Egg loan sold to Britannica Recoveries SARL

I've just returned home and opened the same letter. I had no idea Egg was looking to dispose of the remainder of its business. Anyway, I spoke to Egg and they confirmed the entire loan book had been sold.

The lady I spoke to also confirmed the T&Cs would remain as they are, although when I tried to get an absolutely clear statement from her that rates etc would remain the same, she said I'd have to check with Moorgate.

I can't see why anything would change re T&Cs, rates etc, but I find the whole thing a bit lacking in reassurance. That said, the letter does say that Moorgate '...have agreed to perform the obligations of Egg Banking plc under the terms and conditions of your Egg Loan Agreement'.

I had this today too - none too pleased about how the name will look on my credit report!

How does this affect things if you try to reclaim PPI, who do you contact Egg or the new mob?

Hoping it all works out ok for you guys.

Hopefully you'll have the same options as with Egg, mine finished last year and I loved the ability to repay chucks off the loan and save interest, plus pay it off early without any penalty.

I too must admit I wouldn't be happy with the company they transferred to either. So many people don't like Barclaycard taking over the cc business but it doesn't seem so bad considering who they could have sold it to.

I see this is on the Egg website

Ownership of your Egg Loan

We recently agreed to transfer ownership of Egg Loans to a new provider. Please note, before the transfer takes place, your new provider will write to you, explaining what will happen to your Egg Loan and how you can continue to service your account.

For now, we still have ownership of your Egg Loan and your account remains the same. Please be assured, we will work closely with your new provider to ensure a smooth transition

david39 wrote: »

Presumably Egg have thousands of loans that they are transferring to the new company. If this is the case the new name will crop up repeatedly on credit searches and very soon will be a familiar name to organisations who take out such enquiries.

I'd suggest that the stigma which the name implies to the rest of us will not be read as such by people who are making searches every day and, if Britannic Recoveries and their business are not already known to them, then they soon will be.

Now I have had a chance to calm down I am in agreement with the above. but I only have £1400 left, so might try and clear it before the take over date.