Egg Policy Change ?

Niksan

someone posted http://uk.finance.yahoo.com/q?s=C&d=t yesterday, makes you think what impact if any this egg fiasco had on it.

MABLE

mrme wrote: »

Am I the only one who can't believe how seriously some people are taking this Seeking legal action :rotfl: There a worse things in life that can happen and does anyone else really care about your credit limit I very much doubt it, not that anyone would know if your account had been closed unless you chose to tell them. And no I have nothing to do with egg

I think a lot of posters have had their pride hurt and rejection is a bitter pill to take.

ado

What a difference 18 months make. I received this email in August 2006:

Dear Mr

At Egg we want to treat customers as individuals both in our approach to service and the products we offer. In line with this, we are now personalising the interest rate on your Egg Card – this is great news for you.

We have taken into account how you run your Egg Card and your relationship with us. For our most valued customers, including you, the interest rate on your card will be reduced. In addition however, there is an increase to the cash handling fee which applies to all customers.

16cat1980

I too have recieved this letter about my Egg Money card. In my case I believe that it is not because they are not making money from me (as they certainly are) but because I regulary use the card for stoozing! I haven't received a letter about my Egg visa card so I can only imagine that they do not like me 'using' them! Never missed a payment or gone over my credit limit. Just hope that my husband doesn't get the same letter so I can carry on stoozing via his Egg Money card where I'm a second cardholder!!! :rotfl:

dag_2

Well unless I've misinterpreted the data, it seems that Citigroup were significantly up on close of business on Friday. I don't know, maybe this may have been because investors were impressed that they're finally doing something out those nasty horrible risky unprofitable customers they've had for so long.

But now - the prices are back down to Thursday's level again. Read into that what you will.

I still haven't had a letter, so it looks like I've got away with it.

I've got a job now, and I've also got savings, because I've had a recent inheritance. All my cards and loans have now been settled and have either zero or credit balances.

But in May of last year, I was unemployed and in receipt of income-based jobseeker's allowance; a fact which I brushed over when I applied for my M&S &More card in the hope of transferring balances to a lower interest rate. My total combined debts at the time, on all the cards plus the Cahoot Flexible loan put together, were around £10,000. But my unused available credit across the cards was at least another £20,000, probably closer to £25,000.

I'm single, I have no dependent children, and I live in private rented accommodation in a purpose-built block, which I found through a lettings agency, and which I have been in for two and a half years.

I strongly suspect that lenders base their decisions partly on postcode data. I think it would be crazy for them not to; after all, it stands to reason that a debtor in Weybridge is likely to be a safer bet than a debtor in Wythenshawe. So I tend to use Neighbourhood Statistics data as a kind of "neighbourhood league table" whenever I'm flat-hunting.

The 2004 Multiple Deprivation Index for the Lower Layer Super Output Area that my block of flats is located in is between 10% and 15%; so it's fair to say that the area I live in is comparatively posh for a person of my means.

I'm not really that fussed any more whether Egg take my card away or not, but the Egg Money does seem to pay the highest ongoing cashback rate right now. I also agree with what a previous poster said about needing a credit card to be able to book hotel rooms or hire cars; this is the sort of thing that's very difficult to do at competitive prices if you don't have any kind of credit card at all.

Ashelee

16cat1980 wrote: »

I too have recieved this letter about my Egg Money card. In my case I believe that it is not because they are not making money from me (as they certainly are) but because I regulary use the card for stoozing! I haven't received a letter about my Egg visa card so I can only imagine that they do not like me 'using' them! Never missed a payment or gone over my credit limit. Just hope that my husband doesn't get the same letter so I can carry on stoozing via his Egg Money card where I'm a second cardholder!!! :rotfl:

Hi There

i too havent had a letter but logged into the Egg site this evening to find a message saying my card was being cancelled - my other halfs is fine apparently...

think ill look at moving my Egg loan elsewhere now thanks to this.. hmmmm

Ashley

Repo

Ashelee wrote: »

Hi There

i too havent had a letter but logged into the Egg site this evening to find a message saying my card was being cancelled - my other halfs is fine apparently...

Ashley

I still haven't received the message on MM but at least I didn't get a letter for my EGG Visa card this morning to match the one I got for the Egg Money card!

Ashelee wrote: »

think ill look at moving my Egg loan elsewhere now thanks to this.. hmmmm

Ashley

Wouldn't you be cutting off your mose to spite your face by doing that? Not only will you have to pay interest to the replacement loan company but you'd have to pay a penalty charge for early settlement to Egg too???

Jenna

Hi guys,

A small victory ! The original BBC article stated that the letter from Egg contained details on how to appeal the decision (which it doesn't) and in fact, when I phoned Egg they said (in a very unhelpful tone) "the decision is final and no appeal is possible".

I emailed the BBC NewsWatch team and they emailed me back to confirm they had now amended the article - it now reads:

"The 35-day notice period starts on receipt of the letter, which according to the bank also provides details of how to appeal against the decision. BBC News website readers, however, say that they have been told by Egg call centre staff that an appeal is not possible."

You can see the full article if you like at:
http://news.bbc.co.uk/1/hi/business/7224268.stm

Yey!!! *dances*

Lokolo

See thats what I mean, their PR is absolutely terrible.

I just now get the feeling with Citigroup taken over they are not going to be their old Egg selves, I always loved mailing Egg with problems as they were always so helpful, I just hope this doesn't stop otherwise I am going to be extremely disappointed.

oldtup

http://www.howestreet.com/articles/index.php?article_id=5635

This one is worth a read!