The end of a loan with Moorgate/Egg?

Steel_2

Has anyone come to the end of a loan they originally took out with Egg (which was transferred to Moorgate), and can tell me their experience please, such as whether the paperwork etc was sorted out ok by Moorgate.

My loan with Egg/Moorgate is due to end in July with the final payment being about half of what I would normally pay, and I'm concerned whether it will go smoothly. I've yet to receive any paperwork from Moorgate since my loan was transferred from Egg last year, although my payments still go out every month.

Will it be plain sailing or should I be worried about a bumpy ride?

4Chickens

I had an Egg/Moorgate loan end with them in February. My monthly amount was approx £200 but there would have been a final balance of approx £58. What I did was cancel the direct debit as soon as the final full direct debit had been taken. Moorgate then contacted me to say the direct debit had been cancelled and that there was a final amount to pay. I told them that I was aware of this and sent them a cheque for the final amount. Job done, no problems.
The reason I did it this way is that I couldn't be 100% sure that they wouldn't take too much, so I headed them off at the pass so to speak.

Hope that this helps

Apples2

The Flip side of that coin is by cancelling the Direct Debit, you may miss your final measly few quid payment and endure 6years of bad credit files and becoming a financial outcast. They may not recive the cheque in time or some other "error".

I would never cancel before the end of the agreement, let it run it's course and let the final payment go. You have lived with those payments going out for how long now?

On my previous loans I have never cancelled anything, they just take the last payment and close it themselves. For peace of mind, let the final payment go and give them a ring.

It is far easier to recover an additional payment than it is to fight against defaults where it has already been passed to debt collectors... for the sake of a single payment.

pheonixrising21

Maybe the best way is to make the last "full" payment in June as scheduled, then give it a few days to clear, call them and get a settlement figure to pay there and then. Once paid, cancel the DD.

Katiec950

My Egg loan was finally paid off in January and I had no problems. I kept the DD running until the last payment left my account. I checked my bank a few days afterwards and they had cancelled the DD from their end so no hassle at all!

I did however write to them and asked them to send me written confirmation that the last payment had been made and processed (to cover myself in the future - just incase!). They sent the confirmation letter back really quickly

Katie

Steel_2

Thanks for replying so fast everyone.

So it looks like Moorgate will do everything ok, but just be vigilant and check my account for the amount of the last payment..

I feel a lot better about it now.

Katiec950 - what address did you use to request confirmation?

Katiec950

Steel wrote: »

Thanks for replying so fast everyone.

So it looks like Moorgate will do everything ok, but just be vigilant and check my account for the amount of the last payment..

I feel a lot better about it now.

Katiec950 - what address did you use to request confirmation?

Hi

I actually just sent it to the address I have for Egg (see below) and the letter I received back came from Moorgate so they must pass everything on. I didn't have a Moorgate address but this route seemed to work!

Good Luck!

Riverside Road
Pride Park
Derby
DE99 3GG

Feodoble

Thanks to all contributors. My MBNA loan has been taken over by Moorgate (AOF2) and as far as I can recall I have not received a letter to inform me.

The loan will be paid up in November ( DV) and I'll be watching my bank account like a hawk to make sure all is going smoothly.

Thanks again for all information.

Eddie C