Problem with Egg

purpleparrotuk

I am unhappy with Egg at the moment.

Although I do not spend more than I have available, when they add their charges/interest on every month. This brings me over my limit so they then charge a £16 overdrawn fee. I am only overdrawn because of the interest that is added.

Also they never stop the card when you have reached your limit and let you keep spending. Another funny thing is that most credit card companies include the the amount you are overdrawn by in the next payment so you go under your limit fairly quickly, but not with egg. If you pay the minimum payment then this is not enough for the overlimit charges and surprise surprise even though you dont spend any more on the card for the next few months you are paying overlimit charges because of the interest again.

Why oh why dont they just give you a minimum payment figure that will clear your overlimit and put you back on track instead of getting you more and more in debt because of all their extras taking you over the limit.

lesley1960

I dont mean to be harsh , but its not difficult to work out how much to pay?

Egg dont really get you further into debt , spending does !

immoral_angeluk

The credit available balance only shows you how much you are under your limit by. It's your responsibility to leave enough available to be able to pay your interest without charges.

webbo100

I fail to see why you think Egg are at fault here. T & C's clearly state what the minimum payment will be. There is nothing to stop you paying more than the minimum each month. Alternatively try to avoid running the account so close to its maximum, if you can avoid a couple of months of paying over limit charges that is extra cash you could use to reduce the amount owed.

CannyJock

purpleparrotuk wrote: »

Why oh why dont they just give you a minimum payment figure that will clear your overlimit and put you back on track instead of getting you more and more in debt because of all their extras taking you over the limit.

think you answered your own question there, if they did that then they wouldn't be able to charge you interest and extra charges

They're no worse than all the rest of them in my experience, have dealt with them for years.

Trick is to stay one step ahead of them and to track your finances yourself because as you've saw they won't help you do it.

Have you looked into applying for a 0% balance transfer card? If you're accepted for one of those you can switch the balance away from Egg, you'll get a balance transfer fee around 2.5%-3%, but then from 12 to 15 months to actually repay the debt. I'd suggest making a fixed payment just more than your minimum payment and leave that running for a while to help bring the balance down without too much pain on your own finances. Read Martin's tips on http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

At the end of the day if you're not happy with Egg there are other companies out there who will take your money

TwinMummy

I have a LloydsTSB credit card and I was £100 under my limit last week. At the end of last week they put the interest on £136.12. Then because I was £36.12 over the limit (as you say, due to their interest charges) they charged me an extra £12.00. So, as you can see, its not just Egg that do it! I was aware that my interest was going to be over the £100 I had available but I just could not physically afford to pay anymore money on it last month so Im afraid I had to swallow the charges and try and pay more next month.
Its not fair is it, but thats the way it goes

chappers

Very philosophical of you TM, but right on the money.
We all have to take responsibility for our actions, not trying to be all high and mighty as I have been down the debt road and when trying to get out of it sailing close to the wind comes with the territory. But your debts and how you manage your finances are not eggs fault.