Egg to ditch dodgy customers

[AtW]

The FSA should surely be interested. They have guidelines against encouraging bad debt so if Egg are actually terminating good accounts, they could be in for a massive fine

I think anyone who got wrongly claimed as "bad risk" when they were not, and then had problems getting money borrowed to them, then they could sue Egg for such a wrong action that lead to actual problems - it is up to Egg to decide if they want to have customers or not, but they surely can't lie claiming someone is bad risk to then affect their credit level when in reality they are not bad risk.

[PAH]

I found out how valuable the insurance was when I was benched in 2000.

I had been paying the credit card payment protection insurance on my NatWest Access card from when I got it circa 1987. I went contract in 1995. From 1995 to 2000 it turned out I was not covered.

NatWest: "Director of a Ltd Co.? Not covered. F off."
Poor me: "But you've been taking the premiums. I want to claim."
NatWest: "Then that would be insurance fraud. F off."
Poor me: "Then can I have a refund?"
NatWest: "Are you still here? No. Next!"

That was when I learned: read the small print.

I think I saw a programme on ITV a month or two ago with that guy off moneysavingexpert exposing this payment protection insurance scam. They had a 'random sample' of people on the show and went through their situations to show who would be able to actually make worthwhile use of the insurance if required.

He also showed how to go about reclaiming premiums if you could prove the insurance was mis-selled, such as in the case where if they'd conducted more thorough checks they'd have known you were unelligable due to your circumstances.

[AtW]

He also showed how to go about reclaiming premiums if you could prove the insurance was mis-selled, such as in the case where if they'd conducted more thorough checks they'd have known you were unelligable due to your circumstances.

Refund (with interest) should be automatic in case of insurance company refusing to honour claim on the basis of ineligibility - if the person is ineligible then insurance company gets away with paying for the claim, but getting away with paid premium is completely one sided.

[PAH]

How sad that a credit card is now seen as a badge of honour; when it's removed it's some kind of affront against the holders character. What a magnificent triumph of marketing that the little people delight in such tokens made from cheap plastic.

I think it probably started when the card companies started handing out gold and platinums to the plebs, rather than the genuinely affluent.

Being a contractor I was naturally given a platinum by my bank without any need to ask. A guy I used to work with and still socialise with now and then, who is one of those cretins that has to have the 'best' stuff was a bit jealous at the time because he only qualified for a gold one. I couldn't give a toss about the colour as long as it's there in an emergency, but I loved winding him up about it. Last I heard he had 40k in credit card debts keeping his missus in designer gear.

[Ardesco]

I had a letter drop through the post on Sat telling me my account was going to be closed too.... Again I've never missed a payment so not quite sure why they want to close it.

Not that fussed about it, but if it does have an effect on my credit record I will be pissed as it's remortgage time this year because my deal is up (and buggered if I'm going onto the standard rate of 7% or whatever the hell it is...). Only time will tell I guess.

The most annoying thing of all is that they have stolen my thunder, they have been slowly increasing the interest rate on the card over the past year so that I'm not on something silly like an APR of 21%, and now they have gone and shut the account before I had a chance to tell them where they could stick their card....

[BrilloPad]

I had a letter drop through the post on Sat telling me my account was going to be closed too.... Again I've never missed a payment so not quite sure why they want to close it.

Not that fussed about it, but if it does have an effect on my credit record I will be pissed as it's remortgage time this year because my deal is up (and buggered if I'm going onto the standard rate of 7% or whatever the hell it is...). Only time will tell I guess.

The most annoying thing of all is that they have stolen my thunder, they have been slowly increasing the interest rate on the card over the past year so that I'm not on something silly like an APR of 21%, and now they have gone and shut the account before I had a chance to tell them where they could stick their card....

Did you have a zero balance? Apparently they are closing accounts with zero balance as unprofitable. Or introducing fees (MBNA).

[Archangel]

Or introducing fees (MBNA).

Do you have a link for this?

[Ardesco]

Did you have a zero balance? Apparently they are closing accounts with zero balance as unprofitable. Or introducing fees (MBNA).

No I make sure I use all my credit cards fairly regularly because not using them at all is detrimental to your credit records (bloody stupid IMHO but there we go). I suspect it is because I am only using about 10% of my credit limit and always pay well over the minimum payment amount if not clearing the card.

Ah well no skin of my nose really just slightly annoying. To make matters even more amusing they haven't recalled my wife's card. Her only income is the money my company pays her for doing the admin (Just over £5,000 a year) and she doesn't use the card at all (been sitting on £0 for over a year). Yet she is obviously a much lower credit risk than me....

[PAH]

Yet she is obviously a much lower credit risk than me....

They know it's only a matter of time before she walks past a designer shop and just has to have that pair of boots and matching handbag at 2 grand a pop. Thinking she's only on minimum wage, they're baiting the trap.

[interested]

I had a letter drop through the post on Sat telling me my account was going to be closed too.... Again I've never missed a payment so not quite sure why they want to close it.

Not that fussed about it, but if it does have an effect on my credit record I will be pissed as it's remortgage time this year because my deal is up (and buggered if I'm going onto the standard rate of 7% or whatever the hell it is...). Only time will tell I guess.

The most annoying thing of all is that they have stolen my thunder, they have been slowly increasing the interest rate on the card over the past year so that I'm not on something silly like an APR of 21%, and now they have gone and shut the account before I had a chance to tell them where they could stick their card....

Currently pondering how to piss them off - I reckon leave £20 or so on my account and keep the DD going until it pays the balance off?