missed my payment on my credit card

mirrell

Can anyone tell me what i should do. I forgot to pay my credit card payment and tried to pay it on the due date by my debit card (but should have allowed a few dates for the payment to go through. I then received my statement with late fee of £12 and virgin had cancelled my 0% offer and reverted it to "27% charging me over £100 interest on £5000. I contacted Virgin trying to explain that i thought i had paid it and it was a mistake and i tried to pay it on the date. But Virgin was unhelpful said that they couldn't put me back on the offer and eventally offered to lower my interest to 14% instead. As i paid 3% for balance transfer fee and was only into my 4th month i was quite upset and don't know what to do. (I know that i should have set up a DD but it's too late now),

DestroyingAngel_2

You were late with the payment. You breached the terms and conditions of your 0% promotion, so you reverted back to the standard rate. Virgin were lenient enough to allow you give you a lower APR instead of charging you the standard rate. You should have set up a DD in the first place, then this would not have happened.

kanagokul

mirrell wrote: »

Can anyone tell me what i should do. I forgot to pay my credit card payment and tried to pay it on the due date by my debit card (but should have allowed a few dates for the payment to go through. I then received my statement with late fee of £12 and virgin had cancelled my 0% offer and reverted it to "27% charging me over £100 interest on £5000. I contacted Virgin trying to explain that i thought i had paid it and it was a mistake and i tried to pay it on the date. But Virgin was unhelpful said that they couldn't put me back on the offer and eventally offered to lower my interest to 14% instead. As i paid 3% for balance transfer fee and was only into my 4th month i was quite upset and don't know what to do. (I know that i should have set up a DD but it's too late now),

You should contact your credit card company and let him all the details about you miss things I think they have must any alternative suggestions for that

nickmack

mirrell wrote: »

(I know that i should have set up a DD but it's too late now),

You got caught out by not setting up a DD and forgetting to pay on time. This is one way that Credit Card companies make money out of people who transfer money at 0%. I don't need to tell you now, that to stooze successfully, you need to be disciplined.

That said, you may be able to recover the situation. It has been known for Virgin (MBNA) to reinstate the 0% rate if you call (again) and tell them, you can't afford that debt at the (now) current interest rate. If you say, you'll be looking to transfer the whole balance away and close the account, this may work.

Otherwise, you need to carry out the above, if your credit status is good enough to get another 0% card. Remember to set up a DD for the minimum amount so this doesn't happen again. You can still make additional payments to pay the debt off quicker.