Talk Egg into reducing APR?

jonesMUFCforever

jinny103 wrote: »

We asked Barclaycard and Morgan Stanley to reduce their interest rates but they both refused, problem is been refused new cards for balance transfer so we struggle on for few months until we apply for another card. (we have been advised to leave it a while before we re-apply for new card)

Sorry but to me the problem is not credit card firms not reducing their rates but your inability to be able to repay what you have borrowed.
Pushing it from card to card does not pay it off.

jinny103

Sorry I didnt say what I meant to. The point I was trying to make was that if the credit card companies would reduce their interest rates when asked, it would probably prevent a lot of people entering into IVAs and bankcruptcy. We are paying off the credit cards but the rate of interest makes it a long slow haul. A lower rate balance transfer pays the debt off much sooner.

housebuyer_abc

jinny103 wrote: »

Sorry I didnt say what I meant to. The point I was trying to make was that if the credit card companies would reduce their interest rates when asked, it would probably prevent a lot of people entering into IVAs and bankcruptcy. We are paying off the credit cards but the rate of interest makes it a long slow haul. A lower rate balance transfer pays the debt off much sooner.

And why is that the credit card companies fault, concern or issue. You knew how much you had in disposable income, and you knew how much the interest was on the card, you chose to spend it. Sorry but that is just how it is!

jinny103

housebuyer_abc wrote: »

And why is that the credit card companies fault, concern or issue. You knew how much you had in disposable income, and you knew how much the interest was on the card, you chose to spend it. Sorry but that is just how it is!

Right, I'l come clean! I am not talking about me but my Son. He is £50.000 in debt no not clever I know. This consists of loans, 1 a student loan, and two credit cards. The credit cards amount to £12000 and it is this debt alone which is causing him the most difficulties in paying off because of the interest rate. Now we know the position he is in we are giving him guidance to help him pay these cards off as soon as is possible, (he was only making minimum payments) I am not suggesting it is the credit card companies fault I am just stating that if the credit card companies would reduce their interest rates when it was explained to them that the customer was in financial difficulties it would prevent a lot of bankcruptcies and at least the credit card companies would get their cash back!

jonesMUFCforever

I think you have a blinkered view about this.
The truth is that your son would probably spend more if interest rates were kinder to him.

lunar

nice to see new posters getting constructive support on here. every one makes mistakes in life, it should be possible to find a way out of it, you do less time for serious crimes than for running up a few credit cards. im not saying we are not responsible for our choices over the debt but i think there should be a way out other than living on nothing for the next 20 years. especially when people have a LBM and want to pay it all back.

People should remember there are real life stories behind debts, let he who is without sin....... and all that!

Tr@cker

I didn't know egg are owned by citibank now either and funnily enough i applied for a citibank card and was turned down ( i already have an eggcard)
But egg gave me an unexpected 0% BT for 5 months offer by email, this was additional to the original anniversary offers when i opened my account.
They do look at the way you use your account as an individual when making these offers.
Ive got 6 cards at present 2 are 'clean' one is not far off i'd thought about closing them down but now im not so sure, these individual offers might save me from applying for and possibly not getting any new cards with 0% deals in the new year when 2 of my 0% cards run out.

Dylanwing

People should remember there are real life stories behind debts, let he who is without sin....... and all that!

Oh so true. Until you have been there, you will just never understand....

benf90

ejones999 wrote: »

Now it is owned by Citibank - you are on 21.9% because it is their opinion that you are a bad risk. You taking your business elswhere is what they want it is called 'managing away'.

Agreed... although Egg actually started increasing interest rates before they were bought by Citibank. The 1st lot of increases came in August/September 2006 and then there was another increase in March 2007, the Citibank deal went through in April 2007.

For the person who said that Egg wouldn't give you an offer on BTs... they can't. It doesn't matter who you speak to, they can't just give out offers. At the beginning of each month the computer will go through all the accounts... some customers will get an offer and others won't.

If you're selected for an offer then you get an email about it and it will show on screen for the person you're speaking to. If there's no offer put on automatically by the system then there's nothing they can offer you.

wayoflife

angrybarry wrote: »

Hi All

Just phoned Egg to "suggest" they reduce my APR from 21.9% and was told this was fixed and they were unable to reduce it. Even threatened to BT the lot to another company and they said "Go on then?"

Is this true, is it fixed?

They do have this attitude, I had the same when trying to increase my credit limit. I believe this is largely due to their vary rare card benefits. However when other companies mirror them and they start to loose profits, I bet they wont be as cocky as they are now!!!