Egg - full and final??

Lyndzzz

Good Morning all, hope you are all well

I have slowly been ploughing away trying to settle all of my debts with 10k we were loaned from mum in law. we have so far managed to settle with a except egg. we have loan £4323 and cc £6094.

They have refused first two offers: for cc we offered 3100 then 3500 and for loan we offered 2257 then 2500. - no joy

We have been on a dmp with cccs for almost 2 years paying reduced payments to these and altho they have refused these offers they have said they wil accept an offer (but they wont offer us one!)

We are no longer on the dmp now as most of our creditors have been settled so i have just wrote to egg saying we can only afford to give them £1 a month now (hoping this might sway them to accept offers)

Do you think this is the right way to go? After looking on here it seems that egg will only settle at about 70%, do you think they are now likely to hand us over to a dca? I believe they will accept a much lower figure.

I just want to get rid of these final debts!!:(

Sorry for the ramble - hope ive made sense

ps these debts are both enforceable (tried that already!;))

Thanks
Lynds x

lookingforthelight

Hi,

I noticed you tried the Egg unenforceability. I also have an Egg CC (pre 2007) and will soon be starting a DMP.
Did you try the unenforceability while on your DMP? I ask as I might do this but worried it will annoy them and they will reverse any interest/charge freezing.

Thanks

P.S Do a forum search for 'Full & Final Settlement' as I thought I saw a large thread with lots of info on it.

Good luck

MrsTinks

Hang on... so you have paid off most of your creditors but have reduced your payment to Egg??? Why? You should have MORE to pay them each month not less... What would happen if they decided to go for a CCJ and you had to present your SOA to the court?
How likely are they to pass your debt on... depends - it's a large debt - worth the effort of a CCJ...

fozmcfc

With online banking with Egg, you can see what they will accept as a settlement figure for paying a loan off early. I guess it won't apply if accounts are in arrears though.

Makes me laugh people who get into debt, then expect companies to accept less money than they owe, why should they.

Ultimately it's other people with these lenders and the taxpayer in general who suffer.

I really do hope people who do this without a very good reason, are never ever able to get credit again and I don't just mean 6 years, I mean for life.

48k

How have you managed to pay off the other creditors in you dmp before egg? This is preferential treatment and breaks the dmp rules? if there is a way around it then please let me know as i may be in a position shortly to settle some of my smaller debts on my dmp but didnt think it was possible to do.

Thanks

Lyndzzz

fozmcfc wrote: »

With online banking with Egg, you can see what they will accept as a settlement figure for paying a loan off early. I guess it won't apply if accounts are in arrears though.

Makes me laugh people who get into debt, then expect companies to accept less money than they owe, why should they.

Ultimately it's other people with these lenders and the taxpayer in general who suffer.

I really do hope people who do this without a very good reason, are never ever able to get credit again and I don't just mean 6 years, I mean for life.

Yeh, thanks for that!
Makes me laugh how people dont bother to ask if i have a very good reason (which for the record i have), contribute nothing constructive to the post and just post a rediculous comment like this.
At least the other posters have asked about my motives rather than just come on and judge me.
I refer you to the first post on this board "DFW - not for judgement"

Lyndzzz

48k wrote: »

How have you managed to pay off the other creditors in you dmp before egg? This is preferential treatment and breaks the dmp rules? if there is a way around it then please let me know as i may be in a position shortly to settle some of my smaller debts on my dmp but didnt think it was possible to do.

Thanks

Hi 48k,
I was loaned a sum of money from a family member, so worked out full and final settlement figures in order to clear all my debts (as with many of them i was paying reduced payments but it wasnt even denting the debt as certain creditors refused to cease late payment charges and high interest) I worked F&Fs out on a pro-rata basis so each creditor was treated fairly. Once i had done this and all creditors (except egg) had accepted i canceled my dmp and am still trying to get egg to accept.
With regards to your positions, im not sure how it would work as i offered F&Fs to all my creditors, so it might be best speaking to whoever your dmp is with.:)

Lyndzzz

MrsTine wrote: »

Hang on... so you have paid off most of your creditors but have reduced your payment to Egg??? Why? You should have MORE to pay them each month not less... What would happen if they decided to go for a CCJ and you had to present your SOA to the court?
How likely are they to pass your debt on... depends - it's a large debt - worth the effort of a CCJ...

Hi MrsTine, thanks for your reply,
I had to reduce my payments to egg as i am now paying back the loan from family member per month. This month i also had to repair my car to the cost of hundreds as it majorly failed its mot. So the £1 cheque was because that was literally all i had in my pocket to pay them, i hope to come to some arrangement with them soon...