Egg 'consolidation' loans - any advice?

a_quiet_man

Hi,

I have a number of balances across 4 cards:

BCard £2500 CL £2500 APR 17.9%
Egg £2750 CL £3300 APR 21.9%
Halifax £2000 CL £2000 APR 22.95%
Abbey £1900 CL £2000 APR 21.9%

I was asked to contact Egg regarding some of the transactional activity on my account (recent arrears that are now cleared and some gambling transactions that they term as 'cash').

In conversation with one of the dimmest customer advisors I've ever encountered, I enquired about putting the Egg card on to a loan in order to reduce my monthly and clear the balance quicker. I explained that I have cut the card up and just want the thing payed off, which is true. After some humming and hawing, she mentioned that they may be able to offer a consolidation loan for some of my other external debts and incorporate the Egg card debt as it is....presumably on a much reduced rate. It's unsecured lending as i do not own my property.

I have a poor credit rating due to a previous default on an RBS loan and so obtaining cheaper credit is difficult. I am really working hard to budget and have cut down on my outgoings, but this (depending on what they offer) may well be a help.

2 things though:

Does anyone have any experience of Egg's consolidation offers or a similar banking experience with one of the other CC lenders?
If i receive an offer from Egg, is it worth trying to shop around my other CC lenders with this offer as some way to try and get them to compete?

Your thought please...
Thanks,
Ewan

CLAPTON

what is the apr of the proposed loan?
virtually the only question worth asking.

a_quiet_man

She said it would likely be around APR 12%.

CLAPTON

without an actual offer there's nothing to say.

also don't be talked into taking out PPI on the loan.

a_quiet_man

OK. I'll repost when i get an offer tomorrow when i go through the app process.