Egg Stopped Card For No Reason

empers

Hello Everyone,

I would be grateful for some guidance on this.

I recieved a letter from Egg telling me that the card i have with them has stopped and i need to pay the remaining balance off (+ interest). They say its down to a review on my card. I contacted them to find out more information, as i have never missed a payment with them or even made a late payment.

When i asked them why, i got the following answer back:

'Factors that may have been considered include payment history and account conduct.

Unfortunately we don't have any specific reasons why your account is not going to be renewed.'

Is there anything i can do ? This must be a contradiction of the contract i have with them ?

Thanks

YorkshireBoy

empers wrote: »

Is there anything i can do ?

Complain?, although I'm not sure it'll do any good. See below...

This must be a contradiction of the contract i have with them ?

Take a look at section 18 of your T&Cs/credit agreement.

gordikin

Their card? You can walk...why can't they?

fozmcfc

Sometime last year I believe it was, Egg got rids of hundereds if not thousands of customers, I remember it was on the tv and in the press about it.

Most of the people they were getting rid of were those who always pay ontime and usually pay the full balance. Assumably because they were never earning any/much money from those customers.

I seem to remember reading recently that Egg are once again overhauling their business. Loans are not availble from them now and I guess more credit card customers will be going as well.

You really just need to move on.

EDIT...bit longer than last year (how time fly) and quite a few customers http://news.bbc.co.uk/1/hi/business/7222336.stm

Paulgonnabedebtfree

fozmcfc wrote: »

Sometime last year I believe it was, Egg got rids of hundereds if not thousands of customers, I remember it was on the tv and in the press about it.

Most of the people they were getting rid of were those who always pay ontime and usually pay the full balance. Assumably because they were never earning any/much money from those customers.

I seem to remember reading recently that Egg are once again overhauling their business. Loans are not availble from them now and I guess more credit card customers will be going as well.

You really just need to move on.

EDIT...bit longer than last year (how time fly) and quite a few customers http://news.bbc.co.uk/1/hi/business/7222336.stm

When I heard at the time that Egg were ditching customers who looked a bit risky, I fully expected to have my card cancelled. Although I always manage to meet the minimum repayments (or more) on each of my debts, I do owe a lot more money than I would like to. I never received such a letter. Indeed, I owe Egg a lot more now than I did then as most of it is on a reasonable LOB deal. I'm not paying any more than the minimum to Egg at the moment. I'm putting it aside until it comes off the higher interest part of the debt when the rules change soon. The same applies to any other debt I have that has more than one interest rate attached to it.

The fact is that Egg (or any other company) don't have to lend money to, or do business with, anyone they don't want to.

The irritating bit IMO is that the PR department told bare faced lies about which customers were being targeted.

bobbydrake50

Yeah mine was one of the ones stopped for no reason I can think of. Finally just closed it this week (transferred the remaining balance to BC at 6.9% for life). Glad to be rid of them to be honest - never missed a payment and they made plenty of money out of me...

Mymymy

I was a victim of the big cleansing last time around as well and there was nothing wrong with my history with Egg - there's no reason to their actions and it's not worth getting upset about. Since Citibank took them over they've become a right shoddy operation which is a pity because prior to that they were a really good company to deal with.

Rupert_Bear

I have the Egg money card and often wandered if they decided to close my account say in September and I had about £150.00 cash back due to me would you lose this as the payout is about March.

jen245

I also had my account closed with them, even though I had never missed a payment and also had a loan account with them which was paid off in full. Their loss, not mine, glad to be rid of them to be honest!

fozmcfc

Commenting on my previous post, I was surprised when the cull happened I wasn't one of them. I held a balance of nearly £4,000 on it and was just paying minimum payments.

I still have my Egg card, I cleared it with a balance transfer in April 2009, so I reduced the limit to £500 as it was/is still my only Visa credit card.

Didn't use it for months, but now do a regular purchase every month and pay it off.

jon_boy75

they're keeping most profitable customers and binning the rest, i think this is the 2nd round

don't take it personally