0% lost due to missed payment, help!

nicwat

Hi,
I daresay this has been mentioned on here before but I couldn't see it.
My girlfriend has a Mint credit card as it seemed to give her the best rate and 0% on purchases for a year.
While we were away in France she accidentally missed a payment and because of this the 0% she had disappeared and she's automatically being charged interest. She called the bank and has already made the payment but they said it will take 8-10 days to decide whether to allow her to keep the 0% while it earns interest the whole time. Until they make their decision she's reluctant to switch to a different credit card as this was a good rate.

Any advice?
Thanks.

YorkshireBoy

nicwat wrote: »

Any advice?

Set up a minimum payment DD, and make late payments a thing of the past.

Offer to set one up with Mint, and it may help your case for reinstatement of the 0% rate.

brownbabygirl

YB, you took the words right out of my mouth. The first thing I do when I get a CC is to set up a DD.

OP, hope it ends well. Tcare.

northern.starlite

The same thing has happened to me with Virgin and I'm gutted .. I did a balance transfer from Egg to Virgin in Feb, to take advantage of the 0% for 15 months offer - my intention is to pay back £70 - £100 a month (much more than the Min payment) to clear the debt as quickly as I can before the 15 months runs out, so didn't set up a DD.
I missed a payment in April (i pay through HSBC online) by a day and I missed last month by a day also. The "let me off" with charging interest in April as i was a newish customer but have this month charged me and, I've just been told, will continue to charge interest unless the balance (£1800) is paid off in full...which I absolutely can't do.
I have no idea what to do as I'll never get it paid off now if I keep getting charged £30-40 a month interest.

Any advice? I'm bloody awful with finances (as you can see!) If I set up a DD can I then still pay the extra and will it make any difference?? Obviously I'd like to be able to get Virgin to drop the interest but that'll never happen right??

Any help appreciated
G

MABLE

northern.starlite wrote: »

The same thing has happened to me with Virgin and I'm gutted .. I did a balance transfer from Egg to Virgin in Feb, to take advantage of the 0% for 15 months offer - my intention is to pay back £70 - £100 a month (much more than the Min payment) to clear the debt as quickly as I can before the 15 months runs out, so didn't set up a DD.
I missed a payment in April (i pay through HSBC online) by a day and I missed last month by a day also. The "let me off" with charging interest in April as i was a newish customer but have this month charged me and, I've just been told, will continue to charge interest unless the balance (£1800) is paid off in full...which I absolutely can't do.
I have no idea what to do as I'll never get it paid off now if I keep getting charged £30-40 a month interest.

Any advice? I'm bloody awful with finances (as you can see!) If I set up a DD can I then still pay the extra and will it make any difference?? Obviously I'd like to be able to get Virgin to drop the interest but that'll never happen right??

Any help appreciated
G

Why not relay to them you are very stupid with money and no idea what you are doing and they may show some sympathy and reinstate your promotional rate.

northern.starlite

wow, that's incredibly helpful. thanks.

YorkshireBoy

northern.starlite wrote: »

I have no idea what to do...

Your only option now is to appeal to customer loyalty on 0800 783 1116. If they can't help you (and I'm sorry to say they I don't think they will reinstate the 0%...but read on), then no-one can.

as I'll never get it paid off now if I keep getting charged £30-40 a month interest.

At 15.9% typical APR, your monthly interest on £1,800 should be around £22. Have they also doubled your interest rate, as some form of secondary punishment? If so, then mention this to the loyalty team when you call and see if they can lower it back to the typical rate.

If I set up a DD can I then still pay the extra and will it make any difference??

Yes, and yes. The Virgin minimum payment is collected no matter how much extra you pay during the month by other means.

MABLE

northern.starlite wrote: »

wow, that's incredibly helpful. thanks.

I am not saying anything you have not said yourself. The people that can overturn the decision is the card provider. Be honest with them. You most certainly have nothing to lose but alot to gain.

northern.starlite

Thanks for the advice YB, appreciate it. Will give them a call when I've calmed down a bit

G

Sneezy

you can also login to your account with Virgin and pay it that way too