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 Egg

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drewboy
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PostSubject: Egg   Mon 04 Feb 2008, 21:08

Are taking my credit card off me!

Have sent a secure message to them, and if they actually do this, they will also loose my savings (my ISA is maxed) and my personal loan.

Am raging!

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helencbradshaw

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PostSubject: Re: Egg   Mon 04 Feb 2008, 22:15

ROFLMAO

I saw this on the news the other day, one poor lady paid in full every month and yet she was told they are taking it off her.

Banks! Razz
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drewboy
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PostSubject: Re: Egg   Mon 04 Feb 2008, 23:09

Am not impressed at all. Been with them for 9 years! Not my fault CITIBANK have made bad investments.....

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WormThatTurned

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PostSubject: Re: Egg   Mon 04 Feb 2008, 23:46

A work colleague has had one of these 'Your Egg card has been cancelled' letters. He is excellent with money (used to be a bank manager) and always pays off the balance every month. His credit rating is excellent. Ive seen simular reports from people on the news. Egg appear to be lying through their teeth IMO. Customers who control their money dont make them money. It would have been nice if theyd been honest about it.
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drewboy
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PostSubject: Re: Egg   Tue 05 Feb 2008, 01:09

The letter is awful. I have NEVER received a letter like that before. And the thing that gets me, is that I must be profitable to them. I carry a balance, I have a personal loan, and my savings help their liquidity.

It's the bit where the suggest checking my credit reference. It's perfect, and I know that cause I just got approved for a pretty hefty mortgage!

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helencbradshaw

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PostSubject: Re: Egg   Tue 05 Feb 2008, 02:01

No doubt there will be much more press over the coming week as they seem to have got this particular activity a little wrong...
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Paul99ine

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PostSubject: Re: Egg   Tue 05 Feb 2008, 19:01

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plipplop

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PostSubject: Re: Egg   Sat 16 Feb 2008, 22:41

drewboy wrote:
The letter is awful. I have NEVER received a letter like that before. And the thing that gets me, is that I must be profitable to them. I carry a balance, I have a personal loan, and my savings help their liquidity.

It's the bit where the suggest checking my credit reference. It's perfect, and I know that cause I just got approved for a pretty hefty mortgage!

You also said you had a personal loan. Coupled with the mortgage, you possibly became a higher risk?
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drewboy
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PostSubject: Re: Egg   Sat 16 Feb 2008, 22:52

How are they to accurately asses that risk without knowledge of holdings I have outside of their company though?

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plipplop

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PostSubject: Re: Egg   Sat 16 Feb 2008, 22:55

drewboy wrote:
How are they to accurately asses that risk without knowledge of holdings I have outside of their company though?

Haha - you didn't think risk assessment was accurate and meaningful did you? Smile For many lenders, it's a tick box exercise and nothing more!
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dididave

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PostSubject: Re: Egg   Sat 16 Feb 2008, 22:57

plipplop wrote:
drewboy wrote:
How are they to accurately asses that risk without knowledge of holdings I have outside of their company though?

Haha - you didn't think risk assessment was accurate and meaningful did you? Smile For many lenders, it's a tick box exercise and nothing more!

As is risk assessment in general, as a risk assessing King I have filled in more tick boxes and pre-conceived governement recommended charts than anything and none of them amount to anything othe than something for inspectors, accountants and auditors to nod at.
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drewboy
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PostSubject: Re: Egg   Sat 16 Feb 2008, 23:00

plipplop wrote:
drewboy wrote:
How are they to accurately asses that risk without knowledge of holdings I have outside of their company though?

Haha - you didn't think risk assessment was accurate and meaningful did you? Smile For many lenders, it's a tick box exercise and nothing more!

I have carried out far more than my share of risk assessments, so have pretty good experience of them!

But yes, while they are tick box exercises for the most part, someone has to set that criteria in the first place and I honestly am at a loss as to how they have come to mine being 'high risk'. I have never once been within 3k of my limit. If I was a risk, I would have been a lot closer to it for quite a while.

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plipplop

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PostSubject: Re: Egg   Sat 16 Feb 2008, 23:07

drewboy wrote:


I have carried out far more than my share of risk assessments, so have pretty good experience of them!

But yes, while they are tick box exercises for the most part, someone has to set that criteria in the first place and I honestly am at a loss as to how they have come to mine being 'high risk'. I have never once been within 3k of my limit. If I was a risk, I would have been a lot closer to it for quite a while.

Don't get me wrong - I'm not defending them - all financial institutions are incredibly poorly managed!

You said you had "just" been approved for a mortgage - that might mean your disposable income has just dropped. I guess your previous conduct might not count towards this new "risk" maybe?
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drewboy
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PostSubject: Re: Egg   Sat 16 Feb 2008, 23:23

I have, but that happened on the same day that I got the letter. Plus, after complaining, I found out they didn't do an actual full credit check so wouldn't have known that anyway.

But yes, your assessment of poor management is not far wrong...

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fizzywizzy

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PostSubject: Re: Egg   Sun 17 Feb 2008, 01:08

And us! They ditched us too. It might have been a nuisance a while back because we found it useful when abroad but now we have a Slovenian bank account we don't need to use the card.

Their loss really as they probably used to sting us for a crap exchange rate.
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koshkha

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PostSubject: Re: Egg   Sun 17 Feb 2008, 13:36

Have you tried moneysavingexpert.com - I bet he's got some advice on this one.

Mind you, if they don't want you I'm sure lots of other companies will.
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atticusuk

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PostSubject: Re: Egg   Wed 20 Feb 2008, 02:21

drewboy wrote:
Are taking my credit card off me!

Have sent a secure message to them, and if they actually do this, they will also loose my savings (my ISA is maxed) and my personal loan.

Am raging!

Probably done on postcode, anyone with a view of a Chinese take away must be a credit risk.
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helencbradshaw

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PostSubject: Re: Egg   Sat 05 Apr 2008, 23:20

I got an EGG credit card through the post today - and I have no idea why!
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