Egg loan sold to Britannica Recoveries SARL

Buffythedebtslayer · 27 June 2011 at 7:31PM

I have cleared my Egg loan, but have still had a very scary letter explaining that as i don't have DD (well no I don't owe them anything) and they will be expecting payment by cheque..........................

I am bit worried about Egg to honest. These people they have sold the loans section to sound like debt collectors and having worked really flipping hard to over pay the loan and get shot of it I am going to have their name as a possible default?? on my rating?

the letter didn't make it clear that I was one of many, it made it sound like as I didn't have a DD set up they were "after me" which is frankly typical of egg.................

Should i ring them??

Buffyx

Hop75 · 28 June 2011 at 11:56PM

Hi Buffy

Not sure whether the letter you refer to is from Egg or the new lot, however, surely this must be some kind of administrative error on the part of Egg or Moorgate/Britannica? If you've paid off your loan you obviously wouldn't need a DD and I don't see why there'd be any question of a default. If I was you I'd ring Egg (before 11 July when the transfer happens).

Hope that helps.

BTW congrats on being debt free - I'm a bit of a newbie to this MSE stuff but determined - over the next two or three years - to sort my lot out. Any tips?

Hop

Snuggles · 30 June 2011 at 3:43PM

I'm really not happy about this situation. I've just spoken to Egg, who say they can't tell me anything about what will happen to my loan after Moorgate take over, as it will be nothing to do with them anymore. The lady I spoke to said that she "thinks" I will still be able to make one-off overpayments, but can't guarantee it. I can't ask Moorgate because they aren't taking any calls about Egg loans until the day they take them over. Very frustrating

chopper78 · 30 June 2011 at 11:39PM

I have about £1200 remaining on an Egg loan, four more monthly payments left to make, and got the letter that Egg has sold it's loan book to Britannica Recoveries.

I just went online to get a settlement figure and pay the loan off and the Egg website says it can no longer do this since June 29th.

It did get me wondering though. I wonder if I could make them an offer of a full and final settlement which is lower than the final balance as I do wonder whether they'd rather liquidate it ASAP and may be happy to accept a reduced settlement to clear debts out. Of course, it would have to be one that didn't flag my credit file with 'partial settlement' :-)

Buffythedebtslayer · 1 July 2011 at 12:50AM

Hop75 wrote: »

Hi Buffy

Not sure whether the letter you refer to is from Egg or the new lot, however, surely this must be some kind of administrative error on the part of Egg or Moorgate/Britannica? If you've paid off your loan you obviously wouldn't need a DD and I don't see why there'd be any question of a default. If I was you I'd ring Egg (before 11 July when the transfer happens).

Hope that helps.

BTW congrats on being debt free - I'm a bit of a newbie to this MSE stuff but determined - over the next two or three years - to sort my lot out. Any tips?

Hop

Hello Hop

Set up regular (over)payments to all your debts and make sure you have some fun money to go out with or do what you like to do. Its not easy but it honestly can be done. Always meet the minimums if you can't do over payments and save your change, sell on Ebay, get a second job that you like if you can and use challenges like the No Spend Day or Make 10 pounds a day threads to help you. keep reading here and make lots of friends who understand the whole want to be debt free thing (so many of my friends don't really)

take care

Buffy xx

Hop75 · 3 July 2011 at 11:20PM

Cheers Buffy. I really do appreciate your suggestions and will follow your advice.

H

rikmartin · 4 July 2011 at 1:28PM

chopper78 wrote: »

I have about £1200 remaining on an Egg loan, four more monthly payments left to make, and got the letter that Egg has sold it's loan book to Britannica Recoveries.

I just went online to get a settlement figure and pay the loan off and the Egg website says it can no longer do this since June 29th.

It did get me wondering though. I wonder if I could make them an offer of a full and final settlement which is lower than the final balance as I do wonder whether they'd rather liquidate it ASAP and may be happy to accept a reduced settlement to clear debts out. Of course, it would have to be one that didn't flag my credit file with 'partial settlement' :-)

Have you looked into this any further?

LandlordLee · 6 July 2011 at 4:43PM

Let us know how you get on with making an offer to settle.. Thinking of doing the same

Barnsey263 · 12 July 2011 at 9:39AM

I am also in this situation to their credit EGG have always been reasonable with me but my concern is that this new lot will start to get heavy handed. Also I have a claim for PPI with Egg which if they pay out would more than cover the outstanding loan amount so what will happen then?

I think the most confusing thing is that on the letter from the new owners of the debt there are so many names:

1 ARROW GLOBAL
2 BRITANNICA RECOVERIES S.A.R.L
3 BRITANNICA-ARROW
4 ARROW GLOBAL RECEIVABLES MANAGEMENT LIMITED
5 RMA

Also watch out for the fact that they change your account number your Egg reference is no longer relevant.

I have spoken to Egg this morning and their attitude is that they do not know what the collections policy is of the company that now own the debt.

Any advice gratefully received extremely frustrated.:(

Hop75 · 12 July 2011 at 6:49PM

Barnsey - I don't know - and with the greatest of respect I'm not asking - what your situation/loan with Egg is. However, if like me you've got an amount left to pay off and you're up to date with your payments, why would Britannica need to get heavy handed?

Britannica's website went live yesterday, although there was previously some limited information relating to things like T&Cs of transferred Egg loans, and if you haven't visited it, it might be worth a look. Having browsed the site, read the letter Britannica sent me and spoken to them yesterday, I am reassured that my T&Cs won't change.

What's more, they seemed up-to-date with the fact that I'm in the middle of a payment break currently and knew - as you would hope and expect - exactly when the loan was due to be paid off. They also confirmed that they have my direct debit details from Egg.

So, really nothing to worry about.

Egg loan sold to Britannica Recoveries SARL

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