MSE News: Barclaycard to buy 1.15 million Egg customers

meggsy

Interesting comments on here ..

http://www.thisisderbyshire.co.uk/news/Egg-workers-anxious-wait-sale-banking-giant/article-3283690-detail/article.html

maxmiler

meggsy wrote: »

Interesting comments on here ..

http://www.thisisderbyshire.co.uk/news/Egg-workers-anxious-wait-sale-banking-giant/article-3283690-detail/article.html

Within these comments there is the sentence :
"It is also believed that workers are now being asked if they would be willing to transfer to Barclays."

This is not the legal procedure. I came very close to being moved to Barclays under TUPE legislation. I therefore have read as much as I could about TUPE.
TUPE clearly states that the decision to transfer staff is not a voluntary one. Staff to be transferred are decided on by the work that they have been doing. If the same criteria are applied to
Egg as were applied to me, then any worker who spent more than 50% of their time on the credit card section would be earmarked, and the final numbers to transfer would be made on a statistical basis. The individual members of staff have no say in the matter. No choice, no appeal. Take what comes or you are considered to have resigned.

In fact, my conclusion about TUPE is that it does NOT protect the individual, but it does protect the companies involved. The "losing" company does not have to pay any redundancy, and the "gaining" company gets trained staff. However, common belief about keeping conditions etc for a set period of time is wrong. There is no time limit stated before the transferred staff can have their conditions altered. Some of my ex-colleagues who transferred could not keep their terms and conditions. They could have fought for their rights, but as far as I know none of them did for fear of rocking the boat.

Matt_EA

I can't believe this news. Just got myself a DMP (debt management plan) set up with Consumer Credit Counselling Service. They sensibly advise you to set up a bank account with a provider that is totally separate from all your creditors.

I chose Barclays and have spent a merry evening transferring all my direct debits to my new account.

My biggest creditor is - no surprises - Egg. Now I guess I'll have to open a Co-op bank account, and rearrange all the direct debits yet again. :mad:

Paulgonnabedebtfree

Matt_EA wrote: »

I can't believe this news. Just got myself a DMP (debt management plan) set up with Consumer Credit Counselling Service. They sensibly advise you to set up a bank account with a provider that is totally separate from all your creditors.

I chose Barclays and have spent a merry evening transferring all my direct debits to my new account.

My biggest creditor is - no surprises - Egg. Now I guess I'll have to open a Co-op bank account, and rearrange all the direct debits yet again. :mad:

That's an interesting point that you raise - and one that I had never considered.
Are they allowed to do "offsetting" retrospectively?

madonnamustache

I've also been with Egg for years. Mostly for the free insurance they offer - like travel insurance, missed event insurance, free extended warranty on electricals etc. Are there any other cards that offer similar perks?

Here's a full list of the Egg ones:

http://www.egg.com/visitor/0,,3_111362--View_2389,00.html

Thanks!

notafan

Paulgonnabedebtfree wrote: »

That's an interesting point that you raise - and one that I had never considered.
Are they allowed to do "offsetting" retrospectively?

yes, i worked for barclays a while ago and it was common place to move money from other accounts held to pay debts that people wouldn't. If it was a sole account it used to be done and a letter was meant to be sent out. If it was a joint account they could still do it but were more reluctant to. This was a few years ago so they might have changed their policy but I remember being told at the time legally they were able to do it.

If its easier can you just use a switching service with coop and let them do all the work?

AWhahaha

Barclays will now own my soul!! I hold my current bank account, a business account, my savings account, home insurance, a barclaycard and a significant loan with them.... and now, as a result of this, my credit card balance owed to barclaycard will triple!

Despite this, I am however keeping my fingers crossed that this can only mean good news to me. My barclaycard APR is 15.3%... they actually put it down when egg (charming people) put my rate up to 29.9%!!!! Having a poor credit rating meant I had no choice but to accept it.

Or, alternatively, Barclaycard will get twitchy about how much I now owe in it's entirety that they will attempt to completely screw me over!

Luckily, I no longer require to re-use any capital I re-pay off my credit cards each month so the balances are slowly reducing... at worst case, I will have to freeze them. I never earned a huge amount of CB on my egg money card either (£50 this year) so worst case, I'm £50 worse off.

Personally though, even if I was in a position to switch, I wouldn't as I have always found Barclaycard to be a more cooperative and responsible lender.

Froggitt

Cashback home and hosed.

Hurley

Hello all. Hoping you can offer some information.

I have only just found out about Barclaycard buying Egg. I have a card with both companies - both fairly small balances with the Egg being the higher of the two.

I understand the Egg balance will be transferred to Barclaycard, however I am worried because of my present cirsimstance they might not take on the higher Egg balance. What is likely to happen if this is the case? Can they insist on full repayment of the Egg balance immediately? This is my main fear.

Thanks for any input.

Froggitt

They cant insist on immediate repayment

If this Agreement is ended by you or us, you must ensure that no further Transactions are made and that any Continuous Payment Authorities or standing instructions are cancelled by telling the recipient of the payment to cancel them. We may continue to apply Charges to the Account until you have repaid the Balance in full. You will still have to pay all sums that you owe us (including Transactions, and Charges applied to the Account after the Agreement has ended) in accordance with the Agreement. The Agreement terms allowing the making of new Transactions will no longer be effective, but all other terms will continue to apply until you have repaid your Balance in full