update on my huge egg interest rise - HELP

natlie

Hi
I posted a while ago on DFW to say that Egg had written to me to tell me that my interest was going up from 15.9% to 21.9% I wrote to them asking them why it had gone up so much - this is their response:

Your new rate of 21.9% has been changed to reflect the relationship you have with Egg. Our assessment of your position includes an understanding of your borrowing outside of Egg and also takes into consideration information made available via external credit reference agencies.

We have a specialist team you can call to review and discuss it to gain a better understanding of your overall financial picture. They will explore your full income and expenditure with you, as well as any options there may be to improve your current situation and your future financial health.

I rang their borrowing team and 'Lee' said that he didn't know how to explain it properly and that he would put me through to Egg card servicing I was on hold for 30 minutes before I was cut off - what would you suggest would be the next thing I can do - I can't transfer the balance as I have poor credit history, I have never had any problems with egg, I have never missed a payment or mad ea late payment, I want them to put my interest back down
thanks
Nat
xxx:T

Kevicho

Ironically your poor credit history is the reason the interest rate has gone up.

The people most in need of help are the one's paying extortionate interest rates.

Your best course of focus and energy now is thinking about how to clear your debts.

Have you posted your SOA?

Kevicho

Congrats on paying back 1400 so far btw