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Farron slams Egg credit decision

February 4, 2008 3:00 PM

Local MP Tim Farron has today expressed concern at the decision by the credit card operator Egg, who have cancelled the credit cards of some 160,000 customers, who were reportedly 'high risk' borrowers. However, it has emerged that some customers who have kept up regular payments have also had their cards cancelled, including Peter Thornton, a Liberal Democrat on South Lakeland District Council.

Mr Thornton said:

"This is more than an amazing PR blunder. There's a huge amount of people in my position. I'm on a lower interest rate because presumably they've assessed me as a good risk, now they're saying it's just bad-risk people they're getting rid of. I feel slandered by that."

Tim Farron added:

"This decision to cancel the cards of entirely responsible Egg customers smacks of the company deciding that they want to concentrate on increasing their profits by encouraging individuals to get into higher amounts of debt so that they can cream off greater levels of interest. An OFT inquiry into these actions should now take place."