Egg Policy Change ?

Psiloman

Just had the producer of Radio 4's PM programme phone me, they won't be needing me for an interview - phew - but will be including our emails which they will be putting to Egg. They are hoping for a representative from Egg to be available for interview. Whilst my expectation is that Egg will hold their media position, at least we have been successful in raising our concerns.

Best wishes...time for football viewing

granny_anny

I'm very relieved to find so many people who are considered 'risky' customers with Egg are in fact very responsible people. My Egg mastercard has just been cancelled, I've been with them for about 10 years without any problems or missed payments, in fact last November I spent £7000 on my card which I paid back before the due date.
My initial reaction to the letter was panic because I know that I don't have any outstanding debt I thought that someone must be fraudulently using my ID. Therefore, the first thing I did was to request a copy of my credit file from Experian.
Now I find that many others are in the same situation as myself, I am not bothered if Egg don't want me as a customer any more but I would prefer them say it's because I'm not making them any money rather than say that I'm a high risk! I find this infuriating and insulting not to mention defamation of character :mad:
I know they are a big company so we'll all just have to put up with it but we really shouldn't have to, I agree that they do have the right to cancel the agreement at any time but that doesn't mean that they can accuse use of being a high risk when we are NOT!

It's good to let off a bit of steam!!!!!!!!!!1

MABLE

Whatever the rights in wrong in all this Egg consider these customers as very high risk. No doubt alot of customers (with good reason) feel hard done by.

Egg can pick and chose their customers and on this occasion this is what has happened. No doubt they developed a computer program and with the criteria set it weeded out the high risk customers.

I would have thought if they had identified a customer has high risk they would have raised their apr to reflect that but just to terminate their account seems very strange.

Psiloman

MABLE: I despair.

Yes Egg can choose who ever they want as customers but they should be open an honest about the reasons for making their choices.

Lets just assume that they are running a filter of their 'risky' customers, is it so hard to imagine that they might also filter for non-profitable accounts too. Baring in mind their desperate financial circumstances this would make could business sense. Then they could hide the fact that they were ditching non-profitable accounts under a smoke-screen of shedding high risk customers. After all it would be a good day to bury a bad news story. But nobody ever does that - right!

ado

MABLE wrote: »

Whatever the rights in wrong in all this Egg consider these customers as very high risk. No doubt alot of customers (with good reason) feel hard done by.

Egg can pick and chose their customers and on this occasion this is what has happened. No doubt they developed a computer program and with the criteria set it weeded out the high risk customers.

I would have thought if they had identified a customer has high risk they would have raised their apr to reflect that but just to terminate their account seems very strange.

I am not a high risk customer so a little honesty then would have gone a long way to smooth ruffled feathers. I resent being labeled a bad credit risk when I am not. A letter along the lines of 'having reviewed use of your account we feel that we do not provide an adequate level of service to match your infrequent credit card use. As such we would like to terminate our agreement and suggest you use another more suitable credit card in future. Yours in all honesty....'

I agree that Egg can pick and choose its customers but to lie about them in order to get rid of unprofitable ones goes beyond the pale.

oldtup

Listen guys, we don't need to take this lying down. This letter made me so angry that I've spent yesterday evening and this morning making calls and emails. So far I've been interviewed by Radio 4 and the Observer, also I've got Vince Cable looking at this issue, after speaking to my MP.
161,000 upset people can make a lot of noise!

My experience is similar to everyone else but with just one extra twist. My interest rate on my Egg card is currently 10.9%. You will know that it's variable according to their assessment of your credit worthiness.

As someone said, this is a massive PR blunder. Lets make it even bigger than that!

BritBrat

Maybe that computer sent all the cancelations to the wrong people.

After all it's only the difference from a 0 to a 1.

Psiloman

Oldtup my interest rate is only 6.9% !!

trisontana

Could you sue Egg for libel or defamation of character ?

MABLE

Psiloman wrote: »

MABLE: I despair.

Yes Egg can choose who ever they want as customers but they should be open an honest about the reasons for making their choices.

Lets just assume that they are running a filter of their 'risky' customers, is it so hard to imagine that they might also filter for non-profitable accounts too. Baring in mind their desperate financial circumstances this would make could business sense. Then they could hide the fact that they were ditching non-profitable accounts under a smoke-screen of shedding high risk customers. After all it would be a good day to bury a bad news story. But nobody ever does that - right!

I thought I may have been included because I never use the money or cc card and also have a card with Citi group and never use that card. If they were going to get rid of a customer I would have thought I was a likely candidate. I rang them today and they said I was unaffected.

As up setting all this is I dont think it any of us can afford to take it to heart. After all there are alot of other financial institutions out there willing to accept our money.