Egg BT Fee Official Line

lisyloo

If you think that there are better things to spend your time and effort on, how come you yourself are using the ombudsman?

I am going to the ombudsman over what I think is a genuine mis-selling case.
I did not take out the pension on the understanding that I would later go to the ombudsman, I did it in good faith.
This is different from deliberately taking advantage of a companies error knowing that you working on errorneous informaition and MAY be in for a big battle.

Also, again on the time and effort argument, surely if you are prepared to expend time and effort stoozing, it does not logically follow that you are not prepared to expend time on taking a case to the ombudsman.

I am NOT a habitual stoozer.
I have recently borrowed some money at 0% for the purpose of purchasing a car, which is effectively a cheap loan.
I don't see stoozing as worth it (partly because I pay 40% tax).
I do see taking a loan as worth it.
However it is up to me what I do with my time.

People are free to do with their time as they wish, I am just warning that it MAY be a lot of effort.

If you want to do it, then do it, I'm just saying be prepared for a wait.

In short, with respect, your views as expressed in this thread are riddled with contradiction.

Please can you show me where the contradiction is now that I have added the information above.

People are free to do what they want. I'ts just a warning that they MAY be in for a protracted battle.

lisyloo

I think you should get your law on mistake straight - look up the House of Lords case Bell v Lever Brothers and the subsequent court of appeal decision in Solle v Butcher and then I think you will find you are incorrect.

You may be right in which case I am big enough to admit I might be wrong (although I haven't looked it up).

My main point is that I think people MAY be in for a protracted battle if they decide to go ahead on erroneous information.
It's one thing being right, but it can be slow and a lot of effort proving it through our legal system if they decide to do battle.

Can we consider that people have now been adequately warned and are free to do with their personal time as they wish?

If they wish to spend it arguing with the ombudsman then that's their look out. I have a garden to attend to.

sicker

Well I've just transfered my max. allowed (anniversary to-day) with no fee and 0% for 5 months on my 2 year old card. Looks like the last time tho'

John

smartsaver

lisyloo wrote:

I am NOT a habitual stoozer.
I have recently borrowed some money at 0% for the purpose of purchasing a car, which is effectively a cheap loan.
I don't see stoozing as worth it (partly because I pay 40% tax).
I do see taking a loan as worth it.

A couple of points worth clarifying here

If you think stoozing is worth it for a loan what about a mortgage, most peoples biggest and most expensive loan?

If you offset your stooze pot against your mortgage you won't pay any tax so your tax rate will be irrelevant.

If you don't have a mortgage ignore this - I hope it might help others who do

lisyloo

If you think stoozing is worth it for a loan what about a mortgage, most peoples biggest and most expensive loan?
If you offset your stooze pot against your mortgage you won't pay any tax so your tax rate will be irrelevant.

It may well be worth it for some, but doesn't work for everyone.
It depends on what kind of mortgage you have.

My last mortgage didn't allow any overpayments (but it was a fantastic rate).
My current mortgage allows overpayments but I can't get them back out again so that's no good either.

For me personally I save more by having a great deal on the mortgage than I would if I was stoozing.
Flexible mortgages tend to have higher rates than more restrictive deals.

People's circumstances vary.
I wasn't saying it wasn't worthwhile in general just saying it's not very worthwhile for me (my spouse pays 40% too).

smartsaver

I agree the rates are higher. You need a high proportion of your mortgage offset to make it work. We have been lucky enough to keep the entire mortgage at 0% over the past 18 months or so thanks to stoozing .

As deals dry up it is getting harded and the EGG situation just before O/H anniversary deal has set us fresh challenges! We haven't given in yet

Tr@cker

Not all of us are stoozers as such just people struggling with debts and trying to lessen the burden by paying them of less expensively. It seems to me the CC firms are on to the stoozers big-time so can we (the debtors) blame the big stoozers for gradually losing fee-free deals ?

Tr@cker

Having said that maybe CC firms are going down the road of fee or no fee on an individual basis-the messages on here about egg for example are not consistant and dont all agree with Martins post.

smartsaver

Tr&#64 wrote: »

Not all of us are stoozers as such just people struggling with debts and trying to lessen the burden by paying them of less expensively. It seems to me the CC firms are on to the stoozers big-time so can we (the debtors) blame the big stoozers for gradually losing fee-free deals ?

I think you are correct but them how can we judge the morality of debt? Is someone who blows all their wages plus on unnecessary things more worthy of a 0% deal than some who stays out of unnecessary debt but wants to pay off a mortgage before retirement? A mortgage is a debt.

Some people just spend more than they have.

Debt is caused by many factors. Stoozers are not all greedy and no one needs to justify themselves here. Anyway we will all lose out if the 0% deals dry up.

As for your theory on conflicting emails - me and O/H are stoozers and both received a different mail so I think your theory is very unlkely. EGG are just in a mess.

YorkshireBoy

There will be several reasons for Egg's latest changes, but stoozers are unlikely to have played a (significant) part in their decision to change the BT fee structure.

After all, Egg could have easily addressed 'hard-core' stoozing - had they wanted to - by simply withdrawing the SBT feature on their Egg Card and limiting the size of BACS withdrawals on Egg Money to, say, £1K/month.

Several factors will have triggered Egg's announcement, including industry pressure to act responsibly, the 'punitive fees' lobby, the OFT, etc - but I suspect the main reason will be Egg Banking PLC's recently reported 16% fall in profits to £60m.