Thread: Egg withdrawing 161,000 credit cards

Hi all,

just read this about Egg.

BBC NEWS | Business | Egg acts over 'risky' customers

Im wondering if it is some kind of damage limitation, or an attempt to get rid of all their old unenforcable accounts in one go.

Either way I think their CCA request rate is going to soar!

Pookey

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Read the comments. They are just pulling cards from people who pay off the balance every month and thus make them no money. I hope there are mass complaints to the fos.

Originally Posted by payingonlyencouragesthem

Read the comments. They are just pulling cards from people who pay off the balance every month and thus make them no money. I hope there are mass complaints to the fos.

Spot on POET, I got that impression too.
They want to make money off of interest and the £12 charges. They are ditching a lot of customers with no adverse credit history and those who use their cards well.

Hi,

When I read the story early yesterday there were no comments. Since looking again and reading the story on other news networks, I must say that I agree with POET and Nitrous that Eggs idea of 'risky' customers differs to mine in that they class as risky accounts that do not pay enough in interest and charges.

That said I will be watching out for the postie this week as Mrs Pookey falls into what I class as a 'risky customer' (missed payments, very low income, defaults on other accounts). If he doesnt arrive with a letter from Egg then it will be confirmed that this is a profit driven exercise, and not about being responsible and limiting debt problems of customers.

Pookey