Have you had your Egg credit card closed? Take part in our poll...

ado

I emailed the OFT on Monday 4/02 and got a reply today 8/2.

Thank you for your recent e-mail.

I am sorry to hear of your problem but unfortunately the Office of Fair Trading (OFT) is unable to help you on this occasion, as we do not have the power to advise or assist individual consumers. Nor can we normally comment or take action on cases brought to us by individual consumers. Our primary duties are to enforce competition law, regulate the consumer credit market through a licensing system and the co-ordination of enforcement action throughout the UK, with the assistance of our other regulatory partners.

Under the Consumer Credit Act 1974, most businesses that offer goods or services on credit or lend money to consumers, have to be licensed by the OFT. The OFT can refuse or revoke the firm's credit licence if it engages in 'unfair or improper business practices, whether unlawful or not'.

We are unable to take up individual cases, however, I have forwarded your letter to our Credit Licensing Enforcement Section here at the OFT for their records. They will contact you if they need additional information on your complaint.

In relation to Egg, it is a matter for individual businesses to make their own commercial decisions on acceptable risk. As stated above, complaints received about Egg will be considered by the OFT before deciding whether to take the matter further.

Thank you for drawing this matter to our attention and I hope this information proves helpful.

Yours sincerely,

The two main points I was making were about the misinformation coming from Egg and the worry they put customers through regarding id fraud. I acknowledged that Egg were quite within their rights to ditch whoever they wanted but in this case they had gone through it in a misleading or unfair way.

Skintsville

The loan is unaffected and they can't do the same thing with the loan, because the terms are that you pay it off and they get the interest. Checked my terms and also spoke to them to be sure.

Skintsville

ado

...And this is the reply received from the FOS Financial Ombudsmen Service:

Thank you for your e-mail which has been received by the Financial Ombudsman Service.

The matter may be one we can deal with once a complaint has been considered by the bank and if you remain unhappy with their reply.

Details of making a complaint to them and then to us can be found at:

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

I hope this information will be of assistance to you.

James_H_2

Well, I got the letter through too. Can't say I understand their decision much, considering LAST MONTH they upped my credit limit. I had missed a couple of payments last year, but my DD's go through fine now.

What also gets me is there is no apology anywhere in the letter (Okay, it's a mass mail to 160k people but how hard would that have been?).

Ah well, headed over to Virgin Credit Card, applied for a 0% balance transfer card, got approved and it should all be off my Egg card within the week. Take that Egg and your 26.9% interest!!

I must remember to cut up the card though, Egg had me at £1000 whereas Virgin gave me £3800 and I cannot afford to spend that!!

James.

calvinmeek

i too got the letter and applied for a virgin credit card, and they accepted me straightaway. matched my egg card limit and got 0% BT too! i bet other credit cards lenders are rubbing their hands together as there could be a possible 161k accounts that are due to be transferred!

Not that i am a bad loser but Egg used to be good in the days of 12.9% apr, but not now at the current 17.9% that i have. Money manager is the only thing worth having an egg account for, and thats it!

Hurrah for Virgin, hope they prosper from someone else's loss! :-) Egg, you are a bunch of eediots! (rant over - i feel better now!)

madmum33

I haven't had the letter yet, but I am looking to move to another card. I found the Post Office credit card is offering this deal:

• 0% on balance transfers* for the first 10 months**
• 0% on purchases for the first 3 months
• 0% commission on purchases overseas
• 0% again on balance transfers for 5 months* on the month of your 1st and 2nd anniversary

15.9% APR Typical (variable)


Post Office® MasterCard® provided by Bank of Ireland.
*2.75% balance transfer fee applies
**Transfer must be made within 3 months of account opening
If I apply through quidco I also get £20.50 cashback. Might be a better deal than Virgin?

nearlyrich

Well as I said last week I seemed to fit the profile of people who were having their cards cancelled but this week I got an email offering a 0% ...strange or what?

Quoted from email
If you've got credit card, loans or overdraft balances elsewhere then now's the perfect time to transfer the lot to your Egg Card.

From now until 29 February 2008 you can move the lot to your Egg Card at a rip roaring rate of 0% until 6 September 2008.From 7 September 2008 you'll pay your then current standard variable rate on any balances remaining from those transfers. *For each transfer made, there is a 2.5% balance transfer fee.

droperidol30

I think this whole thing may be a blessing in disguise for me. At least i can not spend any more on the card and hopefully give me a chance to gradually reduce my level of debt.

Mozette

droperidol30 wrote: »

I think this whole thing may be a blessing in disguise for me. At least i can not spend any more on the card and hopefully give me a chance to gradually reduce my level of debt.

You talk like it's not within your control if you spend or not???
If you don't want to spend anymore, well, just don't...

lapat

ive had a letter and i owe sub £1500 and i pay large amounts of monthly on top of my dd
i do spend big on it when i use it but tend to pay off in a few months
i am quite anoyed as i have checked my credit rating today with experian and im still a high 900 score i.e highly accepatble for credit

so if egg are reading any of these posts you can stick your card up your jacksy as i will be transferring my oustandings emidiatley to another competitor