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About Marlowe52

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  1. Following the suggestion that on-line government petitions might be used as a means of direct action and could result in the most popular petitions ending up as private members' bills, I was somewhat surprised to find there are currently NO petitions open on the new goverment site. I am assuming the site is open and ready for business? I think we should hit the most obvious and least controversial issues hardest. (I realise there is no such thing as a non-controversial issue - I was just jesting!). However, although I have never fallen foul of them, my blood boils everytime I see a tv adv
  2. I'm glad to see people are still challenging the Credit Card companies right to arbitrarily change interest rates without real explanation. It really is a scandal. I changed tack, however, on my own credit card disputes with some degree of success. If a Credit Card company admits that the higher interest rate they are charging are as a result of a poor payment record AND they are still charging the £12 penalty fees then they have a problem. Although the OFT in their review of charges stated they would not take any action in cases where complaints were against charges of £12 or less thay al
  3. Thanks Bankfodder for your comments - I agree with what you say.... Re the restitutionary damages, I, personally, would be happy with ALL the money back, interest at the rate the bank was charging me on the overdraft since they took the money, plus simple interest at 8% - which is pretty much the formula now being used for repayments of PPI... I know other CAGer's may well disagree and the argument that the damages should be much higher are certainly compelling... My point was though that I believe this issue needs more publicity. As you say the "establishment" route for re-claimimg w
  4. Look I hate to be a voice of caution here - but, frankly, I never thought there would be any other legal outcome in this case. It has taken two years in the Courts for the banks to admit what we all knew - charging £35 for going over your overdraft or £25 for bouncing a cheque in no way reflects the costs to the bank of dealing with it and therefore the charges are unfair under the Unfair Terms and Conditions Regulations. But, as I understand it they have gone even furher - they have admitted that the money they were taking from the disavantaged customers was being used to fund free banking
  5. Welcome Hoveboy to the thread and to CAG... I know, from experience, you will find a great deal of help and advice in this forum - good luck with all your endeavours....
  6. Hi Devilsadvocate Sounds as though my lengthy diatribe may not be much use to you. I have a similar argument going on with a Halifax CC. They also said "if you make regular payments on time over 6 months we might review the interest rate" (currently 29.6%). Like you, I wouldn't trust them. I agree with Poppynurse. Hit them with an SAR. Say you want all information on file about your account including notes.... Might get lucky! Cheers
  7. Sorry. Rant over.... OK. The question is whether the increases in your interest rate are, indeed, as a result of your credit rating or payment history. If so, it is an example of a practice referred to as "risk-based pricing". There is a lot of debate about the legality/ethics etc of this practice but that's what CC companies do now... I can't help with advice on how to get the CC company to justify their rates but I can point out one small consequence of adopting risk-based pricing which may - or may not help. When the Office of Fair Trading investigated default charges on
  8. Hi Devil's Advocate You may have seen the bloke from moneybox on BBC breakfast TV earlier this week talking about credit card interest rate increases (in this case Capital One). His basic take was - well the Credit Card companies are so cautious now, they are looking at their customer's credit ratings and adjusting their interest rates to protect themselves from possible defaults. He mentioned rates of over 30% and didn't seem perturbed at all... In my view he should have been outraged... The reality is, people with poor credit ratings are not able, either to pay off their balances nor sw
  9. Hi Militantconsumer, Certainly an interesting thread!! I, like most, had assumed that what Egg said about the terms of the agreement remaining in place until the balance was settled - even though the agreement had been terminated - was true. If it turns out not to be true (and there are certainly some cogent arguments on the thread), then Egg would appear to have made a huge blunder. With regard to my own situation, I can only say that I no longer have any dispute with Egg nor (regretably) am I at liberty to discuss any matter relating to my Egg credit card with anyone other th
  10. I think a multipronged attack is the way forward. I have already written again to Egg requesting repayment of ALL late payment charges pointing out that the interest rate increases they applied were effectively additional default charges and that their defence of the £16 charge looks a bit shaky. Once I get their reply I intend to raise a compliant to the FOS about the interets rate rises (I'm assuming that, as with other compliants to FOS, you have to show you have tried to resolve it with the company first?). In the meantime I will write to the OFT asking them what the outcome was
  11. Hi Militantconsumer Many thanks for your posting and offer of help. You raise a very good point about interest rates for continuing customers. However, I suspect at 10.9% APR you would probably have noticed a suddden increase of an extra 5% and at least been a bit worried about it even if, as you say, you pay the balance in full every month. The limited evidence I have so far seems pretty consistent. ALL Egg customers that have contacted me had a 5% rate increase in December 2007 prior to a letter cancelling their cards in January - including myself. I suspect all of us were in t
  12. Thanks bathgatebuyer! This certainly seems to be the pattern.... Any more CAGer's who can help with further examples??
  13. Hi Kat1979 ...and many thanks for sharing your case on this thread. I understand and empatise with your position entirely. Whilst I may have mearly cleared my Egg balance, I have several other debts that will take considerably longer to sort out. Regarding the late payment penalties and Egg, I wrote and asked for these to be refunded. So far they have offered to pay the differnece between the £20 they were charging and the £16 they now charge - but no interest. I have declined their offer! I agree entirely with Mistermind - stick at it. There are many other threads here that I
  14. Thanks Martin I've subscribed to a couple of other threads - the MBNA great interest rate swindle was an interesting discussion and very informative. With Egg, the OFT promised an investigation - I will contact them and see where they got to. Regards
  15. I realise the cancellation of 161,000 Egg cards last year is old news, but I guess many, like myself, still have not paid off the outstanding balance yet. I am almost there, but have been complaining to Egg about the very high interest rate they have been charging on the balance. This led me to look at the history of interest rates on the account and I found that they raised the interest rate significantly 1 month before cancelling the card. Coincidence?? Well, I spoke to a couple of other ex-card holders. Guess what?? I would be very interested in hearing from any CAG members wh
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