Missed a payment - what to do next?

Daps

Hi there.

I was stoozing with a Virgin credit card and stupidly have made a payment late. The due date was yesterday, the payment will not clear until the next working day, so Monday, and so I'll lose my 0% promotional balance. (I did not set up a DD because I was making the payments from two different current accounts, and thought I would be on the ball enough to not miss one - obviously I was mistaken!!)

The first thing I'll do Monday morning is call them and ask them to re-instate the 0% promotion, but if they say no to that, I am wondering what the best course of action is.

I have another MBNA card (A&L) that I am also using to stooze, though that one has a much lower credit limit. Should I pay off the debt on the Virgin card in full, ask for the credit limit to be transferred over to the A&L card, wait until the A&L 0% runs out and then try it all again with a new MBNA card with a decent limit?

Would I be best to keep the Virgin card open?

Should I try and get another 0% card and balance transfer from Virgin?

I know it was a really stupid mistake and has probably cost me over £100 all things considered, but I don't want to let one mistake stop me from trying to make some money this way.

Any help on what the best way to proceed would be would be much appreciated!

YorkshireBoy

If you use the forum search facility (using various combinations of "promotion virgin mbna lost interest" without the quotes) you'll see you're not alone.

You'll also see that some people have had success by calling cutomer loyalty on 0800 783 1116 (during office hours).

I wouldn't be closing any MBNA run cards down, because they're well known for their generosity in granting repeat deals...and giving good credit limits.

When you speak to customer loyalty, plead ignorance, stupidity, insanity, forgetfullness, anything to get you what you want...but above all admit responsibility, stay calm, and ask to set up a minimum payment DD there and then.

And whatever you do, make sure you take a name/ext number and record the date/time of the call and what was said/agreed.

Good luck!

honest_guv

Daps,

I did the same thing last week, on my Virgin White (Atlantic) card. Thought the DD was set up (it wasn't) and didn't get the first statement, so didn't realise until the 2nd bill arrived, along with a debt collection agency letter on the same day!

Was very worried calling MBNA, but it was pretty painless in the end for me. They refunded the interest and reinstated the 0% without any real debate, once I'd set up the DD. I thought he'd also said he'd refund the £12, but wasn't sure (couldn't understand the accent. Scouse?), and it still seems to be there.

Let us know how you get on, but it's probably not going to be as bad as you might think.

guv

JimmyTheWig

Agree that if this is the first time you have missed it and you ask nicely then you should be ok...

Daps

Thanks for the help guys, but I wasn't so fortunate!! The guy I spoke to was having none of it at all, even though I was being perfectly polite. Will have to pay the fine, lose the 0% and pay the interest from the date of the last statement. I've paid off the whole amount now to minimise the interest I'll have to end up paying. I considered calling again a couple of times in the hope that a different call centre agent would take a different approach, or I'd take a different approach myself, but really I just should not have got myself in this situation in the first place!

What an expensive lesson this turned out to be!

I'll just try the whole thing again another day, except with making sure I have a DD set up!

I should keep the card open without any balance then, in case they either offer a repeat deal, or I successfully get another 0% MBNA card and can transfer the credit limit over?

YorkshireBoy

Daps wrote: »

The guy I spoke to was having none of it

Did you phone the number I gave earlier?