Aaagghh Egg!!!

[Save A Tree]

Hi There

 

I have had a message from Egg today saying they are changing my APR from 16.9% to 26.9% from the 13th December :o

 

Merry Effing Christmas to you too.

 

I'm pretty sure i'll be cutting up my card and posting it back to them telling them exactly how i feel about this but is there anything i can actually do about this?

 

I had a similar messgae in September saying it was going up by 1% and thought that was bad enough.

 

I'm not in any position to clear the balance but figure if i cut the card up and concentrate on clearing the debt at least it can't get bigger.

 

Also, it's a while since i've been on here and notice there seems to be some successfull claims going in against Egg. Is it worth sending them a SAR too???

 

TIA

 

K x

[smarmymarmy]

Guess what-I,ve received the same email from them today, but thought it was due to the fact that I succesfully recovered £568.00 in charges via OFT and Financial Ombudsman just last month. I have every intention of contacting them today to find out exactly what this is about. I overpay on minimum balance each month, so can,t understand it. let me know how you get on

[steven4064]

SaT

 

Here's another possibility -

 

1. Transfer your balance to another card with 0%APR for balance transfers.

2. Cut up Egg card

 

3. Pay off balance on new card over whatever period the 0% lasts for (if you can)

 

4. Cut that card up.

[Save A Tree]

Thanks Guys - sorry I've not been on all weekend.

 

Smarmymarmy - did you get in touch with them? Anything exciting to report...?

 

Steven - ideally i would do this but sadly I would probably get refused if i apply for another card as my credit is shot to be bits, hence the fact I am SOOO annoyed at this as there is probably nothing i can do about it. They said on the first increase some crap about 'we've been listening to our customers...'!!?? It infuriates me - we struggle our nuts off to get our heads above water and just when you think you can handle your debts someone come and kicks you in the nuts

 

Thanks again for replying

 

K x

[Mistermind]

If your credit rating is shot to bits it cannot get worse. If you no longer intend to use the card, is there some debt management intermediary agency you could contact, to try get interest accrual stopped as you continuing paying off? In other forums there will be comprehensive listings of these intermediaries.

 

Have you contacted Egg itself? In many cases when they pass collection to their collection agency, and they decide after looking at your Income and Expenditure listing, that you have no realistic possibility of coping with new interest, they will stop interest accrual. But if you miss out monthly payments later they will get tough again.

 

Good luck.

[Save A Tree]

Thanks Mistermind.

 

While my credit rating is shot to bits i am keeping up with all my current payments on my current debts so am loathed to enter into an agreement with cccs ( or similar) for example; we need to re-mortgage next year and if my rating shows that i am in agreements with the world and his wotsit we'll be stuffed.

 

Looks like I'm scuppered doesn't it....

 

My ideal solution would be to switch to a 0% card but the amount owing is c.£4k and even if i did get a card i would never get £4k limit.

 

I guess I'll have to chop up the pigging card and tell 'em what i think of 'em 8-) but keep paying.

 

Thanks again to all who have replied

 

K x

[steven4064]

Chopping up th ecar is probably the best. After all, you don't want the debt increasing from £4k by the sounds of it.

[Mistermind]

In the wake of USA sub-prime lending and UK Northern Rock fallout, and the apparent certainty of house price falls, even banks will find it very difficult to borrow money. It looks as if they may drastically cut down on lending even to customers with good credit rating, let alone poor.

 

Lets hope its not 1990 negative equity situation all over again. The unlawful charges issue relates to partial refund from a total of £27 billion, of which half a billion has already been paid out. With a banking crisis not yet out of the script, wonder if the Treasury will have words with the OFT to go easy with the banks on 14th January.

[smarmymarmy]

Well, I ,phoned Egg, voicing my concerns, has gone down as a complaint and am awaiting a callback. let,s see what they have to say, not that I anticipate it making any difference. of course they are now American owned, and that I suspect is what it,s all about- fingers badly burned in the subprime lending market, so we have to pay!

[smarmymarmy]

letter received from Egg complaints dept today- reviewing customers on an individual basis, and you are now at 26.9%- so tough! didn,t really expect much else- will just go back to them in 6 months time, and not use the card at all in the meantime!