My increase on my egg card is to go up by six per cent.

me4bargains

I've just got an email saying they are increasing my rate from 15.9 to 21.9 that's scandalous.
Problem is I have a fraigle credit file.
Does anyone have a suggestion on how I can transfer my blance (about £5,000) to a nother low interest card.
I'm in shock.
Egg use to be the cheapest.

me4bargains

I'm literally in tears.
I have been on the phone to them and they could give me no justification for the increase. All he kept taking aboiut was they now do risk assesment.
I have two cards and two loans with them and thay have come to the conclusion to raise my interest by 6 per cent because I made one payment late FIVE years ago.
Is there anyone I can complain too. This is a ploy to push those strugglin with debt into further misery.

dchurch24

I would say it's a breach of the 1999 UTCC Act.

Why should they have the right to change the contract between the two of you, and you not?

I should write to the OFT - as this is probably a direct result of them being forced to charge no more than £16 for a 'default' (late payments, over limit etc...) - which means that they are literally just laughing at the OFT announcement.

me4bargains

I will do so thanks.
I wonder how many other credit companies will do this to reap in extra profits.

dchurch24

Probably all.

PS. I have just had the same email from Egg, and all I have done is increase my monthly payment to them. It would seem I am being punished for doing so.

briona

I've just had an email from Egg stating that they're raising my APR from 6.9% to 7.9% [not a massive increase – just an annoyance really] but when I rang them to query it they said that they are raising/lowering everyone's rates due to "personal circumstances"...

I then pointed out that I make set monthly payments of £250pm to them, and make extra payments on time every month to pay the bill in full, and that I have never made a late payment or gone over my limit or otherwise p***** them off and therefore didn't understand how this behaviour could warrant a rate raise. Her response? "ALL our customers are having their APRs raised/lowered due to personal circumstances blah blah blah"

I told her that I will be changing the damn card ASAP. "Right Ms X, and is there anything else I can help you with today?" :mad:

To DChurch: I think they ARE within their rights to change the T&Cs because all copies of it that I've had state that "Rates subject to variation and correct as at x month 200x" and you can find all that same info on their website...

dchurch24

True - the T&C's do say that. It doesn't make it a fair term though - which would be a breach of the UTCC regs.

me4bargains

Be interesting to see if anyone has had their rates lowered.
I'm gonna fight this.
benn on the blower to the OFT and they said I need to make a formal complaint to their customer services.
I'm crap at letter writing can anyone make up a template?
The address is Customer Relations office
Egg
Pride park
Riverside Road
Derby
DE99 3GG

I reckon they are gonna get pretty bad publicity from this stunt

dchurch24

Ha - I bet there is NO-ONE who has had their rate lowered.

briona

dchurch24 wrote:

Ha - I bet there is NO-ONE who has had their rate lowered.

I reckon it's highly unlikely given that they saw fit to raise mine for no justifiable reason! HUMPH!!!

LizD_2

My rate has gone up 2% from 15.9 to 17.9. At that rate, I'll never pay it off. I've been steadily paying £50 a month for the last couple of years. I'm definietly going to complain if anyone wants to give some guidance.

Would I be better off clossing the card and getting a lower-rate loan, or BT to pay it off? A card is not a great idea as I don't usually get very good limits and I'll need about £1500, but could be an option.

B*******! :mad: