Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Lotstogain
    • By Lotstogain 12th Jul 17, 9:30 PM
    • 40Posts
    • 146Thanks
    Lotstogain
    Not accept interest rates increase virgin
    • #1
    • 12th Jul 17, 9:30 PM
    Not accept interest rates increase virgin 12th Jul 17 at 9:30 PM
    Hi, I have a Virgin credit rate with an 0% interest deal that is due to expire in a couple of months. I've had a letter reminding me of this but giving me two options to "keep the existing account " or "don't accept the rates increase". If I choose option 2, I won't be able to use the card anymore, but the interest charged will remain at the current rate (eg 0%) , I'll need to keep repaying at least the minimum monthly payments until I have paid the amount off in full, then the account will be closed. My question is, will this show as some kind of default and/or affect my credit rating?. I don't intend to use the card for spending again, at the moment I am on the merry go round of switching various cards between different 0% offers. So would it be easier just to stick with this or is there some kind of catch? Thanks in advance for any advice.
Page 1
    • zx81
    • By zx81 12th Jul 17, 9:34 PM
    • 12,537 Posts
    • 12,702 Thanks
    zx81
    • #2
    • 12th Jul 17, 9:34 PM
    • #2
    • 12th Jul 17, 9:34 PM
    It won't stay on 0%. The change is to the underlying rate will - so the 0% will end regardless.

    It won't show as a default if you reject it, but as a closed account.
    • molerat
    • By molerat 12th Jul 17, 9:38 PM
    • 16,631 Posts
    • 10,843 Thanks
    molerat
    • #3
    • 12th Jul 17, 9:38 PM
    • #3
    • 12th Jul 17, 9:38 PM
    The interest definitely will not remain at 0% beyond the promo period. Are you sure that the standard interest rate has not been increased above the original figure. If it stayed at 0% we would all be doing it, I would quite happily pay Virgin £25 per month for the next 8 years
    www.helpforheroes.org.uk/donations.html
    • BlondBoy
    • By BlondBoy 12th Jul 17, 11:53 PM
    • 153 Posts
    • 109 Thanks
    BlondBoy
    • #4
    • 12th Jul 17, 11:53 PM
    • #4
    • 12th Jul 17, 11:53 PM
    Lotstogain - was this on your statement or did you get a specific letter about it? If it's the former, maybe check your email.

    I've got a Virgin card that's coming up to the end of its 0% period too. Got an email from them the other day saying:

    I am getting in touch to let you know we provided a message on your July online statement in error.

    On your July statement you may have seen a message informing you of a change to the interest rates on your account and giving you the option to opt out of this rate change. This was sent to you in error. Your interest rates will not change, and there is no need for you to contact us to opt out. Your online statement has now been updated and is available for you to view in Online Service.

    I apologise for any confusion our error has caused. To confirm, if you did view your statement before we corrected it, your account interest rates will not change and there is nothing you need to do.
    May or may not be relevant to you....
    • Lotstogain
    • By Lotstogain 13th Jul 17, 6:29 PM
    • 40 Posts
    • 146 Thanks
    Lotstogain
    • #5
    • 13th Jul 17, 6:29 PM
    • #5
    • 13th Jul 17, 6:29 PM
    It was a specific letter in the post, so looks like they have messed up! I'll check the emails! I thought it was too good to be true!!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,833Posts Today

9,124Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin