Another Creditor letter... hehe

nervousmother

Received this yesterday, its by the same company who sent the last one (egg) however this is for a small loan.

IMPORTANT YOU SHOULD READ THIS CAREFULLY
Notice
Served under section 76 (1) of the Consumer Credit Act 1974

Account Number xxxxxxx

Dear Mr BR

We refer to the above agreement that you have entered into with us. Your Egg Loan Agreement provides that the whole of the current balance outstanding on account shall become due and payable on your Bankruptcy.

On or after 07/02/09 we intend to take the following action to enforce the above condition of your Loan Agreement:

To demand payment of the whole of the current balance outstanding on the account since you have been adjudged Bankrupt

Payments to be made:

Amount of the principal of the loan outstanding: £xxxxxx
Amount to be paid with arrears of £32.57 £xxxxxx

We will register this with Credit Reference Agencies with immediate effect.

IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME.

IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS ADVICE BUREAU.

yours sincerely
collections

Thought it was funny, Egg seem to be the only ones getting in touch since we went BR,does anyone know what section 76(1) is? are they trying to recover the money even though he is br?? What do they mean by if he has difficulty in paying?? lol... erm were BR:p

MercMan

I'd send it to the OR for clarification with no comment to Egg.

JCS1

It's a standard default notice, nothing to worry about.

blind-as-a-bat_2

JCS1 wrote: »

It's a standard default notice, nothing to worry about.

not exactly, a standard default has to be Served under section 87 (1) of the Consumer Credit Act 1974
in form and content according too the Consumer Credit (Enforcement, Default and Termination Notices) Regulations1983

But that might be a typo by the op

blind-as-a-bat_2

nervousmother wrote: »

Received this yesterday, its by the same company who sent the last one (egg) however this is for a small loan.

IMPORTANT YOU SHOULD READ THIS CAREFULLY
Notice
Served under section 76 (1) of the Consumer Credit Act 1974

Account Number xxxxxxx

Dear Mr BR

We refer to the above agreement that you have entered into with us. Your Egg Loan Agreement provides that the whole of the current balance outstanding on account shall become due and payable on your Bankruptcy.

On or after 07/02/09 we intend to take the following action to enforce the above condition of your Loan Agreement:

To demand payment of the whole of the current balance outstanding on the account since you have been adjudged Bankrupt

Payments to be made:

Amount of the principal of the loan outstanding: £1391.04
Amount to be paid with arrears of £32.57 £1423.61

We will register this with Credit Reference Agencies with immediate effect.

IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME.

IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS ADVICE BUREAU.

yours sincerely
collections

Thought it was funny, Egg seem to be the only ones getting in touch since we went BR,does anyone know what section 76(1) is? are they trying to recover the money even though he is br?? What do they mean by if he has difficulty in paying?? lol... erm were BR:p

I love that bit, i dont think they get the idea of BR:p :rotfl: :rotfl:

fermi

blind-as-a-bat wrote: »

But that might be a typo by the op

It's not a typo.

Read: 71. Cancellation: repayment of credit.

But it is ****ing irrelevant now.

Egg don't have a clue (or hope you don't;))

blind-as-a-bat_2

Not exactly, they have to give notice by 87(1) as defined in 76 (1) [except by or after giving the debtor or hirer not less than [STRIKE]seven[/STRIKE] 14 days' notice of his
intention to do so.] before they they can demand full repayement under 76(1)

but your right it is ****ing irrelevant now. :rotfl:

fermi

I think the credit or considers bankruptcy to be "cancellation" by the debtor.;)

Tis daft, but it is not a typo.

blind-as-a-bat_2

76.—(1) The creditor or owner is not entitled to enforce a term of a regulated
agreement by—
(a) demanding earlier payment of any sum, or
(b) recovering possession of any goods or land, or
(c) treating any right conferred on the debtor or hirer by the agreement as
terminated, restricted or deferred,
except by or after giving the debtor or hirer not less than [STRIKE]seven[/STRIKE] 14 days' notice of his
intention to do so.

nope still dont see how you conclude that, 76(1) does not mention the debtor giving notice to the creditor only the other way round, which would require the creditor to give notice under sec 87(1) first

Do see what you mean though:D

Dodger61

Dont worry I got a few of these letters, they are just trying it on. Just ignore them, they will go away. Actually got a phone call from a secured creditor saying my charges had mounted up and they would offer me a good settlement figure if I made a payment now. Hadnt had such a good laugh for a long time.

dvs

Egg have been strangely quiet since my bankruptcy. As soon as a told them, the calls stopped and I've heard nothing. Not that I'm complaining!