Egg card/Loan support not as expected

scribble71

Hi all,

I have an Egg card and loan which amount to £24000 in total. Due to new circumstances such as having a baby, roof falling in on house and serious drop in income, I find I cannot keep up the repayments on my card and loan. I have been with Egg for around 6 years and have always maintained my payments. Egg make a point of saying that if you have any problems and find your payments are too high then the first thing to do is ring them. "Don't worry, we can help!" - They say. So, I sat and wrote out a long list of my income and outgoings and even worked out how much I could afford to pay every month - around half of what I was currently paying - and then I rang them to offer to pay this lower amont. After a very long conversation I was told the only thing I could do was to 'default' (i.e. not pay) on my card and loan and then when I got a default notice from them I could ring back and then make the same offer of payment. They also said that they would probably freeze the interest on my account so that I only paid back the actual loan amount. However, it would mean a default on my credit file.

Anyway, what I need to know is, is this the only way for me? It seems strange that when I ring Egg to say I'm struggling but at the same time offer them an amount I can pay, they preffer to turn me down knowing that I won't be able to afford my payments - but also knowing that they will loose the interest that I would be paying to them? It doesn't seem to be advantageous for them to do this. To be honest, I'm not entirely concerned about having a default on my credit file but obviously if there was a better way I would like to avoid this.

BTW, I have of course tried everything else - consolidation etc.

What do you all think?

Thanks for any help!

Marcus.

lynzpower

NO , not at all A DMP should be able to sort this out

HAve you done an SOA before?

dave318

I Couldn't understand that with egg either. They froze interest on my account, and, when I was making regular reduced payments, sent it to a debt collection agency. This obviously cost them more money, and was more akward for me. Especially as soon as they came on the scene they were looking for more money from me.
I am just not sure about eggs collections department
They don't seem capable of dealing with defaulters.

scribble71

lynzpower wrote:

NO , not at all A DMP should be able to sort this out

HAve you done an SOA before?

Thanks for your reply. No, I'm not even sure what an SOA is?