Egg Policy Change ?

UK007BullDog

This would really cheese me off, figure going shopping and you only took one card along and that one then gets declined because you are a good financial planner and the bank cannot make money off you. No warning in advance as you did not get the letter yet. I think their systems might be overloaded as well with many people checking. But still I would be livid!

Niksan

palmeras69 wrote: »

I haven't had a letter (and my accounts show fine on the Egg website) but my Egg Visa was declined in M&S for a £35 spend this pm. I was only using it as I'd left my debit card at home! I owe just over £100.00 with a £11,000 limit and my Egg Money account is in credit by £8. I just wonder if this is a coincidence - the lady on the till said it had been happening all afternoon but she didn't say (and I didn't press her) whether it was just Egg cards affected.

Anyone else experienced this? I'm a bit worried that my card may have just been stopped outright.

I've had that in PCWorld before now, we had to go through 4 tills to get one that would allow my card to be accepted, no idea what voodoo magic goes on with those things, it would be odd them declining the card before you recieving a letter when everyone else seems to have got a 35 day warning, probably just a dodgy system at M&S.

BADBT_2

I think it's a matter of people being unprofitable. As people have said, because of the Credit Crunch, they want to reduce the amount that people can borrow from Egg, by maxing their credit limit (and with 161k customers avg. limit of 2k each, its GBP322million.

And in business there always needs to be a risk reward balance. If they take on the risk of 161k customers, but these customers never pay, it's a risk for them with no reward. So, looking at it from their point of view, people who never max the credit limit, always pay on time, never pay interest, are a risk to their profits... get where Im coming from?

Also, I have Egg Money, and I got a 16quid charge for going over my 500pounds credit limit by a fews pound. I appealed, but they said the charge had to stay, so I'm thankful they charged me the 16quid, so I can keep my card!!!

Alfie_E

Just saw Egg’s latest ‘Raoul’ advert again. I had to laugh.

You know where you are with Egg.

It appears that this may not always be the case, but, where you do, it might be a word that would be blotted out by this forum’s expletive filter. I'm not sure that Egg’s current customers are being amused by these particular “splashy tricks.”

Ralph_the_Cat

MABLE wrote: »

I dont have to but the credit card company must have.

Are you Angela Knight perchance?

I have had an Egg card pretty much since its inception. Years ago I was always near the max and made minimum payments. And you know what? Everytime I was near the max for a period of 6 months or so, they increased it.

A few years ago I got my financs in order, I paid off my egg card but kept it for cashback offers and the immediate discounts you got at places like Dixons and Virgin wines, etc. And that is all I have been using it for and I have paid the balances off in full almost monthly. I have very few other unsecured debts, so my financial position has improved dramatically since I took out the card.

They loved me when I was up to the eyeballs, now I don't make them any money so they have ditched me.

Your only evidence to back your assertions is blind faith in a statement Egg put out which they then frantically had to backtrack on. The fact is that Egg have treated customers like scum. I honestly thought I had my identity stolen or someone had somehow emptied one of my accoounts when I read that letter, and when I phoned up I was met with a robot reading prepared statements.

Egg have behaved unnacceptably and I urge all savers to ditch them in the same manner they have ditched us.

Oftenbroke

UK007BullDog, you wanted to see a copy of the letter - I've just fished it out of the recycling bin. It goes:


We are ending your Egg Card agreement - account number xxxxx:eek:

Dear Mx xxxx

We're writing to tell you that we've reviewed your Egg Card account, and under condition 20.2 of your Egg Card agreement, we are giving you formal notice that your agreement will end 35 days after the date of this letter (31st January 2008).

After the agreement ends, any cards issued on the account may not be used for new transactions of any kind. Please cut up all cards and dispose of them securely. Any regular payments such as monthly subscriptions will not be paid from the Egg Card account so you will need to cancel them with the service provider and arrange an alternative means of payment.

You must continue to pay at least the agreed monthly repayment each month until any debt balance on the account is repaid in full. The Egg Card agreement continues to apply until the balance is repaid in full.

You must make sure that any additional cardholder is aware of this notification.

Our lending policy requires us to keep our portfolio within an acceptable level of risk. The decision to end this agreement has been based on an assessment of the credit profiles of this account in accordance with our credit strategies. Factors that impact a credit profile may include payment history, account conduct and other credit information.

We will not record adverse information with credit reference agencies just because we are ending your agreement. However, we will share information about your payment record in accordance with our normal practices.

To find out more about your credit record you can get in touch with a credit referencing agency such as Experian at https://www.experian.co.uk - they'll be able to give you an up to date credit report.

If you have any additional questions about the termination of your Egg Card Agreement, please visit https://www.egg.com and log on to 'your accounts', if you still require further assistance call 0845 301 0891.

Yours sincerely


xxxx
Head of credit cards
Egg Banking plc

Hope this helps.:o

veryunsure

I am new to Egg and use them jsut for a BT. I have money manager too, with 3 other cards on it.

They emailed me today to ask what I thought of MM and how it might be made better!

I thought perhaps not the best time to ask for feedback.

trisontana

To quote that letter :-

Our lending policy requires us to keep our portfolio within an acceptable level of risk. The decision to end this agreement has been based on an assessment of the credit profiles of this account in accordance with our credit strategies. Factors that impact a credit profile may include payment history, account conduct and other credit information.

They are implying that there is something dodgy with the person's credit history. Shameful !

UK007BullDog

Oftenbroke wrote: »

UK007BullDog, you wanted to see a copy of the letter - I've just fished it out of the recycling bin. It goes:


We are ending your Egg Card agreement - account number xxxxx:eek:

Dear Mx xxxx

We're writing to tell you that we've reviewed your Egg Card account, and under condition 20.2 of your Egg Card agreement, we are giving you formal notice that your agreement will end 35 days after the date of this letter (31st January 2008).

After the agreement ends, any cards issued on the account may not be used for new transactions of any kind. Please cut up all cards and dispose of them securely. Any regular payments such as monthly subscriptions will not be paid from the Egg Card account so you will need to cancel them with the service provider and arrange an alternative means of payment.

You must continue to pay at least the agreed monthly repayment each month until any debt balance on the account is repaid in full. The Egg Card agreement continues to apply until the balance is repaid in full.

You must make sure that any additional cardholder is aware of this notification.

Our lending policy requires us to keep our portfolio within an acceptable level of risk. The decision to end this agreement has been based on an assessment of the credit profiles of this account in accordance with our credit strategies. Factors that impact a credit profile may include payment history, account conduct and other credit information.

We will not record adverse information with credit reference agencies just because we are ending your agreement. However, we will share information about your payment record in accordance with our normal practices.

To find out more about your credit record you can get in touch with a credit referencing agency such as Experian at www.experian.co.uk - they'll be able to give you an up to date credit report.

If you have any additional questions about the termination of your Egg Card Agreement, please visit www.egg.com and log on to 'your accounts', if you still require further assistance call 0845 301 0891.

Yours sincerely


xxxx
Head of credit cards
Egg Banking plc

Hope this helps.:o

Thanks for that OftenBroke, I was very curious as to the wording of the letter.

I can see now how people thought its because of bad credit. The whole letter is so cold nosed its unbelievable. matter of fact, no tact. i would definately try to reclaim the money for going to experian to check the credit file as they invite people to do it.

I think a disassociated unemotional geekhead wrote the letter, not thinking what impact it will have on the "good" borrowers.

BlushingRose

Oftenbroke wrote: »

You must continue to pay at least the agreed monthly repayment each month until any debt balance on the account is repaid in full. The Egg Card agreement continues to apply until the balance is repaid in full.

ok - does this mean that IF we got a letter, we would be able to keep the 0% interest we have at the moment and keep paying it off as we have been, or should we switch cards?