Bank loan vent and CC Q.

all_hours

I phoned the bank today to make general enquiry about my account. After dealing with it the customer services rep said did you know we can give you a loan for £x at 5% lower than my existing loan with them. The interest rate is also lower than outstanding CC so I thought it was a good idea as I'd be able to pay this off too.

I was caught on the hop and agreed to it :mad: - I put the phone down and realised how pushy they'd been. They couldn't reduce the interest rate on the existing loan I had to do a top up of £1500 to get the lower rate. They kept repeating that the offer wouldn't be available long term. I also worked out that don't need the extra £1500 to get everything onto lower interest.

I won't be returning the form.

A Separate Question About Egg Card.

I've nearly paid off my egg card. This is the regular card - when the balance is clear I want to change to an egg money or flexible loan and use it to pay off the existing loan. The current loan is inflexible so needs to be paid off in one go.

Do I just phone them and ask them to change to a money card or will I have to go through a completely new application process? The credit limit on current egg is £6000.

CLAPTON

your post makes no sense

post proper facts and figures if you want advice but ok if you want to vent your feelings.

all_hours

Hi clapton.

Its a vent followed by a question, I didn't want to start a separate thread for a small query. Though I probably should have done.

loulouloulou_2

Hi all Hours

Banks are so frustrating arent they!! I know what you mean about them being so pushy! I rang to close my CC with Halifax & Virgin and they were so so so pushy! They were saying i should keep my card open for emergencies (knowing i would spend on it!) and said they'd give me a rate of like 7% for life - well they wouldnt do that when i needed it so stuff them!!

About your Egg thing! Well, im not so sure about that - sorry!! I wanted to change my Virgin cc over to a loan - but i had to fill in an entirely new application and because i had ' too much credit out' as it was they wouldnt let me do it ( i wanted to transfer the balance of my cc into a loan)

So maybe what i would do (if you can) is try to lower the credit limit on your Egg card - you'll probably be okay, but it might help!;)

Good Luck!!:D

lynzpower

First off, in relation to the loan rant, you have 14 days cooling off period in any case for financial products like loans under the CCA I believe.

Second re egg- I suspect a new application.

going2die_rich

The worst trick is when you are activating a credit card and they say "it's just activating now" and then spend the next 10 minutes trying to sell you things you don't need. Like payment protection and other loans. Even though the card is activated in real time and happens there and then at the click of a button. I find it to be a very underhand method of forcing you to listen to their rubbish and find it hard not to be very rude to them down the phone.

all_hours

Thanks everyone.

I won't be committed until I've returned the signed form and fortunately as it was an inhouse decision I won't have a credit search on my record.

I was also annoyed with myself for not thinking it through before agreeing. It's easy to see how I got in debt to start off with.


Thanks - you've confirmed what I was thinking about the egg card. Once its completely empty I can see what they say and close the card if necessary.