Debt Dilemna

Blue_Lou

Thank you

Blue_Lou

We were knocked back for an egg loan today - whats the best way to appeal?

Blue_Lou

Okay... we appealed and were rejected again. The next day (today) an account manager has called and said they are going to cancel the egg card account as they do not want him to borrow beyond his means.

Has anybody ever had something like that before?

Also I'm still awaiting a response to Lloyds TSB re: cancelling PPI on a loan.

tawnyowls

Have you explained to Egg that he doesn't want to borrow more - he wants to transfer the debt on his credit card so he won't be paying such high interest? I would try contacting them again, preferably speaking to that account manager and really laying it on thick about your stepdad's financial position, being disabled etc.

And well done so far - he's lucky to have you.

Blue_Lou

haha Thanks

I obtained a copy of his credit report and it turns out he has missed five CC payments in the last 9 months. I think this is *THE* major factor in being turned down by egg.

I've politely written a letter to LTSB requesting if possible they would adjust their records to remove the late payments from the credit file (a good will gesture). I cant see them doing this nor do they have to do it. If you dont ask, you dont get.

That LTSB CC card is now paid off (as stated above?). Any further advice as to what to do to reduce loan payments would be greatly appreciated.

lynzpower

I think the bottom line is that if you cant transfer to cheaper debt now, then unfortunatley he will just have to slog away for a few months until his credit record is looking more favourable.

In the meantime, I wonder whether its worth having a ring to places like the stroke association and other associated charities. I do know that many many charities have cash pots, as do trade unions and other orgs ( eg needlewomans guild, bakers guild) that go unclaimed a lot of the time as people simply dont know that they are there. Also try your local carers association as you are looking after his financial affairs you will be classed aas a carer, and you may get money from the state for doing so. Ask your local Social services to assess you and him if they have not done so before, you are entitled to support services in your own right as a carer, and this can be financial. Do check this out.

HTH
Lynz xx

Blue_Lou

I don't think it would have helped!

I spoke to an underwriter from egg last night and she said that they cant offer him a loan because he currently has no money left after expenses have gone out.

My reaction is "yes, I know. Thats why we applied for this loan, he'll be paying out less per month on loan for a shorter term freeing up more money". But she was having none of it

My mum already claims carer's benefit for him

Blue_Lou

Blue_Lou wrote:

He also has a loan from TSB that was for £8000 at 12.29%. (I have posted a letter to request cancellation of PPI today - hoping to receive a cheque of aprox £500 - fingers crossed). He is into month 29 of 84 on the loan. He pays £183 a month for this (this is too high - he can barely afford it).

I received a response from LTSB saying they are unable to cancel PPI as it is outside of day 30 of the loan. They have offered another loan of 19.9% :eek: without PPI. Cheeky sods.

ZTD

Blue_Lou wrote:

I received a response from LTSB saying they are unable to cancel PPI as it is outside of day 30 of the loan. They have offered another loan of 19.9% :eek: without PPI. Cheeky sods.

Check the small print of the PPI with a fine-toothed comb. If he would be unable to claim for some technical reason, tell them you'll go to the banking ombudsman for mis-selling.

They should cancel it then.

Blue_Lou

It's difficult to say, the problem is we are unsure if he is employed or not, the company he works for is no longer there, his former co-workers have been moved to another site and he has heard no word from the company. One of the HR people did a home visit months ago and never got back in touch.

He has been receiving disabilitiy benefit for the last four years.