Egg Loan Transferred to Arrow Global

[caspar]

Re: Egg Loan Transferred to Arrow Global

To possibly clarify things I've just found this:

"The burden of a contract cannot be assigned. It is therefore necessary to novate, rather than assign, certain contracts. Novation is, in effect, the rescission of one contract and the substitution of a new contract in which the same acts are to be performed but by different parties."

Putting my last post together with this one, it would appear to me that the debt can be assigned in absolute to Arrow Global. However, the burden of contract, being unable to be assigned, rests with Egg so you continue to argue over the contractual part with the FOS while paying Arrow Global.

Would people agree or am I putting 2+2 together and getting 5?

DS I'll never forgive you for this lol. It's doing my head in trying to find an answer for you!

[caspar]

Re: Egg Loan Transferred to Arrow Global

The quotation below is directly from the Law of Properties Act 1925 which I believe is still the main law regarding assignments. Section 136 (1).


Legal assignments of things in action.

(1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—
(a)the legal right to such debt or thing in action;
(b)all legal and other remedies for the same; and
(c)the power to give a good discharge for the same without the concurrence of the assignor:
Provided that, if the debtor, trustee or other person liable in respect of such debt or thing in action has notice—
(a)that the assignment is disputed by the assignor or any person claiming under him; or
(b)of any other opposing or conflicting claims to such debt or thing in action;he may, if he thinks fit, either call upon the persons making claim thereto to interplead concerning the same, or pay the debt or other thing in action into court under the provisions of the M15Trustee Act, 1925.




This reads to me they can assign it. The bit that confuses me is this.


This is what I consider the critical bit: (subject to equities having priority over the right of the assignee.)

What exactly does this mean? It can't mean that Egg's equity in the debt still have priority over Arrow Global's assignment as there would be no point in them doing the assignment then. I'm confused! Please could someone with a functioning brain explain.

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Also this post from OTR affirming the above FOS position:


"[If] a Final Response from the creditor has been received stating that they no longer consider the matter in dispute and therefore consider what action to take; Pass to another agency, take legal action to recover the full amount + costs and interest.

"...of the opinion that in the simplest terms that the dispute is ended as the creditor can see no further reason for the default to continue. This the whole point of the final response, and I would put money on the fact such action has been taken with these accounts."

Views folks?

Is the above correct and, if so, the fact that I am in the midst of a FOS complaint does not affect this point?

Can it be that if you have a loan with "A" and he sells it to "B" that "B" collects on it while you seek compensation / resolution from "A", regardless of whether the FOS is involved or not?

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Just had an email from the FOS adjudicator who has said (quote)

"Turning to the issue of the transfer of the debt to debt collectors Arrow Global, whilst we would hope that it would not do this during the complaint including settlement, the bank is free to do so if it so wishes."

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

BTW, would you write to Egg now anyway or wait until "Broken Arrow" send their Hello letter?

Just sit tight and await their first move...... be patient...

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Well I haven't really, I just manage to find the time somehow. TF the boss isn't a subscriber here.

Am now just waiting for the Hello letter before I can do anything further on this.

BTW, would you write to Egg now anyway or wait until "Broken Arrow" send their Hello letter?

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

Cracking post mate. They shell not succeed and it'll be a complete yoke if they do. I should get my DCA "Hello" letter by Fryday and then I'll scramble into action. Just need to see the whites of their eyes first mate. Then it'll soon be ovum.

You have waaaaay too much time on your hands to be cracking so many eggcellent yokes

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Cracking post mate. They shell not succeed and it'll be a complete yoke if they do. I should get my DCA "Hello" letter by Fryday and then I'll scramble into action. Just need to see the whites of their eyes first mate. Then it'll soon be ovum.

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

Well let's hope they Egg on their face

EGGcellent joke mate

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Dirty bastards!!

Well let's hope they get Egg on their face

[Undercover Elsa]

Re: Egg Loan Transferred to Arrow Global

No! Because egg will refund via the assignee so it'll still go toward the balance as I've previously mentioned (yesterday I think) that an agreement to share still exists.

Dirty bastards!!

Damn! Ahh well, just a thought!

[Never-In-Doubt]

Re: Egg Loan Transferred to Arrow Global

Just a naughty thought...but wouldn't it be the case that if Egg no longer own the debt, then when they pay out on your PPI claim wouldn't it be directly to you rather than being deducted from your loan balance...........??

No! Because egg will refund via the assignee so it'll still go toward the balance as I've previously mentioned (yesterday I think) that an agreement to share still exists.

Dirty bastards!!

[Undercover Elsa]

Re: Egg Loan Transferred to Arrow Global

If ever I get a claim, I pray it'll be via Bryan Carter

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

As regards the new kids on the block purchasing accounts like there's no tomorrow, I don't know their default policy. CAG have a massive thread on Arrow Global and Orange so you may get an idea there.

Yes that's where I picked up on the Moorcroft involvement for the poster referred to OTR. Personally I want it to be Freds again

[The Debt Star]

Re: Egg Loan Transferred to Arrow Global

Just a naughty thought...but wouldn't it be the case that if Egg no longer own the debt, then when they pay out on your PPI claim wouldn't it be directly to you rather than being deducted from your loan balance...........??

Yes, possibly it might ;-)

But TBH their delay has worked in my favour and allows me to raise breaches of the OFT Guidance and AJA s.40 etc.

So, whatever the outcome now, it looks like I'll be writing to TS, OFT nd FOS with fresh complaints against Arrow, Egg and whichever threatmonkey DCA gets involved. Last time I did that (on this very loan) I did quitre nicely out of it - there's a few older Egg threads of mine OTR relating to this very account.

I'm in a much more positive mindset now and am beginning to look forward to Egg Wars Part III: Return of the Fredricksons.

Parts I and II were Attack of the CapQuest and Revenge of the Fredricksons