Virgin Credit Card Minimum payment

mastermank

Just wondering if anyone else got the letter from virgin saying that they are stopping the fixed amount direct debits and are only taking the minimum amount each month instead.
As I pay an amount that will clear my bill off exactly as my 0% balance transfer deal ends this is a pain in the !!!! for me as i've be now told to set up a standing order to make the regular payments.

Aside from the annoyance at havimg to do this i'm concerned at the implications for customers who may now have theiy payments changed and end up moving from paying while in a 0% period to outside it.
I've already made a complaint and am awaiting a callback from a manager. has anyone else encountered this yet or is it just me.

(they say in the letter its to protect customers whose minimum payment is greater than theor fixed amount but i've never missed a payment or paid of anything but this amount.)

IWantToBeFree_2

My household has 2 Virgin credit cards (1 in my name and 1 in OHs) and niether of us have had a similar letter.

To be honest, I don't see what the problem is, and just because you have always made the same payment and always paid more than the minimum, there could be thousands of others who haven't. Obviously by only taking the minimum, it could mean that people pay more interest in the long run, but then again, why should people be spoon fed by Virgin when it comes to paying off their cards when they have a perfectly good online system which lets you pay off any amount as and when you please?

I don't know who you bank with, but I can set up standing orders in less than 2 minutes and set the payments to cease on X date, why not just do that? Ok so its 2 payments leaving your account but its only wasted a few minutes of your time!

Mountains and molehills spring to mind.

mastermank

how about because i had an agreement on how i pay my bills taht both myself and virgin were happy with and they have gone out of their way to alter the situation?
I don't currently do actions on this account because i know that it will be each month an amount well in excess of what is required to prevent me paying any interest on the account.
On a large scale, on a credit card which has profited widely by being a 0% balance transfer card, it could have the effect of pushing large amounts of people from situations where they were paying no interest to paying interest resulting in them paying more than they should have. So as a matter of concern there's a potentail for large scale financial loss to customers. Call me cynical but to change how i pay my bills shortly before the rate changes seems a little of a coincidence.

IWantToBeFree_2

It goes back to the spoon fed point... Ok, so Virgin no longer take any other payment than the minimum by direct debit, but they don't stop people setting up a standing order or paying online, they are not pushing people into paying more interest, unless the people chose to be lazy and not take account for their own credit.

Its about time people stood up and were accountable for their debts rather than trying to blame others for their plight.

mastermank

Have i held them accountable for my debts? They've made a decison to change things requiring for me to take additonal action to pay my bills. I set up the original payment myself and was happy to do so.
They're taking action that make it more difficult to pay my bill at the arranged amount. I have a right to complain about that. It's a cynical move to make more money.

_Andy_

How is making a bill payment 'difficult'?

mastermank

it's very easy tp see the change
- current situation i do nothing as i has set it up as such

new situation - check to see how much min payment is, deduct from my current monthly amount log on make payment log off each month.

can you guess which is easier for me? Do you want it broken down a little further?

the question is i've made adeqaute provision to pay my bill they have changed things to make things more awkward for me.

I'm not asking to be spoonfed i manage my money just fine thank you. I don't appreciate changes being made to benefot the compoany and not myself that could lead to other people losing out financially.

YorkshireBoy

mastermank wrote: »

As I pay an amount that will clear my bill off exactly as my 0% balance transfer deal ends

Why on earth are you overpaying a 0% promotion?

Surely it's better to let them take their £25 and you save the rest (and earn some interest on it) and make one single payment at the end of the deal?

mastermank

I'm more comfortable that way - with the amount involved the savings would be negligible. it's my only real debt that needs servicing and the only thing i want to do with it is to cancel the dd. after

scousemanblue

I as well received the letter today and called them. I have paid them a fixed amount over the minimum payment as this was MY CHOICE. Now due to a change in their system to allow for the people who dont pay the minimum payment, I now have to contact my bank to arrange a standing order payment for the difference.

Why should I be penalised in my original arrangement which they were happy to accept due to the people who are having difficulties.

janeturnpenny

I got a letter from Virgin regarding this yesterday. I will be calling them tomorrow to complain - I can only assume that they hope I won't be bothered to pay off the extra each month so that they can earn some interest when their 0% offer ends.