Bizzare advice from EGG!!!

mrcow

I've just got to add to this thread (and I know I'm repeating myself, so apologies!). To the OP, I think that some here are making this far more complicated than it needs to be.

Your current situation is that you are employed. You have every intention currently of returning to work when your maternity leave is over. All you have is a short term problem of reduced income for 12 months or so.

Egg don't need to know any of this. As far as they are concerned, you are fully employed (on a wage where they are happy to lend your required amount) and you have a good credit rating. They'll be able to refinance your loan for you (if they can't do a suitable deal, go with another lender) over a period where the repayments meet your reduced income.

They don't need to know why you want to refinance if they do ask, just tell them that you are looking to reduce your repayments. You're going to keep up all your repayments and then possibly overpay your refinanced loan once you return to work.

Giving Egg more information that they need (eg. by writing to them and telling them that you are taking unpaid leave from work etc.) in my opinion would be a foolish move. You're making it more complicated than it needs to be (and are subsequently getting useless info back from Egg on how to wreck your credit rating in one go!). Just tell them what you want from them and make sure that it's going to suit your budget.

You're not messing them around. You are not misleading them. Life happens, and things change. You're just being sensible about what your options are over the next twelve months.

BTW congrats on the baby!

quistis2k

mrcow wrote:

I've just got to add to this thread (and I know I'm repeating myself, so apologies!). To the OP, I think that some here are making this far more complicated than it needs to be.

Your current situation is that you are employed. You have every intention currently of returning to work when your maternity leave is over. All you have is a short term problem of reduced income for 12 months or so.

Egg don't need to know any of this. As far as they are concerned, you are fully employed (on a wage where they are happy to lend your required amount) and you have a good credit rating. They'll be able to refinance your loan for you (if they can't do a suitable deal, go with another lender) over a period where the repayments meet your reduced income.

They don't need to know why you want to refinance if they do ask, just tell them that you are looking to reduce your repayments. You're going to keep up all your repayments and then possibly overpay your refinanced loan once you return to work.

Giving Egg more information that they need (eg. by writing to them and telling them that you are taking unpaid leave from work etc.) in my opinion would be a foolish move. You're making it more complicated than it needs to be (and are subsequently getting useless info back from Egg on how to wreck your credit rating in one go!). Just tell them what you want from them and make sure that it's going to suit your budget.

You're not messing them around. You are not misleading them. Life happens, and things change. You're just being sensible about what your options are over the next twelve months.

BTW congrats on the baby!

Hey!

Thanks for your post!! I think you are completely right, and didn't ever think about it like this. So thank you.

daveboy

Forums are intended for debate....so those that go against the grain, so to speak, it's not shame on you. I dislike, strongly, those that post and wait intently for others to come and kiss their feet.

Funnily enough, this area is one of my biggest issues. Debt and having a family.

I had a rule for myself. Owe nothing before having a family....that way the money goes to the child instead of increasing the profits of a bank.

Maybe Egg were wrong in that advice. But it sounds to me that, and I say possibly, he was thinking in a personal capacity (I know he shouldn't have).

You're not willing to miss a payment. Fair enough, like me you want to have a good credit record.

But there are many people out there who seem to 'do the deed' and then realise some of the consequences later. I'm certainly glad I won't have my income swallowed up when I do have a family.

Yes, I do expect to be told I'm not allowed this view...but like a few others above, I don't kiss peoples feet.

sanfrancisco

I would go over to the debt free wannabe forum. Over there we can help you shave a few £££ off your budget NOW and while you still have an income. You can then save up the payments that you will have to make after the 6 month deal comes to an end. Try not to get stressed at Egg. They seem to be being quite accomodative. It is not worth the hassle, and you are likely to get nowhere. Try to change the things that are in your control, and don't worry about the things that arn't.

We only have to find £423. Challenge us!

mrcow

sanfrancisco wrote:

We only have to find £423. Challenge us!

That's a great idea lol I like it!

Another great board would be the old style board too. they've got some great family threads on there (and I think one too about OS babies). Before you know it, you'll be calling Egg back to increase your payments :rotfl:

regularsaver1

Egg might not do refinancing option? But worth a shot

my concern here is that quistisuk - on another post you say that you'd prefer not to return to work - so in order to do that, look at the longer term and how payments can be met in order to do that

quistis2k

Thanks for all your posts guys.

I have been checking out the DFW boards and have managed to do a few things that are deffo gonna help!!

I have cancelled sky and paid some arrears to my leccy bill so my monthly DD is down. I have done a 0% Bt for all my store cards. I have managed to scrape together from all this stuff an extra £100 bux p/m and that is before my Oh and I have looked at our bad spending habits.

We are looking to get rid of as much CC debt before my wage drops, which will free up some £££ per month when my wage does drop meaning I can pay egg the usual and pay the CCs at minimum payment which i know is not great but will keep them from breaking my legs and puting horrible late/no payment notes on my credit report!!!

So thankyou for all your help!!

mrcow

:T

:rotfl: Keep going! There's always more to save. I never realised how much money I was wasting (and I thought I was frugal!) before I took my first lot of maternity leave.