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

lilrowan

Rotten Egg. My credit isn't in great shape at the minute but as soon as I can I will be transferring the debt and closing the account.

Please Martin, can you give us all any hope?

Murray

martyn4764 wrote:

Mmmm...


Blame all the people claiming back 'unfair' bank charges (despite them being part of the T&Cs)...

Blame the people who complained about 'unfair' charges for late payments and exceeding the credit limit (despite them being part of the T&Cs)...

This is what's going to happen, and probably plenty more of it - or did everyone think the banks would just make less profit?

Sorry, I dont agree with this (is it just me )

Just because the banks have had to stop using an illegal practise in order to reap huge profits (i.e. the unfair bank charges), why should they be allowed to make unethical changes like these rate increases in order to keep their profits at such extortionate levels?

You can't blame the victims - the banks are the ones at fault!!


By the way, mine has only gone up by 1% but I'm still seriously hacked off because I considered my interest rate excessive to start off with.

I'll most probably be voting with my feet and going to a more ethical bank (if there is such a thing)!

AloneWithStrangers

I've had an e-mail telling me that my rate has gone down to 5.9% because I have a mortgage with Egg: and it's the same rate as their mortgage rate (which I think is pretty low then). Not only that but I'm offsetting my mortgage as well meaning that I'm winning all round. Cool!

AWS

markmc999

mr-mac wrote:

I will investigate this, complain to egg then the obudsmen...

What can the obudsmen do though saying as though egg hasnt actually done anything illegal?

Murray

markmc999 wrote:

What can the obudsmen do though saying as though egg hasnt actually done anything illegal?

I'm not an expert but I'm guessing they cant do anything. This is an immoral decision on Eggs part and not an illegal one.

The best I can do is:
1. Appeal to Egg to change its decision (which doesnt sound like it will work).
2. Pay up and leave.
3. Transfer to another, lower rate card or balance transfer and close my account with Egg.

I think I'll be going with option 2.

If enough people do 2 or 3 then that is the only way to get back at Egg. They will soon realise that they are shooting themselves in the foot by upsetting the people that are most profitable to them!!


Just an idea for the people who are stuck with Egg's rate rises for credit history reasons - if you are definately going to pay off the debt eventually anyway, why not offer the debt to a family member or close friend. I know that my family (if they were in the position to) would gladly lend me some money in return for 12 or 15% interest - at least then you are lining their pockets and not Eggs.

NB...remember that you would need to be completely clear about the agreement and make sure that they wont need the money in a hurry otherwise it could ruin a good relationship. Also, I'm not advocating the use of loan sharks!!!

maffew_2

My Secure Message to them


Regarding the email sent to me about the 6% rise on my interest rate

This change to my terms is (in my opinion) disproportionate, unfair, unethical and quite frankly a disgrace. Reading internet message boards it appears that people subject to this significant rise are regarded as higher risk or people struggling with payments. Well thanks for you help Egg

Luckily for me I will soon be in a position to pay off the outstanding balance and look forward to taking my business elsewhere

mr-mac_3

markmc999 wrote:

What can the obudsmen do though saying as though egg hasnt actually done anything illegal?

There is a diffrence between varying the product APR (ie a single rate for the card) a little, this is what they have set asside for in the T&C's, and a complete and total change to how the the product works into a claimed risk based pricing credit card and give massive hike in a lot of peoples intrest rates....

Though I may have missed a few payments here or there on other things I don't think I have ever missed an egg one....

Trouble is I can't go anywhere else to get rid of this and this is seriously nasty and getting me really down.... The rate they have put it down to I would love to just swap it for a loan and get rid of it in a set time at a set rate but I can't get a loan.... (no CCJ's or anything just the odd missed payment - and tbh the missed payment was caused by somthing the other company did and not somthing I did).....

martyn4764

Murray wrote:

Just because the banks have had to stop using an illegal practise in order to reap huge profits (i.e. the unfair bank charges), why should they be allowed to make unethical changes like these rate increases in order to keep their profits at such extortionate levels?

You can't blame the victims - the banks are the ones at fault!!

When you open an account (card, savings, whatever) there are T&Cs associated with it; you agree to them... you then decide you don't like the nasty ones (and Nanny Government is happy to agree with you, there's nothing they like more than a nice bit of plastic-splashing to prop up the economy)...

and you're a "VICTIM"!?!?!?

Companies exist to make profits (pay Corporation Tax, create employment...) It's a commercial relationship; if you deem it 'unfair' / 'extortionate', then take your custom elsewhere.

Everyone has a different definition of 'unethical'; I think it includes agreeing to a contract then deciding you don't like it so won't p(l)ay anymore...

ollyshaw

My egg money card od rate has gone from 6.9 to 7.9. Makes no difference to me as I always pay off the full balance.

Nothing has changed yet on my egg card.

Olly

pinkfluffybabe

My Egg Green is dropping from 15.9% to 9.9% but my Egg Money is increasing from 9.9% to 10.9%

I use Egg Money for spending during the month and almost always pay it off in full and I only use Egg Green as a mule these days.