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Re: Citigroup plans to sell EGG
Well, it looks like Citigroup will be left with Egg on their face, after the sale of the world's largest internet scam.
Egg was set up on the assumption that internet banking was the way to go and that customers would be lining up to swap from their existing lenders. Such was the haste to set up Egg, they made two fatal errors. Firstly, many customers of banks stay loyal, even if their bank offers inferior interest rates, etc. Therefore Egg had to lower their lending criteria and accept a large percentage of higher risk customers, in order to get people to switch to Egg. Secondly, for some unknown reason, they put together badly written credit agreements, leading to large amounts of unenforceable agreements, or agreements that would be contested.
Rather than accept that they made mistakes, Egg have for several years been involved with what can only be described as a vendetta against their customer base. Read all the threads on here about people who were mis sold PPI (I am one of them)-Egg were fined heavily for the mis selling. However, they still try and frustrate the process of anyone attempting to complain.
Egg are a disgrace and if this is the future of Barclays, all I can say is that I hope that they will look after their customers better than Egg did.
Originally posted by Angry Cat
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Egg was set up on the assumption that internet banking was the way to go and that customers would be lining up to swap from their existing lenders. Such was the haste to set up Egg, they made two fatal errors. Firstly, many customers of banks stay loyal, even if their bank offers inferior interest rates, etc. Therefore Egg had to lower their lending criteria and accept a large percentage of higher risk customers, in order to get people to switch to Egg. Secondly, for some unknown reason, they put together badly written credit agreements, leading to large amounts of unenforceable agreements, or agreements that would be contested.
Rather than accept that they made mistakes, Egg have for several years been involved with what can only be described as a vendetta against their customer base. Read all the threads on here about people who were mis sold PPI (I am one of them)-Egg were fined heavily for the mis selling. However, they still try and frustrate the process of anyone attempting to complain.
Egg are a disgrace and if this is the future of Barclays, all I can say is that I hope that they will look after their customers better than Egg did.
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