For all those who received THAT Egg letter

rebootz

Please read this is you have received a letter from Egg telling you that your account is to be closed in 31 days.

I had an egg card and received the same letter this morning.

Fortunately for me , after receiving a small inheritance , last month I managed to completely clear and pay off all of my credit cards and loans.

I telephoned Egg this morning, not having heard the news that 100s of other people have been put in the same position. I did not want to argue about it , I just wanted to know the reason for my account being terminated.

When the poor agent told me it was because they had reviewed my status , and decided I was no longer credit worthy, I laughed out load.

I explained that when I had applied for the card, I was in a position that I was living on credit. I had an average credit report. And they thought I was credit worthy enough to give me a card. Now , after having credit and paid it all off , my credit report is glowing! Now , I have had their card and paid it all off in full. Now , after all that , they decide I am no longer credit worthy. This I found hilarious! What he said to me next I did not find hilarious.

This decision was made 6 months ago , but there are so many people in the same position , and as the terms of the contract state that Egg only have to give you 31 days notice, they have waited 5 months to have informed you.

Now I am stunned. The money I recieved was not under nice circumstances. However, it turned out to be a lifeline for me to start again from scratch.

What would I have done if I hadn't had that inheritance? It would have been absolutely completely impossible for me to have found the money to have paid them in full in 31 days. I would have felt sick to the stomach and I would not have been able to sleep.

Surely, Egg, it would have been still been bad , but less of a disgrace if you had had the decency to have informed your customers that their accounts were to be terminated when you had made the decision. These people would have had 6 months to have found the money to pay you off , not 31 days.

SO , if you have an egg card due to be terminated , you are well within your rights to be completely outraged. They have known for 5 months longer that this is what they were going to do.

I am unsure if this information will be of any help to anybody - I know it will be of no consolation - but I think you have a right to know that they knew ages ago , and have left it and left it , and have now landed you right in it instead of giving you a fighting chance.

Primrose

I think from reading other posts about the Egg cancellation letters that the situation is that although thoswe affected will not be able to add further transactions to their Egg credit card, they will not actually have to pay off the outstanding debt within the 31 day period.

boredofbeingathome

Interesting point though that they have known about the situation for over 5 months. funnily enough the card is in my husbands name but they have always sent me fliers asking to apply etc. like a lot of people we have just paid minimum and used for 0% anniversary offers etc. Never missed a payment and paid off balances when 0% finished. We have a balance on the card now which we are paying off tomorrow.I for one am disgusted with them and are glad we will no longer be doing business with them. I wander how business worthy they will be when everyone drops them, considering them too high a financial risk? The Guinea pigs are striking back!!!!!

wannabe_a_mum

Doesn't the letter say though that any outstanding balance can continue to be paid until "paid off", but that you can't borrow anymore??

Also, does anyone know? How do I stand with having taken advantage of the 6 months interest free for my card anniversary - which runs from December. They won't charge me interest now that the cards effectively closed will they?

daveboy

It wouldn't half help when someone comes on here to have a moan...that they:

Get the facts right first before posting

Common sense here OP. If Egg expected everyone to pay back in 31 days the courts would be full of people who would end up defaulting...Egg would lose a lot of money and their image, already battered through the way they went about all of this, would be hammered into the ground (and I'm sure the Government would be involved if they did expect people to pay up that quickly).

There is a prize on MSE for the most helpful post, which gets £50. It may be an idea to present a wooden spoon or something to the person who posts the most unresearched rant/totally pointless thread as well.

Lavendyr

Quite, you can still pay off the debt as usual (monthly payments), you don't have to pay it off in 31/35 days.

catgil

daveboy wrote: »

It wouldn't half help when someone comes on here to have a moan...that they:

Get the facts right first before posting

Common sense here OP. If Egg expected everyone to pay back in 31 days the courts would be full of people who would end up defaulting...Egg would lose a lot of money and their image, already battered through the way they went about all of this, would be hammered into the ground (and I'm sure the Government would be involved if they did expect people to pay up that quickly).

There is a prize on MSE for the most helpful post, which gets £50. It may be an idea to present a wooden spoon or something to the person who posts the most unresearched rant/totally pointless thread as well.

You answer is quite unnecessary and unhelpful. The OP is clearly upset. I vote you get the wooden spoon for this post

TheGrant

daveboy wrote: »

There is a prize on MSE for the most helpful post, which gets £50. It may be an idea to present a wooden spoon or something to the person who posts the most unresearched rant/totally pointless thread as well.

Give the OP a break. He's unsure of the situation and asking for advice. He's misread the letter and isn't sure of things. Put him right, don't bully him.

daveboy

I am not even an Egg customer and therefore obviously haven't had the letter and even I know that the withdrawal of the card simply means you can no longer borrow on the account.

Sorry but as has been said this thread is banding about an untruth which when you read the opening post is based on stupidity. A lengthy rant over something that isn't the case.

Someone is going to be quite embarrassed when they come back and have a look at the responses.....:doh:

asharon

So they've waited to let people build up cashback and then now they revoke it, very nice scam.

DifferentFromTheNorm

asharon wrote: »

So they've waited to let people build up cashback and then now they revoke it, very nice scam.

I'll try not to be rude but this is another misinformed post. Cash back will not be lost and making statements like that which aren't true will just cause more confusion for people.