think of an angle you could take here.

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Caspar, no offence, but how well do you remember what you did in 2004?

Back then I had no understanding whatsoevr of CCA, PPI issues etc.

I don't recall the circumstances of the sale, I suspect the accounts were merged at Egg's suggestion not mine (I wouldn't have thought of that) and it is possible they did this to consolidate card and loan for lower monthly payments. No one explained that the PPI on loan 1 was being capitalised into loan 2 (with no PPI) and that I would be paying interest and higher payments on something from which I derived no benefit whatsoever.

It'd be nice to get an angle on this - one that the FOS could be forced to look into - but its not looking brilliant.

[caspar]

Re: Egg Loan Transferred to Arrow Global

Caspar, no offence, but how well do you remember what you did in 2004?

Back then I had no understanding whatsoevr of CCA, PPI issues etc.

I don't recall the circumstances of the sale, I suspect the accounts were merged at Egg's suggestion not mine (I wouldn't have thought of that) and it is possible they did this to consolidate card and loan for lower monthly payments. No one explained that the PPI on loan 1 was being capitalised into loan 2 (with no PPI) and that I would be paying interest and higher payments on something from which I derived no benefit whatsoever.

It'd be nice to get an angle on this - one that the FOS could be forced to look into - but its not looking brilliant.

Fair point - 2004 passed me by - I was in hospital for it!

Have you thought of looking into CPUTR 2008? Summary below, possibly Misleading Commercial Practice? Pt2 ss7 off the top of my head!

http://www.oft.gov.uk/shared_oft/bus...gs/oft1008.pdf

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Cheques from Egg today; compensation £100 and the other for 8% interest. The latter is for a much, much lower sum than I had calculated. So, bearing all of the above posts in mind, should I cash the cheque in part-settlement or should I not cash it at all because doing so might be construed as final acceptance?

Presumably the compensation cheque can be cashed without any complications viz continuing the dispute.

The balance of the loan sold to Arrow by Egg is very much in dispute because by my initial reckonings I am due a further £300+ knocked off the loan plus more stat interest.

Means that the loan Egg sold Arrow was for wrong amount. Its easy to see why the FOS don't like or encourage lenders to sell debts in prior dispute. So how would that get sorted out now?! For example, Arrow now own the debt have already trawled the sewer for a DCA to harrass me for say a book debt of £5000, when in fact I only owe Egg £4500?

[caspar]

Re: Egg Loan Transferred to Arrow Global

Was there any letter saying it was in final settlement of the claim?

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Yes