Egg - Say they will pursue for full amount from receiver?

Papa_Lazarou

Is this standard egg procedure?

Went BR as of 11.42 on 07/12 and they have been informed. Indeed the letter from egg says as much.

However, at the end of the letter it says they will pursue the full amount from the OR. Is this right? What is the reality here?

I've suffered with health probs because of my debts and finally in the last 2 weeks i've felt alive again ( :T ) and receiving this has grounded me

Any ideas, chaps/chapesses?

skylight

Exactly that. They will pursue your OR for the full amount; as your OR is now fully liable for the debt and you are not.

If there is no money for the OR to disperse to your creditors then they can pursue all they like!


Please don't worry about it. Its designed to be confusing.

curly04

let them - they are not going to get it
Egg might think you will get a IPA or have assests
Dont worry, if you dont have anything just means they wont get anything
Keep you chin up

fermi

Yep. It is the only legal way they can now pursue it.

Pursue is probably a slightly misleading word though. They can put in a claim to the OR/trustee, but if the OR never has the funds to pay out the full amount (or any at all) then they will have to take what ever the OR pays out.

In other words, they can "pursue" all they like, but will only ever get what the OR decides to pay.

Papa_Lazarou

Cheers chaps - thought the days of opening my post and my heart sinking were behind me - glad this is still the case

Honestly, saw this and thought the worst for a minute!

nervousmother

THIS IS ONE LETTER I RECEIVED FROM EGG A YEAR AGO:

Dear (bankrupt hubby)

We ahve been notified that you have been made Bankrupt.

Please do not use your Egg Card and if you still have a card please destroy it.

We will now deal with the court appointed officials regarding your account, although we reserve the right to contact you regarding this matter should we require any further information.

We will be notifying the credit reference agencies of this situation with immediate effect.

We will be seeking payment from you for the full amount that you owe us under this agreement as at the date of your Bankruptcy and we will be negociating with the Official Receiver for payment of this sum.

Yours Sincerely
Collections.

Papa_Lazarou

Exactly the same in every single detail.

skylight

I got the same letter as nervousmother.

It went in the bin with the others!

nervousmother

Then expect this one next (it was our second)

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

Papa_Lazarou

What then?

fermi

Papa_Lazarou wrote: »

What then?

Shred it all and use as hamster bedding. All it is good for. :rolleyes: