Is it Possible to Reverse a BT on Virgin card?

Codswallop

I've transferred an amount from an Egg card onto a Virgin card. The Egg card was a very high interest rate and the Virgin rate being offered was 5.9%, not the best rate but the 0% on it had just ended and that was the best offer on a card account that was already open and offering the rate.

Since the transfer, the account has been updated and it is stating that the minimum payment for this month will be £382 on £12,355. This is higher than the original Egg card minimum payment per month at £200 a month. I understand that in the long run, paying a larger chunk off each month is probably better but it's too much. If Virgin can't do anything to lower it, can I reverse the transfer? It was made a week ago. I've left the paperwork for the card at work, does anyone know if there is a cooling off period?

If there isn't, I'll have to try and get another 0% BT card and transfer it fast. I'd very much appreciate any positive and helpful replies. Thanks.

vbrindle

I can't see how you could reverse it as by the sounds of it the transfer has already gone through.

All you can do is hope Egg offer you a 0% deal so you can transfer it back or look for another card. But won't you have been charged a 3% handling fee for this transfer? That's £370.65 added to the debt you had on the other card so rather than add yet another 3% fee to transfer to another card I'd try and hold out.

Can you really not afford it?

CLAPTON

382 on 12000 is about is about 3.16% so its not very high so if you do transfer elsewhere make sure you have checked the minimum repayments.

are you sure this amount doesn't include the initial BT fee?

YorkshireBoy

CLAPTON wrote: »

are you sure this amount doesn't include the initial BT fee?

On the nail CLAPTON.

Subsequent minimum payments will then be based on the 'fees + ppi + interest + £5' calculation.

So, next month's minimum payment will be (approx):

(£12,000 x 0.4789%) + £5 = £62.46

The bad news here for the OP though, is that the balance isn't going to fall very quickly at all (in fact, by only £5 per month :eek:) if they only ever make the minimum payment.

Suggest, therefore, that they continue to pay 2% (as they were doing with Egg) which will be around £240, ie set up a minimum payment DD and then make an additional payment of £180 per month...and obviously paying more where they can.

Codswallop

Thank you very much for your posts. Hopefully it is the case, as you say, that the transfer fee is included in this first payment. Sigh of relief. My boyfriend has commission payments each quarter so that is why it's easier to pay a minimum and then add on sporadic payments. Thanks for your help.