Egg Loan Overpayments

Robert_Sterling_3

Mr Shilling.  It clearly states in Egg small print that you can pay as little (not less than the minimum) or as much as you like in repayments and pay the loan off in this way as quick as you like.  So no, rule 78 does NOT apply and your wrong, rule 78 does not apply to all loans.

I know this sounds a bit like a pantomime but oh yes it does
It applies to all loans which are regulated ( last time I looked it meant to all loans under £25,000 )  It sets out a way to calculate the minimum rebate of interest that must be made.  If what you say is true then Egg chooses not to rebate the amount calculated by rule of 78 but to rebate more than the Rule of 78 demands.
Fine.
Saying it does not apply is a bit like saying that a motorist travelling at 20 mph does not have to observe the 30 mph speed limit.  Oh yes he does.

For non legal purposes saying the rule of 78 does not apply  to Egg loans is a reasonable shorthand response.

Tr@cker

Mr. Shilling. It took you a while to respond but you still haven't got it right im afraid.
Do a bit of research before you engage your 'mouth' mate.
As for that last comment well that's just pure subterfuge.

Robert_Sterling_3

Cahoot, Intelligent Finance and Goldfish are also listed as offering non-rule 78 loans.  Source, MSN money by Nick Cuccuti.

If that is what they say then it is not surprising that borrowers think that the Rule of 78 does not apply.
It is also not suprising that none of the borrowers complains.

By the way I have just had an uncanny experience.
I typed "Consumer Credit Act Rule of 78 into google.
It referred me to one of my posts at MSE.
Crikey.

Robert_Sterling_3

Cahoot, Intelligent Finance and Goldfish are also listed as offering non-rule 78 loans.  Source, MSN money by Nick Cuccuti.

If that is what they say then it is not surprising that borrowers think that the Rule of 78 does not apply.
It is also not suprising that none of the borrowers complains.

By the way I have just had an uncanny experience.
I typed "Consumer Credit Act Rule of 78" into Google.
It referred me to one of my posts at MSE. Not only that it was the first site offered.  I think someone at Google must know something which I know and Trafalgar knows.  29 pages of sites came up with MSE at the top.
Crikey.  perhaps some of my posts, but not many, are useful after all Bouncebackability.

Robert_Sterling_3

Do a bit of research before you engage your 'mouth' mate.

You are more than welcome to your opinion,however wrong it may be,  and no doubt many people will agree with you.

A little by the way...

You may or may not know that there are 3 rates of VAT one of which is Zero  but some things are exempt.
You might be foregiven for thinking that if the rate is zero then whatever is taxed at that rate is exempt but it isn't it is zero rated.  Things which are exempt from VAT are not zero rated.

and another little by the way

... I have acted as an expert witness in a number of courts including the High Court in the Strand.  My expertise which was recognised there related to The Rule of 78 which I have lived with for about 25 years.
I can live with the fact that you don't agree with my interpretation.  ;)

trafalgar_2

If that is what they say then it is not surprising that borrowers think that the Rule of 78 does not apply.
It is also not suprising that none of the borrowers complains.

By the way I have just had an uncanny experience.
I typed "Consumer Credit Act Rule of 78" into Google.
It referred me to one of my posts at MSE. Not only that it was the first site offered.  I think someone at Google must know something which I know and Trafalgar knows.  29 pages of sites came up with MSE at the top.
Crikey.  perhaps some of my posts, but not many, are useful after all Bouncebackability.

Fame at last ,I know something Mr Shilling knows

Tr@cker

Mr. Shilling. Im not generally so pedantic but for you i'll make an exception. Because from some of your posts you come across as rather haughty and condescending.
I dont mind a know-all so long it benefits others generally.
BUT. Analyse exactly what you've written then type this into your search engine: 'rule 78' just that. Then have a good look at your findings. You'll see that there are places where rule 78 is actually outlwed.


The original question was : 'will i get done with that rule 78 stuff' ? or similar with an Egg loan.

The simple answer is NO!

Robert_Sterling_3

I did what you suggested.
The first site that came up was
this one

Unfortunately what it says is absolutely wrong.

I won't bore you with the details

Would anyone else like to point out what the major error is and why?

Robert_Sterling_3

As for this forum, i'm impressed at how many people make sensible comments & at least Shilling got me reading the small print.

Tr@cker

Robert, im trying to generate a bit of interest-elicit a few alternative views-there's nearly always a counter-argument and it's boring here in Stoke on a wet Tuesday afternoon.
You've made some great contributions to these forums.