Egg Loan Mistake on repayments -Help

cwood68

Hi
I have an existing Egg loan, on which I have not missed a repayment for the six years that it has been running. When I received my last statement from Egg the amount owed did not match the amount that would be paid by the last payment date. So, being proactive I thought it would be a good idea to query this. The result of this is that they have stated that due to a typo made by an Egg employee six years ago, I have been under paying and so in order to pay off the loan on time I will need to double my payments. The only other option that they give is to extend the payment period by approximately a year.

I am currently in the process of lodging a complaint regarding this, but would like to know if there are any options available to me. Unfortunately I do not have my original loan agreement, and so cannot verify what they have said.

Any help would be greatfully received.

Chris

jonesMUFCforever

What does your CCA agreement say?
I do hope that you have not lost your copy - if they made a mistake on this - its tough on them as the terms stated are binding on both sides.

cwood68

After trawling through all my past statements I've finally found the original load agreement. Unfortunately (for me at least), the amount in the agreement is more than the amount that Egg set up the Direct Debit for. Incidentally, not that this changes the situation, the monthly payments in the agreement is a different figure to the one quoted in their response to my enquiry.

Do I have any recourse on this at all? Would I be in my rights to negotiate an interest freeze in order to pay off the outstanding balance? In no way am I trying to shirk my responsibilities, but it feels as though the terms from Egg are punative to say the least given that the error is on their side (I have also now checked that the payments have always been at the level that I am currently making).

flossiejo

Surely Egg are at fault as they set up the DD value and never queried it.

Thoughts anyone?

cwood68

Thanks for the responses, I have been trawling the internet trying to get some advice on this. We have been underpaying 20 pound a month, I know we'll have to pay this back, but trying to charge us interest on top for the extention period, surely cant be right. I cant believe its gone on so long with out being noticed , and now because of there error we will have to pay for another 11 months.

cwood68

Any Advice?????

jonesMUFCforever

Yes - you have to pay the amount quoted on the CCA - if you have been under paying then it is not your fault therefore you should not be punished for this.
Sen Egg a secure message asking a loan manager get in touch with you - tell them you are happy to repay the outstanding capital but that you do not expect to pay interest on this amount.
If you do not get a satisfactorily response then start a formal complaint - eventually going to the financial ombudsman.