Egg online CCA

[simon1003]

Hi, I'm interested in getting Egg to reduce my interest rate which they have set at 26.9%, while reducing my credit limit and causing me to breach said limit for 1 month because of the interest added!

My online CCA reads like this:

CREDIT CARD AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974

This is a credit card agreement between Egg Banking plc of Citigroup Centre, Canada Square, London E14 5LB and you. In Condition 8, we set out the meanings we have given to some terms in this Agreement.


full name xxxxxxxxxxxxxxxxxx
e-mail address xxxxxxxxxxxxxxxxxxxxxx

KEY FINANCIAL INFORMATION

1. CREDIT LIMIT

We will set and tell you the Credit Limit from time to time. We will carry out appropriate checks before increasing your Credit Limit and we will tell you if we change your Credit Limit. You may tell us not to raise your Credit Limit, and may also tell us to lower your Credit Limit at any time.

2. REPAYMENTS

Each month you must pay by direct debit at least the minimum payment stated in your statement by the Payment Date. The minimum payment will be:

the full Revolving Balance if it is less than £5, but otherwise the greater of 2% of the Revolving Balance and £5;

Plus for each Transferred Balance;

the full amount of the Transferred Balance if it is less than £5, but otherwise the greater of 2% of the Transferred Balance and £5.

(See Condition 10 of the Egg Card Conditions for further details.)

We will collect the amount you tell us you want to repay so that it is paid into the Account by the Payment Date.

3. APR

The APR for your Agreement is 14.9% (variable).

OTHER FINANCIAL INFORMATION

4. INTEREST

4.1 We will charge interest:

on Purchases and Transferred Balances put on the Account until 1 January 2006 at a monthly rate of 0% fixed until 1 January 2006, and thereafter at a variable annual rate of 14.9%;

on Cash Advances at a variable annual rate of 17.9%; and

otherwise, at a variable annual rate of 14.9%.

4.2 If you fail to pay the minimum payment required under Condition 2 during the introductory promotion period, we may charge interest on Purchases and Transferred Balances at a variable annual rate of 14.9% instead of the rate applicable for that introductory promotion. We may also vary the interest rates or Charges in accordance with Condition 11.6 or 17 of the Egg Card Conditions. The APR does take these variations into account.

4.3 We will charge interest on all amounts making up the Balance on a daily basis at the relevant rate set out in Condition 4.1 above from the date each Transaction and Charge was put on the Account (and from 1 August 2005 interest will be so charged from the date each Transaction and Charge is made). Interest will be charged until the Balance has been repaid in full. We will not, however, charge interest on Purchases listed in your last statement, if you pay the Statement Total on or before the Payment Date. We may charge interest on interest if you do not pay your minimum payment.

4.4 We will charge interest on any late payments both before and after any court judgment.

5. HOW YOUR REPAYMENTS USED

5.1 If you pay up to the full minimum payment, we will apply the amount you do pay to reduce what you owe us in the following order:

interest on any Transferred Balances and the Revolving Balance; and

the remainder of the minimum payment will be divided between the balances stated in Condition 2 and applied to those balances accordingly.

The amount apportioned to the Revolving Balance will be divided equally between the categories within that balance.

5.2 If you pay more than the minimum payment, we will apply any amount over the minimum payment in the following order:

Transferred Balances on which interest is charged at a promotional rate (in the order they were put on the Account); and

the Revolving Balance in the following order:

(i) Card repayment protection premium (if applicable) and Charges;

(ii)Cash Advances included in your current statement;

(iii) Transferred Balances put on your Account that are not charged at promotional rates (including any Transferred Balances on which any initial promotional rate is no longer charged) and Purchases included in your current statement (including Purchases at a promotional rate);

(iv) Cash Advances put on your Account after your latest statement date; and

(v) Purchases put on your Account after your latest statement date.

5.3 If we change this order for any Special Promotion we will tell you in the details of the Special Promotion.

6. TOTAL CHARGE FOR CREDIT

If you use your Card to make a Purchase of £1500 and then repay that Purchase in 12 equal monthly repayments you would pay interest of £116.21 based on the annual interest rate which will apply for Purchases after the introductory promotion period for Purchases.

KEY INFORMATION

7. CHARGES

7.1 If you break the terms of this Agreement we may charge you the following, where relevant, to cover the additional cost caused to us:

£20 each month you go over the Credit Limit, even if we authorised the Transaction which resulted in you exceeding the Credit Limit;

£20 if you do not keep up the payments on the Account;

£20 for any payment returned or recalled for lack of funds; and

any costs and expenses reasonably incurred by us as a result of your breach of this Agreement.

7.2 We will charge:

£2 for any payment made other than by Direct Debit, debit card or transfer from an Egg Savings Account;

a handling fee of 2% of the amount of each Cash Advance (minimum fee £2.00). If you are an Existing Egg Customer, we will not charge a handling fee;

a handling fee of 2% (maximum fee £50.00) on the amount of each Transferred Balance made during an introductory offer period or made under a Special Promotion;

2.65% commission on all Transactions which have to be converted into sterling (see Condition 9.2 of the Egg Card Conditions);

£2 for each paper statement; and

if you ask us for any non-standard service, an amount which we will tell you before we provide the service.

MISSING PAYMENTS

Missing payments could have severe consequences and make obtaining credit more difficult.

IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS

The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, we cannot enforce the agreement without getting a court order.

The Act also gives you a number of rights:

1) You can settle this agreement at any time by giving time notice in writing and paying off the amounts you owe under the agreement.

2) If you received unsatisfactory goods or services paid for under this agreement, apart from any bought with a cash loan, you may have a right to sue the supplier, us or both.

3) If the contract is not fulfilled, perhaps because the supplier has gone out of business, you may still be able to sue us.

If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.

THEFT, LOSS OR MISUSE OF EGG CARD

If your Egg Card is lost, stolen or misused by someone without your permission, you may have to pay up to £0 of any loss to us. If it is misused with your permission you will probably be liable for ALL losses. You will not be liable to us for losses which take place after you have told us about the theft, etc, as long as you confirm this in writing within seven days.



This is a Credit Agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by its terms.
signature of customer

please tick this box
(this is instead of providing your signature)

date of signature 12 July 2005

I wish to purchase Card Repayment Protection insurance
I understand that I am purchasing the product ticked above on credit provided by you and that the terms relating to the credit for the products can be found in this agreement.

Your signature
please tick this box
(this is instead of providing your signature)



Signed on behalf of Egg Banking plc.

Signature of lender

Emma Rayment, credit card product manager Date 12 July 2005

This Agreement uses certain defined terms. For these and the other terms and conditions which form part of your Egg Card Agreement please refer to the Egg Card Conditions.

By submitting this Agreement to us, you confirm that you want us to issue you with an Egg Card and that the details you have given us are true and complete and that you have read and accept the Egg Card Conditions, especially Condition 22 (Use and disclosure of Personal Information). These set out how we will use the information we obtain about you including information about the type of payments you make with your Card. We will not use this information for any purpose other than those set out in Condition 22 but if you do not want us to have any information about a payment you should consider an alternative to using your Card. This Agreement will only be binding on us when we have completed and are satisfied with our final checks and other searches.


I'm not sure I ever signed an actual physical agreement, just the online one. Is there anything in my agreement which should prevent them from increasing the interest rate so much?

Thanks in advance.

[old_andrew2007]

Bump

[simon1003]

Hello, could anyone help?