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

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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.
Third time lucky on WW I hope :j
January: 13st 11lb :eek:, February: 13st 2.5lb, March: 12st 13lb, April: 12st 10.5lb, May: 12st 2lb, June: 12st 1lb, July: 12st 1lb, August: 11st 11lb, September: 11st 10.5lb, October: 11st 12.5lb, Currently 11st 8lb
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Comments

  • me4bargains
    me4bargains Posts: 1,750 Forumite
    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.
    Third time lucky on WW I hope :j
    January: 13st 11lb :eek:, February: 13st 2.5lb, March: 12st 13lb, April: 12st 10.5lb, May: 12st 2lb, June: 12st 1lb, July: 12st 1lb, August: 11st 11lb, September: 11st 10.5lb, October: 11st 12.5lb, Currently 11st 8lb
  • dchurch24
    dchurch24 Posts: 1,219 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    me4bargains Posts: 1,750 Forumite
    I will do so thanks.
    I wonder how many other credit companies will do this to reap in extra profits.
    Third time lucky on WW I hope :j
    January: 13st 11lb :eek:, February: 13st 2.5lb, March: 12st 13lb, April: 12st 10.5lb, May: 12st 2lb, June: 12st 1lb, July: 12st 1lb, August: 11st 11lb, September: 11st 10.5lb, October: 11st 12.5lb, Currently 11st 8lb
  • dchurch24
    dchurch24 Posts: 1,219 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    briona Posts: 1,454 Forumite
    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...
    If I don't respond to your posts, it's probably because you're on my 'Ignore' list.
  • dchurch24
    dchurch24 Posts: 1,219 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    me4bargains Posts: 1,750 Forumite
    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
    Third time lucky on WW I hope :j
    January: 13st 11lb :eek:, February: 13st 2.5lb, March: 12st 13lb, April: 12st 10.5lb, May: 12st 2lb, June: 12st 1lb, July: 12st 1lb, August: 11st 11lb, September: 11st 10.5lb, October: 11st 12.5lb, Currently 11st 8lb
  • dchurch24
    dchurch24 Posts: 1,219 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ha - I bet there is NO-ONE who has had their rate lowered.
  • briona
    briona Posts: 1,454 Forumite
    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!!!
    If I don't respond to your posts, it's probably because you're on my 'Ignore' list.
  • LizD_2
    LizD_2 Posts: 1,503 Forumite
    I've been Money Tipped!
    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:
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