new egg team are so helpfull!

funkymonkey

i dont know if anyone else is aware but egg have a fantastic new team of borrowing specialists. theyve sent me a couple of emails explaining that if im ever in financia l dificulties or want to talk with someone impartially about debt then they have a new team of people who can help with budgeting ideas etc. now dont get me wrong i thought this all sounded a bit suspect coming from a company but on ringing up for a payment break they asked me if i wanted to chat to someone about my financial situation. i though what the hell and so i did. after telling her my situation:

MBNA 3.5k outstanding 18.9%
Barclaycard Visa 3.5K @2.9% LOB
Barclaycard Mastercard 2K @6.9% LOB
Egg Money 1k @15.9%
Egg Green 5K @15.9%
Egg Loan 5K left of 9K loan @7.9%

total 18K

after discussing many options and talking about budgeting and they even MENTIONED THIS SITE they put my loan and egg cards together in a new loan - closed my egg cards and put my loan over the longest period and basically told me to pay off my MBNA card first then come back and pay more off of the loan every month.

they were very helpfull and were not condesending in any way. they talked about switching gas and leccy companies and all sorts. obviously i have already done all that being a member of this site but its nice to think that some companies are starting to do the right thing.

MooseRich

Thats excellent if they can help. I hope its saved you a small fortune!

Now don't go spending the savings made!!!

funkymonkey

nope i wont! i have already set up a sanding order from my account to pay an extra £300 pounds a month to my mbna card and becasue i dont have to pay any loan payment until the first of feb i have sent mbna double this month a whopping £600 so my balance is under 3K i am just so supprised they were so nice and friendly and helpd set me straight again. they didnt even forse their insurance down my throat.

---lee---

funkymonkey wrote:

...nope i wont! i have already set up a sanding order...

Don't let the b******s wear you down

innovate

Pleased to hear you are happier with you financial arrangements now, but are you sure you got the best deal?

For instance, did they suggest you get a 0% balance transfer card, so you have an "interest holiday" for 6 - 12 months? Can you not get one of those 0% cards - strictly for balance transfer, not to use for spending?

Do you mind me asking how much the interest on your new loan arrangement is?

CTT_2

How things have changed. When I was made redundant 25 years ago and had debts I could not pay the only creditor that was decent to me was John Lewis Partnership.
The agreed a payment plan with me and when I was back on my feet they gave me another account card. One creditor in particular was the Royal Bank of Scotland who I found to be a load of !!!!e. In particular the branch in Readng whose manager hounded me relentlessly.

Peachy_2

funkymonkey wrote:

closed my egg cards and put my loan over the longest period

Depending on the APR this could cost you heaps in the long run if they've stretched it out over a longer period - Sometimes the difference is only about £5-£30 a month but if you're paying that over twice the length of time of course you're losing in the long run??

Whats the apr - I think 0% credit would be better for a 6-12 month break...?

pinkfluffybabe

Also, I wouldn't have been so ready to shut Egg Green (anniversary period) or Egg Money (cashback).

funkymonkey

i get what you are all saying but :

1. there was no way i could have got another 0% card with a decent limit to transfer. i had tried to get one for my mbna card and lets just say after the first turned me down i went on a bit of an aplication spree.

2. my total outstanding debt to egg cards was 6k which i wouldnt have been able to clear especially not the 5k on egg green in time for the 0% aniversary in march.

3. they did warn me about putting over a longer period and more interest but it would have taken me years to pay of the cards at 15.9% wheras i should be able to pay off the mbna card within a year and then i can increase my loan payments.

4. the interest on my loan is 7.9%

5. ummm.......... well i just think they were very helpfull. i understand there has to be somthing in it for them and no doubt they probably think i am going to only pay the minimum on my mbna and not increase my loan payments when its paid off so i will pay them more interest but i will! but still i had a 5k loan at 7.9 and 6k on their cards at 15.9 just paying the min. so i think even over the 7yr term i probably wont be worse off interest wise.

6 sadly i know i have lost the anniversary deal - wouldnt have been able to use it effectivly. also the cashback but then i was in the red so wasnt using the egg money card effectivly either!

either way i feel better about my money situation and will pay off my mbna card this year then i will chuck loads at my loan!

it was just the fact they also talked about switching gas and leccy, phone companies, this website! etc that i was impressed!

super_mario_4

i work for egg (not in that department though). the idea behind is that its an extension of the collections department. i think there trying to spot people who are on the edge of financial difficulties and see if theres any thing they can do before the debt goes bad.

if you were just paying the minimum on your cards, then putting it on the loan will save u cash if 0% isnt an option...anway, ill stop now with the plugging...sorry!

funkymonkey

plug away lol! in a perfect world then i understand a 0% card would be my best option but i couldnt get one. i have had so many in the past and have constantly shuffled around my debt until now. this way it means that once i have paid off my mbna card i can come back to the loan and pay it off quicker whereas before, it would have taken me forever to pay off the three cards before coming to the loan.