Egg Policy Change ?

LittleVoice

Well, it's not going to be "open" for spending in 35 days time, is it?

barak

Psiloman wrote: »

Some people on here are still missing the point.

I don't need credit from Egg. I used my Egg Card as a service for internet shopping for 10 years always paying off the full amount every month. It was a useful tool which provided the fraud protection that I wanted. It is no skin off my nose to use another service provider.

However, I do object to be wrongly classified as a 'risky' customer. Eggs own code of ethics states that they will be open, honest and trustworthy in their dealings with their customers. Egg has breached this code of conduct.

I will happily and without regret use a different service provider. It appears some people on here are happy to have their banks lie to them and indeed seem willing to support a financial institution in behaving in this way...this really makes me sad.

I agree with pretty much all that you say. I myself had at least four different Egg savings accounts [all paying top rates for a while], have had two Credit Cards and was also a shareholder. I was happy with all of those [except perhaps the last!]. I still have a savings account open and an Egg Money card.

But all those associations were contracted with the original Egg.

The hard fact is that Egg wasn't a commercial success and it doesn't really exist any more - it's only the name that survives. I agree that the name has been dealt a severe blow by Citigroup's 'Public Relations'. I'm just not shedding any tears.

[Incidentally, the same sort of scenario applied to Goldfish ages ago - and some people still remain faithful to their memories of a past relationship].

DifferentFromTheNorm

dt22 wrote: »

I too have had my account closed down even though im 50p in credit . i never use my card and if they want to close the account they can go ahead. What i am not happy with is being labelled on national television as high risk s. Does anyone have any advice on whether or not we could claim compensation for slander from EGG

Slander for what?

Who knows you have an Egg credit card that is going to be closed? Nobody will know other than you and Egg, unless you decide to tell someone.

I think this certainly could have been handled better by Egg but don't take things so personal. I'm sorry but I absolutely hate this 'Americanised' psyche of wanting compensation for anything that might upset someone.

vikingaero

Everyone who is peeved at Egg and think they are a good risk should:

(1) Make a complaint to Egg
(2) Follow up the complaint and be determined about it
(3) Get a deadlock letter and make a complaint to the Financial Ombudsman Service.

If Egg are a subscription member of the FOS then it's likely that their levy will be massively increase next year if you all complain. If they pay per case then it will cost them £400ish regardless of the outcome.

No point just cutting your card up and stewing. Get revenge.

baldbloke_2

lisyloo wrote: »

Article on bbc news

http://news.bbc.co.uk/1/hi/business/7222336.stm

I note that the picture is a "Egg Money" card but I wouldn't read too much into this.

Sorry to come in late to this but you are wrong - the card shown is quite clearly a 'Visa' card and not the Egg Money 'Mastercard' - that needs to be made clear. I only hold an Egg Money card and have not received any letter - but I am still a little unclear as to whether the action by Egg relates to both Credit and Money cards. This may have been cleared up elsewhere in the long thread - so apologies if it has.

LittleVoice

I think I have seen one reference to it being an Egg Money (Mastercard) account, all the rest have stated that their account is an Egg (Visa) card.

DifferentFromTheNorm

baldbloke wrote: »

Sorry to come in late to this but you are wrong - the card shown is quite clearly a 'Visa' card and not the Egg Money 'Mastercard' - that needs to be made clear. I only hold an Egg Money card and have not received any letter - but I am still a little unclear as to whether the action by Egg relates to both Credit and Money cards. This may have been cleared up elsewhere in the long thread - so apologies if it has.

The picture was originally the Egg Money card but it was changed at some point during the day as the story evolved.

Both accounts are affected (Visa and MasterCard).

heli_pilot

DifferentFromTheNorm wrote: »

I'm in no way defending what Egg has done because I don't think they've gone about it in the right way. But, I fail to see what there is to investigate.

If Egg choose to close 7% of it's customers credit cards then as long as they follow the T&Cs then they can do that. Every customer has agreed to T&Cs that state Egg only has to give 30 days notice, Egg are giving 35.

None of what Egg is doing will have an adverse affect on people's credit files. The cards won't show as 'closed/settled' until the balance has been cleared in full and no other lender will see that it is Egg that has closed the account. The quotes from Experian on the news reports also highlight their belief that this will most likely have a positive affect rather than a negative affect in gaining future credit.

So, although it's obviously a massive inconvenience to some people it's up to Egg who they lend money to. It's not like the government/authorities will force Egg to lend their money to customer's who (for whatever reason) they no longer wish to give that facility to.

If it wasn't for the number of cards totalling 161,000 then I doubt this would even make the news let alone get the attention of MPs.

DifferentfromTheNorm
I personally couldn't give a monkeys if I stay with Egg or not (I have just been accepted by Barclaycard) What I have got a problem with is the blatant lies Citigroup are pushing through the media about us 'High Risk' customers......which is a LIE!......or else this would affect our credit rating, which is seems in nearly all the posts here are GOOD to EXCELLENT!

DifferentFromTheNorm

heli_pilot wrote: »

DifferentfromTheNorm
I personally couldn't give a monkeys if I stay with Egg or not (I have just been accepted by Barclaycard) What I have got a problem with is the blatant lies Citigroup are pushing through the media about us 'High Risk' customers......which is a LIE!......or else this would affect our credit rating, which is seems in nearly all the posts here are GOOD to EXCELLENT!

I'm not disputing that, as I've mentioned here several times - I think Egg could have handled this better.

That post was a direct reply to someone who said that you would be able to see that it was Egg who closed the account and because the account is being closed it would stop you from getting credit elsewhere.

I was simply correcting this person so that anyone else reading didn't become concerned that this was going to have a negative impact on their credit file. It will show as closed on the credit file, but any potential creditor in the future won't see who closed it or why.

city_girl_4

I just want to clarify a few points:-

• My cancelled account is Egg Money
• Similar balance to Egg credit card but that has NOT been cancelled
• Egg make A LOT of money from me – I do NOT pay my balance off every month – I use credit for what I do for a living
• I have NEVER missed a payment or gone over my limit on this or any other card
• I have a prefect credit score with all 3 companies
• I could not give a stuff about staying with Egg but I do object to being called a risky customer to the press

I think there is something very serious going on at Egg – I have been a customer of theirs since they first launched and use their website regularly.

I logged in tonight and there was errors all over my accounts. Balances wouldn’t show, there were red warnings and errors everywhere. I have NEVER seen that in all the years I have been with them. I think there is something seriously up with this company. I am glad my savings are elsewhere but if you have money with Egg I would be taking it elsewhere.

BTW, if Egg want to sue me for defamation of character or libel I will see them in the court first! (I have print outs of the screen for proof just in case!)

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