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From reading this wonderful board, i found out you can claim from credit cards as well as banks. what are the differences in things you can claim. I also closed the account in summer last year, will this cause a problem?
Heather you can claim for refund of PUNITIVE charges in their entirety (OFT's ruling 04/05/2006, for Egg only, charges over £16 were punitive and unlawful). By law Egg could have debited slow-paying customers compensation for nuisance value. Industry estimates have variously valued nuisance cost between 50p and £3 per item.
As Egg unlawfully extracted £20 each per late payment and overlimit, £20 per item is reclaimable, precedents are now well established for lastminute settlements outside of court to test your stamina, with only two cases decided inside court that I know of.
Opinion on the level of interest reclaim accrued on unlawful charges is divided -- some just reclaimed the standard county court 8% per annum, others reclaimed Egg's 16.9% Contract Interest p.a. compounded monthly exactly reversing the way it was first extracted. The second level of reclaim has led to proven total success, not least last Saturday.
You are willing to go to court.
Egg whose staff are reading this thread are not.
So count on an offer of settlement, just like 24 others. On the paperwork others are better than me. GL Heather.
PS. Closure of account no problem. Just make contact quoting card number or as much detail as necessary to pinpoint the account. They are legally obliged to retain 6 years records on dead accounts. You will need to send Egg a bill and probably passport ID etc to prove you are yourself, and not me trying to reclaim your charges to fund my wine woman and song.
ok I've got all the transaction info from them. found out they only owe me 4 transaction charges, a grand total of £80 lol. I'm going to go for it, anyone think it's worth it for £80?
Oh yes Heather, on a point of principle if for nothing else. Credit cards have been terrorising cardholders for 30 years, not 6, time they got a taste of their own medicine.
You are due refund of your own £80 unlawfully extracted, then there was the interest compounded monthly on money that was unlawfully taken, and debited on your account.
If you did go as far as initiating the lawsuit, there would be additional legal expenses. Totally pointless now for Egg to give you the bull****, as you can see the V-E Day list of 28 winners over Egg. Egg knows you know, you know Egg knows you know, Egg knows you know Egg knows you know. No point for Egg to waste their time and money on a pointless charade which will end up the same.
If you just itemise what you are due, and tell Egg as much. The thread below describes how Egg gave Schnide the standard b/s, but Schnide was not impressed, and eventually Egg paid up not £20 but £52 to stay out of court. GL Heather.
This morning I recieved an interesting reply from Egg. what do i do now?
Re: Request for repayemtn of Charges - Account Number xxxxxxxxxxxxxxxxxx
Thankyou for your recent letter
1. Your credit card agreement ("the agreement") with Egg Banking plc clearly states that charges will be added to your account if you exceed your credit limit of fail to make you contractual payments. In accordence with condition 7 of the Agreement, a charge of £20 (or since august 06, a reduced charge of £16) has been added to your account each time you exceeded you Credit limit of failed to make a payment.
2. You allege that these charges are a penalty. You have put forward no evidence to support this alligation and we do not accept it. The charges set out in the agreement are a genuine pre-estimated of the loss caused to Egg when customer breaks the terms of their agreement.
3.You may have followed recent media coverage of the office of fair trading (oft) investigation into default charges, the OFT stated that a default charge could only be used to recover certain limited administrative costs. These may include postage and stationery costs and staff costs and also a proportionate share of the costs of maintaining premises and IT systems necessary to deal with defaults. The OFT set a threshold for the intervention of £12 but stated that default fees should not be equivalent to the threshold. The OFT stated that the presumed of unfairness in relation to charges over £12 would NOT apply where exceptional business factors apply and specifically reffered to Egg's practice of requiring all customers to pay the minimum monthly payment by direct debit as an example. The OFT acknowledge that in those circumstances a card issuer may be able to set a fair default charge above the threshold of £12.
4. Following the conclusion of this investigation, the OFT indicated that it would not proceed further against Egg on the basis that Egg reduced it's charges from £20 to £16. Without any admission in relation to the previous level of charges, Egg has reduced the charges accordingly. This reduction does not apply retrospectively, but in your case we are prepared, without and admission of liability, to apply a reduction to the £20 charges, If this is acceptable to you, we will credit you account with a total of £16.00 (being £4 per default charge applied to your account, on the basis of 4 defaults).
5. The above offer is available for 14 days after which it will be automatically withdrawn. An acceptance form is enclosed for you to sign and return, together with a pre-paid envelope for your use.
You now have six months from the date of our resolution to take your complaint to the Financial Ombudsman Service, further details, blah blah blah
Yours Sincerely
Ema Clayton.
Right, is this just a usual fob off? or am i stuck with £16?
hey peaches, my account was closed by me last august, so i had no access to my statements, at all. If you've got the online Egg account, request the list of transactions through the online secure messaging service. I got a list of transactions (not statments) but they tell you the same thing. I didn't get charged £10 for the service either
Horwood Vs Egg Card
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