Egg to Barclaycard - Interest Rate UP despite opt-out

stormyweather

Hi, can anybody advise me on the following?
I was contacted by Egg earlier this year advising that my rate was going to increase to over 26% unless I "opted-out" - which would close the account and secure the 19% rate for the lifetime of the remaining balance.

I elected to opt-out.

There was a delay in the implementation of this due to a "confirmation of opt out" email from Egg which I never saw/never received.
However, they had received my original communication so agreed to revert the rate. The account was duly closed.

I received my first statement from Barclaycard last week, and the interest is 26.9%.
2 phonecalls later, BC are saying there is nothing I can do about it as it was transferred from Egg at the higher rate.

I am horrified as it will make paying off the outstanding amount so much harder!

I have written a letter asking them to reconsider, but havent posted it yet as i'm worried it might have a further detrimental impact on my account.

Any advice gratefully received.
Thanks.

happy_bunny_2

If the account is closed to spending, then complaining can't have any detrimental impact I can think of.

Do you have any proof of the prior interest rate/account being closed to spending?

I would write to them with a formal complaint. Mention formal complaint in the letter and send signed for. worth including any proof if you have it, but if not, I would complain anyhow and work on getting proof if needed.

if they reject your claim, you can refer to FOS and it sounds like you have a good case.

Sounds like either Egg or Barclay card screwed up, but as your account is with Barclay card you need to complain to them.

HTH

stormyweather

Many thanks for your advice.
I wrote to Barclaycard and yesterday received a phonecall apologising for the mix-up and reassuring me the lower rate would be re-instated.
They even credited £16 to my account for the difference in interest paid PLUS £10 for the phonecalls I had made to them.

Much appreciated!