Phone Call From Egg

Walletwatch

Well, they've posted bad financial results recently, with the debts they've had to write off nearly doubling. I think that explains their email citing changed terms and conditions which are more stringent than before, the withdrawal of the 5.5% bonus rate on their Savings account, etc.

Watch out...

oscarhugo

Cardinal-Red wrote:

Tried to up my credit limit with Egg in anticipation of the anniversary offer coming around for me soon.

Got a phone call from them with the usual rubbish questions but then the representative asked me,

"I see in your first month you transferred a balance to your bank account - what did you use this for?"

Kind of stumped be a bit and so I bluffed it - but anybody else had this potential anti-stoozing question asked before?

Should've told him you were spending all on drink & loose women. Perhaps then he'd've upped your credit limit...

pringb

Same thing happened to me couple of days ago. Asked egg for a 200 quid credit limit increase from 750 limit. Got rejected twice and then had to do a mini interview on the phone! My whole credit history with egg was questioned. I had originally used a selection of credit cards to get a mortgage deposit last summer - at one point my limit with egg was 6000+. The response for declining the increase was that my current balances were too near my limits (even though I proactively decrease my limits every 6 months!) and I was not making enough of an effort to pay the credit back ie mainly pay miniumums back each month.

mrtickle

Similar experience for me. I applied online for a credit limit increase, following the advice on threads here to go for a modest increase so that hopefully it wouldn't get referred to a human. Unfortunately it did!

I had a phonecall to "discuss" the application and was absolutely grilled. I was asked about all my outgoings, salary etc, and what the BTs I had done were for. They then went off to talk to a supervisor. Came back and said they still hadn't decide and asked me even more questions. In the end turned me down: what counted against me (they said) was that I'd BT'd my minimum payments back out as soon as they hit my account (I did this to max it out for the full into period, regretting it now), the balance was £1 less than my credit limit and there was no evidence that I was clearing the balance!

zcaprd7

Hmm - looks like they are trying to catch stoozers?

So it looks like the "none of your business" line won't wash too well.

What's the best line to give then? Used it to pay off expensive overdraft?

JasonW_2

This isnt an ettempt at winding people up, but you really cant blame them for catching onto whats happening. Particularly the post above about making the minimum payment and then transferring it out again. Well done for trying it though

For all we know they could be reading these threads right now, or other forums where people are doing the same thing, and unfortunately, the greed of some may have spolied it for the rest, but again that isnt directed at anyone personally on here, this is usually what happens when good offers are made, there are always people who go too far

Just a question though, and I dont have an egg card, but what is to stop them ending the 0% offers with say 4-8 weeks notice, and asking for payment in full? Just a hypothetical situation if its possible and what would happen then? Could they legally do this?

JW

zcaprd7

JasonW wrote:

Just a question though, and I dont have an egg card, but what is to stop them ending the 0% offers with say 4-8 weeks notice, and asking for payment in full? Just a hypothetical situation if its possible and what would happen then? Could they legally do this?

JW

Yep - not sure why they would but they could.

JasonW_2

There have been a few posts lately and news about them saying their profits are down, and they are simply not making enough. I know it was the french business that was the worst performing, and the UK isnt actually too bad, but from reading a few posts on here and other forums, people have been asked strange questions, and there have been people who have transferred money straight into savings accounts, which has to be outwith their T+Cs I would imagine? I guess they could see it as a mass conspiracy with people helping each other do it, which would be reason enough to withdraw the offers, or at least the SBT element which not many (or any?) other lenders offer. If its not financially viable for them not to make money, then I just wondered if there was some way they could withdraw certain features or offers without penalty. Don't get me wrong, the banks deserve everything they get and then some, but with the case of egg, they are definitely being exploited openly and to a fairly large extent!

JW

mrtickle

JasonW wrote:

and there have been people who have transferred money straight into savings accounts, which has to be outwith their T+Cs I would imagine?

It's definitely not outwith the T+Cs; it is perfectly fine. The relevant section (2.4) was posted to this very thread only yesterday!

bethyblue612

Well, the T&C's do specifically say "current account", although whether they would be able to tell by the sort code or account number that you've used a savings account is anybody's guess.
I suppose it would be OK as long as the bank offers both savings and current accounts, but I'd rather not risk it myself.