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

dean_warren

had my letter friday owe £5250 pay back dd £250 a month, missed a few payments last year as had a few problems, but what make me laugh is they put my interest up to 21.9% two months ago, they must have done this to get mmore cash from me!
Regards Dean Warren

mountainofdebt

to the developing problems of bad credit.

Once again why can't these people think outside the box and realise that there isn't only one solution to this.

Both myself and hubby have had our Egg cards cancelled because we are viewed as credit risks - fine ......but why do they see that charging us 26.9% (:eek: :eeK:) will do anything to reduce that risk?????

I am perfectly happy for them to cancel the use of the cards BUT don't they think that I would be overjoyed to clear their cards??? So why make it near damned impossible for me to do so?

Perhaps its time that someone with Martins clout actually sat these people around a table and told that of they didn't want to see their money disappear down an IVA or Bankruptcy then they had better start thinking of new ways of helping people to clear their accounts.

debbie_debt

I got my letter yesterday too, £5k owed but never missed a payment in 4 years and always pay at least the minimum.

I know others have queried this - will we still be charged interest on the amount owed? Any ideas? It wasn't mentioned in the letter and if the account's closed rather than suspended surely interest can't still be applied???

Realist

I dont have a Egg card or ever had one, but what a way to treat customers.

Its a shambles and shocking what companies can do.

Best of luck to you all.

stonebridge55

I have an Egg loan due to expire this august (thank god!) I have had an Egg Card for at least six years. Never missed a minimum payment. End of December I cleared my EGG card by transferring the sum to a 0% Card with another bank. On 7/8/9th January Egg had on its home log on page an offer said 'balance transfer to your existing (not new application) Egg card at 0% until August 2008'. So i balance transfer 5k off another card I was paying interest on to my egg card. All is well until last week when I check my Egg account online and lol and behold I am being charged interest!! So i call them I am basically told I didn't see the offer (almost a big mistake i never printed it out!) basically accusing me on lying. Oh forgot to mention that last year with no notice and no reason (in my view) they uppped my interest from 16% to 21%!! Anyway I explain to the person on the phone that I do not have a problem with my vision nor with the content of the ad and what I saw nor am i mad enough to transfer from a card with a lower % rate than their extortionate rate. I threaten to report them for what appeared to be a scam and am transferred to a supervisior who tells me I am not the only person who saw the offer so they would honour it!! Yesterday I received 'The letter' dated 31st January!!
Roll on August when I finish repaying my loan and by then i will have transferred the balance elsewhere at 0% again! EGG?? Smells like sulphur to me!!:mad:

Paul_Herring

debbie_debt wrote: »

I know others have queried this - will we still be charged interest on the amount owed? Any ideas? It wasn't mentioned in the letter and if the account's closed rather than suspended surely interest can't still be applied???

According to their current T&C's, yes they can still charge interest (dunno when they stuck this bit in though):

[FONT=Arial, Helvetica, sans-serif] 20. LIMITING USE OF THE ACCOUNT

We may, without warning and without ending this Agreement:

• refuse to authorise a Transaction;
• cancel or suspend the right to use the Account; or
• refuse to replace a Card.

But we will only do this if it is reasonably necessary to do so.[/FONT]

They aren't closing the account/terminating the agreement. They're merely enacting section 20 of their T&C's.

Make of that what you will.

smiley1954

shouldnt our balances now be frozen as the accounts are sort of closed, there must be some kind of gov legislation that says we dont have to pay the current interest rate on a cancelled card.
what would happen if I just paid the usual min monthly payment and refused to pay anymore interest.

My letter told me to destroy all cards......therefore the account does not seem to me to be suspended

secgirl

Paul_Herring wrote: »

According to their current T&C's, yes they can still charge interest (dunno when they stuck this bit in though):
They aren't closing the account/terminating the agreement. They're merely enacting section 20 of their T&C's.

Make of that what you will.

At work so can't check my letter, but I thought it said I had 35days notice that my card was being withdrwan and my account effectiviely closed. Maybe mistaken. Anyone have theirs to hand?

Sure they will still be charging interest though - also around 21.9% in my case! How can they justify this huge discrepancy to base rate.

Also noticed that the account section of the site has been down for two days now! Really handy huh???

secgirl

smiley1954 wrote: »

shouldnt our balances now be frozen as the accounts are sort of closed, there must be some kind of gov legislation that says we dont have to pay the current interest rate on a cancelled card.
what would happen if I just paid the usual min monthly payment and refused to pay anymore interest.

My letter told me to destroy all cards......therefore the account does not seem to me to be suspended

I agree - if you are to destroy the cards then you are never going to be able to use this account again therefore by logical deduction the account is closed. However, bet the interest continues - and rises - till the balance is cleared.

I am equally sure IMO that they will pursue you until you pay up if you try to pay off your current balance without the interest, as they will continue to add this each month regardless.

I blame Citibank however, have been an Egg customer for years and they have always been head and shoulders above other providers I dealt with.

Paul_Herring

How can they justify this huge discrepancy to base rate.

It's a credit card - reality don't apply to CC rates

Also noticed that the account section of the site has been down for two days now!

Back up now (or was an hour ago when I checked.)

Really handy huh???

'Rather unfortunate.' Yes. Of course it will have had nothing to do with the current fiasco, and it'll have been a totally planned maintenance outage.

:rolleyes: