Egg Card

gregoryj

I am getting stuffed by egg card, and do not know what to do, I took egg card on at o% interest and used the £6,000 credit they gave me to keep my business going, I know, bad move, but I loved my business, and fought to hold onto it, after th months had passed egg put my rate to 15% I reduced that debt to £5000 anf they put me up to 21% I took out another interest free card and reduced it to £2.500 they put me up to 24.9% I managed to scrape up £1400 bringing my bill to £1100 and they put me up to 26.9%, I have no more money, and can only just manage the monthly payment, questions, is this legal? has anyone else had this problem and does anyone have any advice.

By the way, the fight for my business made me ill, the business is gone, and I am trying to rebuild myself as a musician instead of a shop keeper, but need to stop egg from drowning me!!!!

Greg

jonesMUFCforever

Sorry to be the bearer of bad news but Egg have done nothing wrong here.
The 'wrong' is that you borrowed more than you could afford to repay.

If you are struggling the best advice I can give you is to phone Egg and try to come to some payment arrangement and then go to the debt free wannabe board.

never-in-doubt

Was it a personal card or a business card? (I assume personal) in which case you tell Egg that you wish to freeze the account at the old rate of interest and they have to close the account but let you pay it off at the last rate.

That is all you can do i'm afraid....

gregoryj

Thanks, I would never have known about this

Greg

never-in-doubt

gregoryj wrote: »

Thanks, I would never have known about this

Greg

Greg, have a mooch here - will explain all matey: http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases