Barclays takeover of EGG

Born2save_2

Hello folks,
With the intention of paying my debt in full in the next couple of weeks I have asked EGG if they would consider accepting a reduction in my outstanding balance of £4000. I was informed that EGG, unlike some other credit card companies does not offer this option and I must pay whatever balance exists at the time. They did however suggest that if I allowed my account to go into arrears they would accept a reasonable settlement figure on the grounds of hardship but this would affect my credit rating. I am aware that the Barclays takeover will be finalised in November and am wondering whether to hang on to my money until then in the hope that Barclays may accept a reduced offer.
What do the experts think?
Apologies if a similar question has been answered in forum.

CLAPTON

no-one will willingly accept less that they are owed.

however, if you can't pay then just default (i.e. stop paying ); they will then add loads of interest and fees and harass you a bit but may eventually agree to freeze interest and mark your credit record in default.
this will affect your credit rating for 6 years and amke it difficult / impossible to get more credit


after a year or so they may be willing to accept a lower settlement figure

Born2save_2

Many thanks. More or less what they had inferred. I thought I would chance my arm and try for a reduction. i have sold a car and want to use the money to reduce my outgoings i.e get rid of my credit cards. If you don't ask you don't get! Trouble with defaulting is that if I ever want to change my bank account I wouldn't stand a chance. I hoped that Barclays may want to recoup some of the cost of buying EGG and so take a bit less from people like me. Living in hopes heh!!

fight_the_power_2

CLAPTON wrote: »

no-one will willingly accept less that they are owed.

however, if you can't pay then just default (i.e. stop paying ); they will then add loads of interest and fees and harass you a bit but may eventually agree to freeze interest and mark your credit record in default.
this will affect your credit rating for 6 years and amke it difficult / impossible to get more credit


after a year or so they may be willing to accept a lower settlement figure

would not advise going into arrears just to save some money it comes with to much trouble i have defaulted on credit cards due to major loss of earnings due to the recession , i have been on payment plans with mbna and capital one who have both recently refunded me my ppi insurance money back i have paid mbna a reduced amout to clear my debt which will go on my record as not fully paid and cap one took it off my balance and as yet am not in a position to offer them a reduced amount if i could i would as my credit rating is shot to bits anyway although getting credit is not an option i miss at the moment there will probably come a time when i would be grateful of some, so if you dont need to dont go down the same path as me

Born2save_2

Sound advice from someone who has learned an extremely hard lesson. These financial institution always seem to have the upper hand. Glad you received at least some recompense from PPI fiasco. I shall suffer in silence :-)

CLAPTON

Born2save wrote: »

Many thanks. More or less what they had inferred. I thought I would chance my arm and try for a reduction. i have sold a car and want to use the money to reduce my outgoings i.e get rid of my credit cards. If you don't ask you don't get! Trouble with defaulting is that if I ever want to change my bank account I wouldn't stand a chance. I hoped that Barclays may want to recoup some of the cost of buying EGG and so take a bit less from people like me. Living in hopes heh!!

I'm sure Barclays bought Egg hoping to get more from people like you rather than less

Born2save_2

You're probably right. It's idiots like me who continue to pay extortionate interest rather than take up the 0% BT cards that keep people like Barclays afloat. I've been loyal to EGG since they were run properly by the Pru, then tolerated Citibank. My car sale will see the end of them all. It has been a salutory experience to hear from someone who has been on the receiving end of the inhumane harshness of some of these institutions. Your advice has been taken to heart :-)

Eonel

Loyalty is not a trait that is recognised anymore.

When your car insurance renewal comes through they reward your loyalty with a 30% premium increase as you are no longer a "new customer". The complete opposite of loyalty.

It's the same with banks. Egg have no loyalty to you & if you can get a 0% card (effectively a "new customer" discount) elsewhere then you certainly should.

Mrdevid

Very nice information shared by you. I was just searching this type of information and luckily I got it from your Forum. I like your post also. Keep it up.

dunstonh

These financial institution always seem to have the upper hand.

The law is there to protect creditors.

Loyalty is not a trait that is recognised anymore.

Neither by consumer or company.

When your car insurance renewal comes through they reward your loyalty with a 30% premium increase as you are no longer a "new customer". The complete opposite of loyalty.

you have price comparison sites to blame for that. The race to the bottom in quality and service just to shave a few more pounds of that year 1 price so they appear higher up the comparison list. Year 1 discounting is just one of the business models employed.