Egg Card Interest Rip Off

citychap26

Hi Guys,

I have been rather stupid and ignored my Egg card for a number of years.

I have had a balance of about 7k which has nicely rounded up to 10k over the last few years. I have been paying about 350 quid a month to Egg and of course the balance has not reduced as I am just paying the interest at over 25%!!!!!!!!!!!

I want to pay the entire balance off now and have asked that Egg come to a compremise. However I got an email back saying you owe what you owe.

Note if I had been advised by Egg that I could have converted that credit card facility into a loan at say 8% I would have paid the entire balance off by now.

I believe I have been treated very badly by Egg and am sure I am not the only one in this boat. Is there anything that can be done ?

Cheers

Sunil

_Andy_

Where is the rip-off exactly?
What makes you believe you should pay less than you owe?
Why are you attempting to put the blame for you not taking a loan onto Egg?
How exactly have they treated you badly?

One of the most ridiculous posts I've seen for a while.

_Andy_

And I'm guessing it must be Egg's fault that you didn't bother to read your statements and realise how little you were paying off, or have the savvy to BT to another card?
I mean none of that could be your fault could it?

ILW

_Andy_ wrote: »

Where is the rip-off exactly?
What makes you believe you should pay less than you owe?
Why are you attempting to put the blame for you not taking a loan onto Egg?
How exactly have they treated you badly?

One of the most ridiculous posts I've seen for a while.

You obviously have not been reading this forum carefully.
Nothing is the customers fault, it's all the big nasty banks.
The general idea is you spend the money then get a nice man from a claims company to write it off. Paying back wht you owe is very old fashioned.

_Andy_

Sorry ILW, you're quite right. How dare Egg lend him money and charge him interest on it! And, the nerve, asking for it back! Shocking! I suggest the MP contacts his MP/FSA, it's a disgrace.

In the meantime I continue my quest for a thread that has the words 'rip off' in the title where they have been used appropriately.

michaelvintner

Why were you silly enough to be paying 25% interest on a credit card that you owe £10000 on.

I don't see how it is eggs fault. They were doing what business are suppose to do........MAKE MONEY. You can't blame them because you were being thick.

If your credit rating is ok do yourself a big favour and transfer the balance to a 0% balance transfer card right now. That way if you pay off £350 a month your debt would have gone down by over £3500 in a year.

citychap26

Look guys, I don't need to be kicked in the !!!! any further . I am happy to pay the balance off in full however I do think that it's taking the p*ss that they have effectively made 7k out of me.

I'm not looking to pull a fast one like many out there. However I think that paying 25% interest is C *NTISH!

Oh well I'll just pay the lot off and be done with it. Thanks for your help

_Andy_

If you felt the interest rate was high, why didn't you take action and sort something out?
Charging interest is not 'taking the p*ss'. It's what you agreed to.
You and only you are responsible for this situation so if you're not happy with, blame yourself, not Egg.

Paul_Herring

_Andy_ wrote: »

In the meantime I continue my quest for a thread that has the words 'rip off' in the title where they have been used appropriately.

http://forums.moneysavingexpert.com/showthread.html?t=1726803 ?