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It has been announces today that the internet credit card company Egg, are withdrawing 160,000 cards from "Bad customers", 7%.
It has been sugested that Egg are getting rid of the customers it cant make money from, like people that clear their balances every month.
Would you agree that having no debt with a CC company makes you a bad customer. ??? I suppose to the CC company you are, however, even if you do clear your balance every month the CC company still make money off your purchases, from the retailer, so how are you a liability to the CC companies.
Egg are giving the so called bad customers 35 days before they pull the plug.
Please let us know if you are one of those so called "Bad customers" and what you intend to do about it.
I dont have an EGG card but I do clear my balance every month. What I am worried about is will other CC companies follow suit if EGG get away with it. ??
Mmmm - are they bad customers or have they been through their files and picked out all those that they can't find an agreement for, sort of forward planning.
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have they been through their files and picked out all those that they can't find an agreement for, sort of forward planning.
I doubt it - only 7% of customers are affected, and I suspect many more than this have no/non-compliant agreements. However, it seems they've picked on people with zero balances, or who make their payments on time; those who are unlikely to bother them about penalty charges, or discover that without an agreement Egg may well be doing a great deal of whistling...
The report I read stated that they were getting rid of 'High Risk' customers, who spent a lot of time over their limit, or who were regularly late with payments...
All my posts are made without prejudice and may not be reused or reproduced without my express permission (or the permission of the forums owners)!
17/10/2006 Recieve claim against me from lloyds TSB for £312.82
18/10/06 S.A.R - (Subject Access Request) sent
03/02/07 Claim allocated to small claims. Hearing set for 15/05/07. Lloyds ordered to file statement setting out how they calculate their charges
15/05/07 Lloyds do not attend. Judgement ordered for £192 approx, £3 travel costs and removal of default notice
29/05/07 4pm Lloyds deadline for payment of CCJ expires. Warrant of execution ready to go
19/06/07 Letter from court stating Lloyds have made a cheque payment to court
We have Egg cards and both have credit limits of £3000 on each, i stress that both are zero at the moment and have been for nearly 6 mths, we only keep hold of them incase something crops up, we havnt recieved such letters, telling us due to us not using our cards there going to stop them, i think it pepps whom constantly go above there limit or have missed payments, or since the cita group took egg over, there credit has worsened than when there 1st got the card, i dont think its peeps whom clear there cards each mth or those whom pay steadily that going to be affected, its the peeps that struggle to pay on time or go above there limits.................
Daves found bbc site shows it all ......
Amazing really when you think that not so long ago they were bombarding people with unsolicited application forms. How times have changed
BANK CHARGES
Nat West Bus Acct £1750 reclaim - WON
LTSB Bus Acct £1650 charges w/o against o/s balance - WON
Halifax Pers Acct £1650 charges taken from benefits - WON
LTSB Pers Acct - £2K charges, £1K o/d - Rob Way latest DCA
DCAs
Lowells/Capital One - no CCA - gone away £1500
Lowells/MBNA - no CCA - gone away £10K
Abbey - no CCA - £3.5K
CL Finance - 3 court claims re GE storecards 2 withdrawn, 1 hanging by a thread
Hillesden/DLC re Barclaycard - ongoing battle re validity of CCA - £3.5K
Clydesdale - charges more than balance - valid CCA:o - onto 4th DCA so far
LTSB card - £7K - no CCA - destroyed after 6 years! - latest DCA - AIC
Others
GE Money sec loan - £1900 in charges - settlement agreed
GE Money sec loan - ERC of £2.5K valid for 15 years - on standby
FirstPlus - missold PPI of £20K for friends - WON
Dave.
Thanks for the link. The link has a lot of complaints from good creditors, most with zero balances.
ok, so what happens if they did pull the card to people who do have good credit and clear their accounts monthly, then the person applies for a card with some else, will they get a refusal on the grounds that they were denied from Egg. ?
"quote from citigroup"
A spokesman for the bank said those affected were customers it no longer wanted to lend to "regardless of their current status".
"unquote"
Its not a nice position to be in if you have good credit and then being refused because one company cant make money off your account. I have a feeling that its going to backfire on them, EGG on their face, forgive the pun.
If they were pulling accounts because of bad credit how will the debtors pay off their accounts in 35 days.?? I would imagine there would be a lot of people with cards maxed out unable to pay it back for years.
I think this one will cause a few problems for Citigroup
Just~Me
Please dont think the picture is me.!!! I couldnt find one of myself so decided to use one of the wife.
This subject is being discussed in the Egg forum on this site
As I have said there, I am never late or miss a payment never exceed the credit limit, and always pay off more than the minimum amount - and yet I too have got a letter. A spokesman from experian said that this may even improve your credit rating when egg close the card and mark it as satisfied.Nonsense.A lender will see that egg entry and assume egg consider you as a bad risk and act accordingly; even if you have not received a letter but close the account yourself.
Of course, I am really mad about this...I have never ever missed a payment in the whole 4 and a half years I have had an Egg Card, for over a year I have been paying MORE than the minimum monthly payments.
I know other people who have missed payments on their Egg Card but as yet have not received a letter.
When I got the letter friday, I was shocked, and thought I was the only one, I even checked my credit rating...which is good by the way.
It is my opinion, it is all down to the credit crunch...the US is heading for a recession and the world will soon follow.
Citigroup are the largest company in the world with assets like something silly like 2 trillion dollars...they took over Egg from Prudential last May, and reviewed all their non-profiatble, or little profitable customers and said 'cheerio'.
I have even set up a Facebook group for anyone affected or interested here Login | Facebook
It is called 'Egg and Citigroup can shove their credit cards up their arses'.
Please take a look.
Finally, be warned as I heard rumours that other credit card companies are going to follow suit.
We are probably all best to get rid of all our cards, and not give them any of our money at all.
Yes, thats what I'm worried about, other card companies jumping on the bandwaggon. I dont have any CC debt and never have had but I got this feeling a lot of people are going to lose their good credit over this.
Everyone should do what happend to Northern Rock, just pull all your money out and stuff Egg.
Why is it that this country always get it in the neck when the yanks mess up.
Electron is also right when he says its a load of nonsense that a lender will over look EGGS entry ha ha ha ha...if egg leaves an entry whether its good or bad the customer will lose out, everytime.
Just~Me
Please dont think the picture is me.!!! I couldnt find one of myself so decided to use one of the wife.
We are probably all best to get rid of all our cards, and not give them any of our money at all.
Emma
I wish we could,but increasingly whether you hire a car, purchase on line or need a credit card to protect you against a faulty purchase - you need a credit card.
O.K you could use a debit card, but you would not have the protection a CC gives.
Got my letter today. Just looking over this issue, if Egg end your agreement as it is stating that is it doing on 6 march, how can they say
"20.2 We can end this Agreement at any time. We will normally give you 30 days' advance notice by post or email. However, if there are exceptional circumstances, or in any of the circumstances referred to in Condition 19.2, we may end this Agreement immediately and tell you about it afterwards, unless we are required by law to give you notice first. You can end it at any time by telling us to do so by post or email. In both cases, this Agreement will continue until you have repaid all amounts you owe us."
Either they are ending or there not. If as it does state in there letter, they are ending your egg card agreement, what grounds do they have to taking this through the litigation stage. As no agreement no case as every one on this site keeps stating. So can they have there cake and eat it too.
The problem is that Egg are going to try and have their cake and eat it. Surely they must have had legal advise before withdrawing 160,000 cards. I have another feeling that they are going to be served with thousands of
S.A.R - (Subject access request)s
If I had an Egg card and they sent me the death letter I would certainly send of the Request, you never know they may have lost documents between the sale. Would sending a SAR put a hold on the 35 day stoppage of the card, like an appeal if you get my drift, or could they still withdraw the card even though a SAR was in the process.
I think we need some EAGLE BEAGLE to give their two pennys worth here please.
Just~Me
Please dont think the picture is me.!!! I couldnt find one of myself so decided to use one of the wife.
So, shall we say, you have £1000 outstanding on your cc, and they are now cancelling the cc agreement. That means that they will have changed it to a 'loan' agreement instead of the 'rolling' agreement you have now.
No one will have signed a loan agreement with them so how are they going to enforce payment? It's not the same as taking the card away because you have been naughty, they are terminating the cc agreement which surely must turn the outstanding amount into a loan.
Will they be offering loan rates of interest or still be expecting holders to continue with the high cc rate.
Could be a challenge for someone here.
Trading Standards wants your help
Dubious website businesses Conterfeit alcohol and cigarettes Illegal sales of alcohol, tobacco, knives & fireworks to children Cowboy builders or tradesmen Car clockers Counterfeiters Aggressive selling
Never phone or accept phonecalls from debt collection companies.
If you don't believe you can win, there is no point in getting out of bed.
_________________________ ________________ _________________________ ___________________
I would like to know what the T&Cs are, if they take the card away without reason then surely they are breaking the contract unless of course if says the card belongs to them and they can withdraw it's use at any time and without reason.
Trading Standards wants your help
Dubious website businesses Conterfeit alcohol and cigarettes Illegal sales of alcohol, tobacco, knives & fireworks to children Cowboy builders or tradesmen Car clockers Counterfeiters Aggressive selling
Never phone or accept phonecalls from debt collection companies.
If you don't believe you can win, there is no point in getting out of bed.
_________________________ ________________ _________________________ ___________________
20.2 We can end this Agreement at any time. We will normally give you 30 days' advance notice by post or email. However, if there are exceptional circumstances, or in any of the circumstances referred to in Condition 19.2, we may end this Agreement immediately and tell you about it afterwards, unless we are required by law to give you notice first. You can end it at any time by telling us to do so by post or email. In both cases, this Agreement will continue until you have repaid all amounts you owe us.
Egg Customers Scramble
, are withdrawing 160,000 cards from "Bad customers", 7%.
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Originally Posted by Conniff
