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  • iwantasmallholding
    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.
    Originally posted by david39
    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.
    Debt Free Wanna Be
    Update 2015 - 14.9k credit union, 10k loan, 12k credit cards... Not so good but now own a tack shop and own all the 75k stock... Now to clear these debts 😃
    Update Sept11 - 25500 Loan @ 10% Credit Union (paid wife credit cards off)
    Update March 10- 16886
    Total in March 09 25215
  • Buffythedebtslayer
    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
    Sealed Pot Member 008
    Organiser of the 50p thread
    DEBT FREE as of 1/3/15
  • Hop75
    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
    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
    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
    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
    Originally posted by Hop75

    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
    Sealed Pot Member 008
    Organiser of the 50p thread
    DEBT FREE as of 1/3/15
  • Hop75
    Cheers Buffy. I really do appreciate your suggestions and will follow your advice.

    H
    Last edited by Hop75; 03-07-2011 at 11:23 PM.
  • rikmartin
    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' :-)
    Originally posted by chopper78

    Have you looked into this any further?
    Be ALERT - The world needs more LERTS
  • LandlordLee
    Let us know how you get on with making an offer to settle.. Thinking of doing the same
  • Barnsey263
    EGG selling LOANS
    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
    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.
    • MrsTinks
    • By MrsTinks 12th Jul 11, 7:43 PM
    • 14,162 Posts
    • 20,822 Thanks
    MrsTinks
    So glad I only have 1 payment left to Egg! Card cleared, loan cleared - only 5k to go and all on 0% *insert little jiggy dancing emoticon*
    National Debtline | Consumer Credit Counselling Service (CCCS) |Find your local CAB
  • clifton5829
    does anyone know the contact phone number of these guys ???what with so many companies taking over my egg loan account i'm not sure who to contact to know whats happening??? no help from the egg people,,no surprise there then ? i notice some people have had letters from moorgate / britannica/arrow....which is which ?? very confusing !!!..no letters have arrived at my door so i'm blind on this one...can anyone help ?????
    • mattwhite1
    • By mattwhite1 18th Jul 11, 2:24 PM
    • 47 Posts
    • 69 Thanks
    mattwhite1
    A little concerned here.

    I arranged a years break with Egg in December due to losing my job, then moved in with my parents and had my mail redirected. Forgot about everything totally for the last 2 months as hadnt heard owt from anyone. Went back on today to update my address to see that my loan has been sold. Googling gave me the info I needed, and sent me here.

    Worried that a) they will think I have defaulted as I havent responded to the "welcome" letter, and b) they they will consider the break arranged with Egg to be null and void (annoyingly wasnt backed up in writing, but Egg were decent about the whole thing throughout the last 6 months).

    I have got a job in past month, but have built up so much personal debt to family that I need to pay them back for helping me get on my feet and really needed the extra few months to sort myself out.
  • djsnakehipschris
    Does anyone know if we will have online access to our loans? The Egg Money manager was one of the better online banking tools I have used and I'm annoyed to lose it. I also wanted to overpay in the coming months to get it cleared off quicker, has any one found out if this will be possible?

    Thanks
  • siobhan81
    I've literally just found out about this when I went to update my address details with Egg. Because my address details were out of date I haven't had a letter and can't find any contact info online. If anyone knows a number to call so I can give this new company my new address I'd be really grateful!!
  • RichGold
    What do Egg actually have left?
    Originally posted by EssexHebridean
    A very large building in derby with a slightly smug postcode.
  • Snuggles
    Does anyone know if we will have online access to our loans? The Egg Money manager was one of the better online banking tools I have used and I'm annoyed to lose it. I also wanted to overpay in the coming months to get it cleared off quicker, has any one found out if this will be possible?

    Thanks
    Originally posted by djsnakehipschris
    Hi, I contacted Moorgate (or whatever they are called) to ask if I can still make overpayments, and they sent me a letter confirming that I can (although they didn't tell me how to go about it), and stating that all the terms and conditions remain the same.

    I don't know if there are plans for online access though - I agree that this was a really useful feature. I notice that Moorgate have a "make a payment" button on their website, but it doesn't seem to work.
  • Snuggles
    I've literally just found out about this when I went to update my address details with Egg. Because my address details were out of date I haven't had a letter and can't find any contact info online. If anyone knows a number to call so I can give this new company my new address I'd be really grateful!!
    Originally posted by siobhan81
    Hi, the contact number is 0845 234 1281.
  • Snuggles
    I've literally just found out about this when I went to update my address details with Egg. Because my address details were out of date I haven't had a letter and can't find any contact info online. If anyone knows a number to call so I can give this new company my new address I'd be really grateful!!
    Originally posted by siobhan81
    And this is the website, which has a bit of info:

    http://www.moorgateloanservicing.co.uk/portal/site/mlsbrit/
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