Temporary Repayment Plans

Aladin_Sane

Background:
Very recently lost my job, hence financial difficulties. At the time of this posting, I am 100% up to date on all my credit card repayments and have never ever missed a payment in my life! (I am in my 50s, so that is a long time)

Actions:
Influenced by numerous consumers programs and Internet consumer advice sites, I recently requested by phone a temporary repayment agreement with Egg Bank. Repayment terms were reduced by 70% for 6 mths. Great news, I thought, banks are decent humans after all.

Outcome:
Unbeknown to me, Egg Bank have subsequently to this phone call withdrawn my credit facilities permanently and have notified all credit agencies of their actions. My first knowledge of this action was after the event by post. In an effort to challenge this action by Egg I informed them that these subsequent events were never communicated to me by phone and I would like the repayment plan stopped and I would continue to repay at the normal payment and that all credit agencies notifications be reversed. The Egg Bank response is this decision can not be changed under any circumstances.

Questions to Forum:
Am I being totally naive to think that such temporary agreements wouldn't result in such an outcome?

Is this type of action by Egg clearly stated in consumer advice information and I just didn't read or hear it?

Or is there a fundamental issue Egg Bank that misleads the average consumer to believe that the actions I took in good faith based on advice on consumer advice forums such as this were the right actions. Have Egg Bank (in reference to one of the key principles of the FSA guide) paid due regard to the interests of its customers and treated them fairly?

I don't think I have been scared since I hid behind the settee when the Daleks first came into our lives, but the treatment by Egg Bank to my situation has quite staggered me. And where is The Doctor when I need him most?

Any feedback will be greatly appreciated.

Thank you for your time.

speedbird1973

You're probably going to get moaned at.. so let me answer before that happens!

1) You've broken your credit agreement with them - it's not unreasonable for them to withdraw your credit facility as you cannot effort your existing commitment at the moment they'd be irresponsible giving you more

2) You're broken your credit agreement with them - it will show on your file as an arrangement to pay - bad - but if they haven't defaulted you then you've got off lightly.

Well done for having the foresight to deal with these problems before they become more serious! however I think the bank is acting truthful and responsibily

Bugsy2k_2

speedbird1973 wrote: »

however I think the bank is acting truthful and responsibily

No they are not, banks don't care about peoples lives and are not bothered if they put more and more people into difficult situations. All they care about is themselves and how they can generate more and more money out of poor or jobless people.

xgingerx

Hi, just to give u an idea, most accounts apart from some went on Arrangement to pay when i got into difficulty

Next/Vanquis/Littlewoods - AP - Then reinstated once i called them to take to ap off and continue normal payments

Barclaycard / MBNA AP - but will not reinstate, once paid account will be closed.

CITI / Cahoot / HSBC - Defaulted me

But as i stand now i now have dmp with cccs and paying down all my debts with one payment a month, even with all are on AP apart from CIT / Cahoot and HSBC


brgds