Egg customers outraged by decision
February 29, 2008
Egg customers have been expressing outrage after a recent announcement by the online lender with regards to the withdrawal of credit card facilities.
The online financial giant recently announced that the credit card accounts of over 160,000 customers were going to be closed, and that the cards would no longer be active 35 days after the […]
Missed repayments netting millions for credit card providers
February 27, 2008
According to a recent report credit card companies are netting a fortune in extra profits as a result of consumers missing repayments.
With living costs rising, interest rates still high, and household finances overstretched, not to mention the reduced availability of credit, many consumers are experiencing severe financial strain at present, and this means that […]
Are banks withdrawing credit cards because of profits?
February 25, 2008
In light of the global credit crunch and tighter lending conditions a number of banks and credit card companies have announced over recent months that they will be more stringent about who they give credit cards to, and will be carefully reviewing credit limits on both new and existing accounts.
Credit card application rejections have risen, […]
Credit Card Firms Accused OF Confusing Customers
February 22, 2008
The Office of Fair Trading (OFT) reckons that credit card companies are taking £400m a year from customers by confusing them with small-print jargon and unfair charges. It means that many people pay more for their cards than they need to.
The OFT has unveiled a regime to help keep people clear of unfair cards, creating […]
All Not Well At Egg
February 20, 2008
Egg’s decision to shed 161,000 of its credit card holders was obviously made in the knowledge that its losses for 2007 were going to be bad news. They are.
Losses at the financial services firm jumped to around £250m – mainly due to ongoing problems with customers’ bad debts. The new owners of Egg, Citigroup, wrote […]
Complaints About PPI Soar
February 18, 2008
Complaints about payment protection insurance are shooting up, says the Financial Ombudsman Service, and it has called on banks and other firms using the insurance to compensate customers.
In January 2008 the number of complaints was 1,499, whereas for the whole of 2006-7 financial year the number of complaints was 1,832.
Also, interestingly, 80% of the complaints […]
The Mean Banks
February 15, 2008
Banks are squeezing customers wherever they can. Mortgage rates are not coming down with the base rate; banking is getting more expensive; and lending rules are getting tighter.
Who’s to blame for all this? Why, the banks themselves, of course.
Who pays the price? The customer.
Banks want more security so they’re pushing the price of any service […]
Twist in tale as credit card customers made to pay most expensive debt last!
February 14, 2008
Credit card customers are being tricked by several major card providers. The customers are being forced to pay off their lowest interest debts first, thus leaving the biggest debts until the end, according to moneysupermarket.com.
They have found 8 of the major providers carry out this practice, with Nationwide being a rare exception.
By imposing this practice, […]
Egg Decision Could Spread To Other Credit Cards
February 13, 2008
Egg’s decision to cut unwanted customers from its list could lead to pain for borrowers who use new deals on different credit cards to maintain their low-interest repayments.
Until the credit crunch hit the UK credit cards were easy to obtain and the 0% balance transfer deals were attractive to people who transferred a balance from […]
Has Egg Got It Wrong?
February 11, 2008
Internet bank Egg stands accused of discriminating against responsible customers as well as not renewing cards for 160,000 debt-ridden credit card holders.
There have been calls for the Office of Fair Trading to launch an enquiry into Egg’s decision to stop 160,000 people using their cards. The claim by Egg was that it had taken the […]
