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Egg have recently sent me a booklet detailing changes to their terms and conditions.
"...in condition 10.5, where you have both an Egg credit card and an Egg loan, and you are in arrears with your payments, we may choose to allocate any payment you do not make to the product with the highest interest rate. If both products charge the same rate, we may choose how to allocate the payment"
So, this means that THEY will decide which of your debts will be cleared first - starting with the debt with the lowest interest.
For some considerable time, credit card companies have done this with the balance within a credit card - where more than one rate is levied on different balaces on the same card.
However, this would seem to extend this practice; to the obvious detriment of borrowers.
I wonder what do you think about this?
"...in condition 10.5, where you have both an Egg credit card and an Egg loan, and you are in arrears with your payments, we may choose to allocate any payment you do not make to the product with the highest interest rate. If both products charge the same rate, we may choose how to allocate the payment"
So, this means that THEY will decide which of your debts will be cleared first - starting with the debt with the lowest interest.
For some considerable time, credit card companies have done this with the balance within a credit card - where more than one rate is levied on different balaces on the same card.
However, this would seem to extend this practice; to the obvious detriment of borrowers.
I wonder what do you think about this?
Answers
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I read the same thing the other day (I have an Egg card).
To be honest if you get yourself into a situation where you can't pay your debts then you have IMO no reason to complain how Egg decide to deal with the issue. You use the word detriment to borrowers as if they should in some way be entitled to pay back when they fancy, what about detriment to the banks?
They have given you their money to purchase something you would otherwise be unable to. We all pay in the long run for bad debtors.
To be honest if you get yourself into a situation where you can't pay your debts then you have IMO no reason to complain how Egg decide to deal with the issue. You use the word detriment to borrowers as if they should in some way be entitled to pay back when they fancy, what about detriment to the banks?
They have given you their money to purchase something you would otherwise be unable to. We all pay in the long run for bad debtors.
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