Misquoted payment rate by Virgin

justinef_2

Help! I hope someone can help, I was completely misquoted a payment rate at Virgin credit card and so agreed to balance transfer a substantial amount of money. This has resulted in me becoming liable for a minimum repayment four times what I was originally quoted. All transactions were carried out verbally and so I have no record. The amount I am now liable to repay is now going to put severe strain on my finances and i am now looking at having to go into a debt management plan to reschedule the debt, which will effect my credit rating. What can I do?

Rafter

Presumably the payment rate is just the standard rate quoted in your terms and conditions?

If virgin changed this without giving your written notice then you definately have a case.

Otherwise you are stuck with it, or need to reverse the transfer back to where you started and try again.

R.

grumbler

1. If you are sure you were misinformed and you remember date and time when this happend you can try to appeal.

2. If you still have decent credit rating you can try to apply for other card(s) or a loan. See Best Balance Transfers (cut the cost of existing credit card debts) Martin's article and Cut the cost of existing loans?.

3. Paying minimum payments is not a good idea. You should be warried not only about minimum amount you pay, but also about interest rate. Danger! Avoid Minimum Repayments.

justinef_2

Thanks. I am awaiting reply from Virgin together with transcript of conversation that took place. I think I will be taking the matter up with a financial ombudsman. Although the option of reversing the balance transfer if also very appealing, whilst I still have decent credit rating. I just can't believe the advisor got the maths so utterly wrong.