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Apologies if this has already been posted but I thought you might like to see the email my partner received this morning:-
"Dear Mr Bo
We're making some changes to the Egg Customer Relationship Agreement for our Egg Loan customers.
As a result of our ongoing monitoring of the cost of running your account, we're reducing the default fees for late and missed payments from £20 to £12 with immediate effect.
The changes to the Egg Customer Relationship Agreement are summarised below, but to see the full version of the changes to our Conditions, just click on the button below.
Summary of changes to Condition 7.1
If you aren't already aware, Egg is now part of the Citigroup Inc. group of companies. This means that your data may now be shared between Egg and other Citigroup Inc. Group companies in accordance with the Egg Customer Relationship Agreement Conditions. This won't affect what you've told us previously about whether you want to receive marketing information from us.
Summary of changes to Condition 7.4
From 26 May 2008, we're making some changes to how we transfer and process your data. This includes passing your data on to countries outside the European Economic Area. Again, this won't affect what you've told us previously about whether you want to receive marketing information from us.
If you've got any questions or there's anything else you'd like to know, then send us a secure message by blah, blah, blah etc
Best wishes
Stephen York
Loans Business Manager
Egg Banking plc "
Interesting... But I thought they had reduced them to £16 after the OFT c/c enquiry of 2006? (£16 and not £12 like the others, cos they're special - allegedly)
Either way, it's interesting they should lower their charges now, there seems to be a fair bit of swan activity in the banking sector lately (swan activity = gliding serenely on the surface, pedalling like crazy below the surface ).
Apologies to people who I was in the process of helping, I may be gone some time.
I've asked Mr Bo and he has never had any late payment charges on his loan as it's always been paid on time so I'm none the wiser.
Interesting... But I thought they had reduced them to £16 after the OFT c/c enquiry of 2006? (£16 and not £12 like the others, cos they're special - allegedly)
Apologies, I don't get onto the bank forums very often. Was the OFT enquiry of 2006 regarding late payments on credit cards alone or did this also apply to loans?
I've asked Mr Bo and he has never had any late payment charges on his loan as it's always been paid on time so I'm none the wiser.
Apologies, I don't get onto the bank forums very often. Was the OFT enquiry of 2006 regarding late payments on credit cards alone or did this also apply to loans?
No, the apologies are mine, I thought this was relating to a credit card, I didn't realise it was about a loan.
The OFT thing was only about c/c, although they used the line which SOOOO infuriated the banks, gave us a load of fuel and ultimately led to their enquiry into bank charges and then test case, that the principle applied to the c/c applied to financial institutions across the board. ;-)
Moving on from the misunderstanding then, that makes the change even more interesting... Why would they lower their charges now and voluntarily so? Everyone knows Egg are one of the most tenacious in trying to hold on to your money, so why now and why this amount? Since that infamous report of 2006, £12 has been a rather ominous number (which is why I thought c/c and didn't spot the "Loan" bit, completely pavloved, me. )... Odd. :-|
Apologies to people who I was in the process of helping, I may be gone some time.
Why would they lower their charges now and voluntarily so? Everyone knows Egg are one of the most tenacious in trying to hold on to your money, so why now and why this amount?
The BBC online report mentioned how bank barristers implored the Test Case judge to give banks a week's(?) advance notice before publishing the verdict, so they can prepare ahead of a clamouring public. Egg's sudden change "with immediate effect" makes one wonder if this is the advance bow wave of news soon to break. We shall soon know.
Reduction in Late Payment Charges
Customer Relationship Agreement for our Egg Loan customers.
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Originally Posted by Brassed off
