Egg - scandalous interest rate increase

lisyloo

I was somewhat disappointed to see that attitude in a community that I thought was based around helping each other.

I understand you sentiment Sonalita.

The problem is that if the person (not you I believe) has a poor attitude or makes wrong assumptions and continues to repeat the same mistakes, then they are doomed to a lifetime of financial mistakes.

So in some people's minds, picking up on a poor attitude is actually helping longer term. I agree the short term help is very useful too.

So yeah, thanks for the "holier than thou" attitude it's really not helpful.

My reply was actually towards MerseyLad.
But I hope the suggestions I made to Mersey lad are helpful.
Such as - past performance is not a guide to the future.
Also don't expect interest rates, stock market return, tax allowances, tax legislation, never to change outside of your lifetime experience.

byebyedebt

All,

It has become common practice to raise the rates on credit cards, but fortunatly we are protected from rate rises now.

All credit card companies are obliged to give you 30 days notice of a rate rise. You can accept it by not doing anything.

If you don't want to accept the rise you need to contact the credit card and inform them that you wish to opt out. Once you have opted out the credit card company has to allow you to repay the debt at the lower rate.

You cannot use the card any more.

However by opting out you do not have to pay your card balance in full, you can pay the minimum each month that your card allows. If it takes 5, 10 or even 50 yrs to pay off the debt at the minimum rate, the bank still cannot raise the rates. You do not have to rush out and apply for multiple cards.

Now this is what I am doing. I am keeping all my cards and asking for better deals. So far three companies have tried to raise my rates and I have said no and asked for a better deal. If they haven't played ball I have opted out because I feel that if enough people did this, they might stop putting the rates up!

DO NOT ACCEPT THESE RATE RISES!

If you find yourself opting out to avoid a rate rise, feel positive about the fact that you can reduce your debt and lower the profit made by the bank!

CannyJock

nzseries1 wrote: »

I'm surprised that Egg actually used the word scandolous in a mail!

lol :rotfl:

CannyJock

Sonalita wrote: »

MBNA gave me an instant yes with a good credit limit.
Capital one said yes but didnt specify the limit

To the person who said "get a life, its's your fault, save for what you need"

Yes, I can suspend the card and pay off at the old interest rate but with the new cards, I'd rather not do that.

Good result on the cards. If you get the cards on a 0% promotion, can I recommend you pay the minimums and instead put any extra money into a savings account to earn some interest.

You'll always get muppets posting nonsense like that. They haven't been around long enough to have to deal with any sort of real financial problem. You didn't post "I've just bought a Ferrari and now want to declare myself bankrupt and keep the car" so you don't deserve any flak.

Keep the Egg Money card now, don't cancel it. Once you get a nil balance statement, use it for your normal monthly spend and change your direct debit to pay the balance in full. This way you'll earn a bit of cashback and you can take some money from them.