Bizzare advice from EGG!!!

quistis2k

Hey guys,

Just wanted to get some opinions about my very bizzare phone call to EGG.

I am currently 7 months pregnant, about to go on maternity leave. So I was phoning egg to try and arrange some sort of payment reduction temporarily(very much in advance - doing the rsensible thing!!).

I am OK to pay regular payments up until November 06 but was hoping to halve the payments until the following September (07) at which point I would resume normal payments as I would be back at work.

What they suggested was I use a payment break and pay £0 for three months. So pay nothing dec, jan and feb Which would effectively half my payment for 6 months (you with me so far??)

Which is great...up until June 07.

But then the payments would resume @ £141 p/m. But at this point I am on additional maternity leave which means I have ZERO income. So I explained this to the guy. I asked if it was possible to have a slightly longer payment break? Just to tide me over for a wee while longer. He went away and came back and said no it was not possible. I said so what do you suggest??

This was his suggestion...

I wait until I have actually MISSED a payment, phone and say I can't afford to pay at which point they would accept any kind of payment!!!!!

I am not willing to miss a payment, I am trying to do the right thing here, continue paying them and they are advising me to mess up my credit rating.

Is it just me or does this seem totally mental?? I think I am gonna go to citizens advice and start a complaint process - what do you guys think???

mrcow

quistis2k wrote:

I wait until I have actually MISSED a payment, phone and say I can't afford to pay at which point they would accept any kind of payment!!!!!

No no no!! I hope you got his name!

Absolutely complain. The frightening thing is that some people would have taken his advice (as it's come from a bank and they can do no wrong where money is concerned :rolleyes:) and ended up tarring thier credit record for the next six years!

BTW in terms of payment breaks, how about just refinancing your loan over a longer period in the interim and then refinance again in September 07? By defualt you'll reduce your payments (but still be paying what you can afford). Just a thought.

jonesMUFCforever

Is it an Egg loan or credit card?
Is it Egg's fault that you are pregnant?
You have spent the money either on a loan or a credit card knowing you would not have an income to repay and when Egg suggest something to you you throw it back in their faces!

regularsaver1

its probabaly because some banks can not do anything until you are actually in arrears - silly i know

i don't mean to sound rude - but when you decided to take extended maternity leave did you plan knowing you would have no income during that time ? - do you have anyone you know that can help? partner, family ect
Egg have been reasonable in what they have said regarding payment break helping you until June 07 - but it was known that you would need to pay this.
This is why insurance policies do not cover normal pregnancy.

grumbler

Complain about what?
You have to make payments according to T&C. Maternity leave doesn't change anything. You can only ask them to reduce payments. However, they have no obligations to comply with your request, although they can do a favour to you. Even if they agree to reduce your monthly payments, this does not mean that they agree to keep your credit record clean.

mrcow

ejones999 wrote:

Is it Egg's fault that you are pregnant?

Well they don't advertise that service on their website :rotfl:


In fairness to the OP, it could be an old loan that's been going a while and she's subsequently found out about the baby. Be fair, she's trying to sort it out rather than bury her head in the sand and build up more debt whilst on maternity leave.

You only get six months paid leave and then six months unpaid. She's taking advantage of her leave to spend time with her baby and it's an impotant time. IMO Egg have suggested something quite irresponsible. I would say that it would be the action to take only if all other avenues are closed off.

They could have just have easily offered to refinance it for her :rolleyes:

Thenotsowyzewun

Damn, people on here are soo rude! Grumbler, regularsaver1, ejones999, SHAME ON YOU!
...this is why my Fiancee doesn't come here anymore, people are so quick to be rude just 'cos they're not face to face.

Anyway, it's not like she was complaining that they weren't allowing her to halve her payments (perhaps you've misread it) she's complaining that they advised her to screw up her credit record, and too right, who in their right mind would want to do that! What stupid advice for a bank to give someone (especially since I bet they didn't say, "oh that'll screw up your credit rating tho.."!).

quistik2k, people are right to say they're under no obligations to halve your payments.
I can't quite tell how much maternity pay (how many months that is) you've got that and how many aren't paid, but I'd recommend you save some money whilst you've got it, and pay full-rate, and then once you're on zero income use the saved up money to make your payments.
Alternatively if this isn't viable, you should refinance.
However I think people rely too much on forums and other free resources for financial advice; IFAs don't cost as much as you'd think and if you're not already a pro with your money they can easily make you more than they cost you, so I'd recommend you find one - everyone should have an IFA, Solicitor and Accountant anyway IMHO (In My Honest Opinion for anyone who doesn't know these webchat acronyms ).

regularsaver1

Please see my post that says I don't mean to seem rude
I don't know why you are saying shame on me - I was being realistic. Need to plan for when there is no income. I appreciate that the OP has tried but Egg do not have to agree.

- but it is known that there would be no income at that time and worth while preparing. the half payments will increase the interest on the remainder, so refinance could be an option instead.. i appreicate the OP made effort to contact Egg - who have helped her in some way.

Quistis2k only spoke to one person on telephone - she is probably best to put it in writing anyhow - for a further response from appropriate department

quistis2k

Hey,

I seemed to have gotten very mixed reactions from my post! So now I am more confused than I was earlier!

When I took out my egg loan I wasn't pregnant, nor was I planning to be pregnant, but oops I AM pregnant now!!

The additional maternity leave is something I am really hoping to do, but is not a definate decision, which is why I am looking at all my options to see if it is at all possible and if it isn't then I will go back to work.

I am trying to face up to my debt problems not make them worse. But I am also trying to do what is best for my baby, and I don't believe leaving her with a stranger @ 5 months old is the best for her or me.

I just felt that the advice I recieved from egg was really irresponsible.

Anyway to those who gave me advice and support - thank you it is appreciated!!!

regularsaver1

I understand you want to the do the best thing.

I'd contact Egg again - but maybe in writing explaining what you are looking to do.

in my previous post, i said is anyone else able to help with any payments?

Astaroth

On the basis that you are saying that due to your own decisions you are unable to afford what you have committed yourself to some banks will take the decision that they arent willing to take a hit on their profit line (reduce payments to customers means they have to review their bad debt situation and increase their provisions for this) with you getting away "scot free" of not having your credit file affected.

Whilst I think Egg's advise was very irresponsible I have to say that I do think that your credit file should be affected by your inability to meet your credit obligations.