Egg CCA

[saucepan]

Hi!

I have recently received a copy of my loan agreement from Egg. It is an agreement from 2002. My question is the prescribed terms that must be present include the amount of credit. What exactly is the amount of credit? My agreement shows the loan amount, i.e. amount advanced to me without any interest added and there is no breakdown of the amount of interest to be added or the total amount due under the agreement, just the loan amount, the interest rate and number of payments. Is this showing the amount of credit or is it an unenforceable agreement?

Thanks,
Sarah

[Amethyst]

Re: Egg CCA

you multiply the number of payments over the term (accounting for any final payment fluctuation which should be shown) does it add up to the loan amount plus interest?

amount of / Total Credit should be the loan amount
Total Cost of / Charge for Credit should be the interest and any obligatory fees/charges (also listed seperately)

Any PPI etc involved? does it have total amount payable on too?

If you can scan in the agreement it will be much easier to give you an idea.

will see if theres any example 02 ones about so you can see if they the same.

[saucepan]

Re: Egg CCA

Hi!

Thanks for reply. Sorry scanner is broken at the moment so i cant scan in doc. It shows loan amount of 4907, number of instalments 78 at 84.60, that is all, no totals or separation of amount of interest etc.

Sarah

[saucepan]

Re: Egg CCA

managed to get it to work for 5 minutes! Hopefully now i have done this correctly and you can see.

Sarah

[saucepan]

Re: Egg CCA

hi!

Any advice on this would be really helpful as i need to respond to them.

Thanks
Sarah

[Curlyben]

Re: Egg CCA

Now that reminds me of something

Oh yes Loo roll..
Have a read of this: CB gets some new - Page 2 - Legal Beagles post #27 onwards..