Egg Card troubles

jellebabe

I've just had a text from my Mum saying a letter just came from Egg, even though I've given them my new address...

They're not renewing my card and want payment of the balance about £1200.
I've actually been paying on time for a year and have only recently had 2 blips where the payment was a few days late from starting a new job and moving house.


I can't afford the whole lot this month, but I really don't want an arrangement to go on my credit file.

Can anyone suggest a solution please?

SimbaSimon

jellebabe wrote: »

I've just had a text from my Mum saying a letter just came from Egg, even though I've given them my new address...

They're not renewing my card and want payment of the balance about £1200.
I've actually been paying on time for a year and have only recently had 2 blips where the payment was a few days late from starting a new job and moving house.


I can't afford the whole lot this month, but I really don't want an arrangement to go on my credit file.

Can anyone suggest a solution please?

Have you actually read the letter? Normally you can continue paying the minimum payment if you wish however you won't be able to add anything new to the account. I don't believe they can ask for the balance only unless you've not been paying it.

lisyloo

Don't be casual about the "blips".
This could ruin your chances of getting credit including a mortgage.

If you can't reliably pay on time then get a direct debit set up.

Sorry if that sounds harsh, but a lot of people have had their chances ruined for many years by silly unnecessary mistakes.

paulmcerlean

2 late payments and they are taking the card off you? doesn't that sound a bit harsh...?

jellebabe

paulmcerlean wrote: »

2 late payments and they are taking the card off you? doesn't that sound a bit harsh...?

That's exactly what I thought!

I better just give them a call, I heard Martin on breakfast TV recently talking about being able to cancel cards and not agree to the raise in interest and clear the balance using minium payments, which I'm hoping I can do.

I was working in a homeless shelter at Xmas and I found it hard to believe that it only takes 3 months from being solvent to ending up on the streets, 2 difficult months of my own and I can believe it now.

lisyloo

2 late payments and they are taking the card off you? doesn't that sound a bit harsh...?

Egg have taken cards off people with NO late payments.
Yes it is harsh, but it's entirely up to them who they lend money to.
So whilst I agree it's harsh, they can do what they like with their money.
People with perfect records have had it withdraw.
Credit is not a right.
But yes, it is harsh.

I found it hard to believe that it only takes 3 months from being solvent to ending up on the streets, 2 difficult months of my own and I can believe it now.

If you make assumptions about your ongoing lines of credit then yes you could face problems.
Sorry if it sounds harsh but the obvious lesson is not to assume future lines of credit will be availble unless agreed in advance.
By that I mean most mortgages are agreed for a period of time (term), same with loans. But generally credit cards do not have a guaranteed life. The ongoing credit can stop so should not be relied upon.
Sorry if that sounds harsh, I'm jsut trying to be honest about the realities.

jellebabe

It was just a surprise. I don't need to rely on CC, thank god, I just didn't want to be lumped with a sudden payment of £1k. I've lived through plenty of reality over the last 8 years unfortunately.

Thanks for the help though

lisyloo

That shouldn't happen.
Read the letter first before panicking.
You should have time to pay it off (if you wish).
It's only new credit that has been stopped.

Dabooka

I agree with lisyloo, but I'd recommend not paying it off with minimum payments, you'll be there for ever.