OVERDRAFT to virgin Quiery,please help!

grahamjohnyoung

I recently appillied for a virgin C/C with a view to transfer my on going BUT reducing £7,750 overdraft(started at £10,000 in mar08). from my nationwide a/c on to C/C with the 16 month balance transfer offer. I listed the overdraft details and amounts etc, on the application online. I was in contact with my bank today and although I have had my account for over 25 years and numerous overdrafts with no problems whatsoever, it came to my attention when speaking to my bank that the overdraft will be shortly be reduced to £500 until feb 2009. I have not had a reply from my application with virgin yet, although they have done a credit search, and there does not seem to be any problems on that score. ALTHOUGH I am VERY worried that IF my application is UNSUCCESSFUL with virgin,where does that leave me with my bank etc , BUt I hope that it has been successful, please help, graham:beer::eek:

YorkshireBoy

I think the form asks for credit card balances, not overdraft balances? If so, your request will probably not be actioned automatically. Ask for confirmation when you call to activate the card (if accepted).

If you're turned down for this card you could try the Egg Card (Visa) who have a similar offer.


BTW, why ask the same question twice...an hour apart?

spudulike24

Most banks have an overdraft appeals section rather than just speaking to a customer so you could try that first. If that fails then say that you can't pay it off all in one go and ask them to have a decreasing overdraft instead of just reducing it in one fell swoop. Most will agree to this as long as you have a clear plan of when you'll pay it off.

grahamjohnyoung

spudulike24 wrote: »

Most banks have an overdraft appeals section rather than just speaking to a customer so you could try that first. If that fails then say that you can't pay it off all in one go and ask them to have a decreasing overdraft instead of just reducing it in one fell swoop. Most will agree to this as long as you have a clear plan of when you'll pay it off.

hi thanks for the help, the overdraft is a reducing overdraft agreement going down by £150 pm plus interest, ( started at £10,000 in march 08)but its seems wierd that this has come about at the point of applying for this virgin credit card and supplying virgin with all the overdraft details. graham

grahamjohnyoung

YorkshireBoy wrote: »

I think the form asks for credit card balances, not overdraft balances? If so, your request will probably not be actioned automatically. Ask for confirmation when you call to activate the card (if accepted).

If you're turned down for this card you could try the Egg Card (Visa) who have a similar offer.


BTW, why ask the same question twice...an hour apart?

I did an edit on the headline etc.and being not familar with the forum i posted different thread by accident
thanks for the help any way , the overdraft is a reducing overdraft agreement going down by £150 pm plus interest, ( started at £10,000 in march 08)but its seems wierd that this possible action by my bank, has come about at the point of applying for this virgin credit card and supplying virgin with all the overdraft details. I feel it puts the overdraft in jeapody, especially if its turned down,graham

buckeroo

Hi Graham,

What your asking Virgin to do is actually classed as a Money Transfer which is basically transfering money into your bank account - it will still be at the 0% offer.

It is unlikely that the search has caused your bank to reduce your overdraft, but I'm no expert unfortunately.

Once approved, Virgin should automatically transfer the money into your bank account as you have given them your details, this should happen in 6 working days but your bank may have already got wind that the money is coming into your bank account which has prompted them to reduce your limit. Either way, why don't you call Virgin on their freephone number to see if your application has been approved.

I am with Virgin, I only have their 24 hour free phone number which is 0800 062 062 but this is for their customer services department and the application department won't be open now until the morning - why don't you try them then?

If you haven't been approved, I would call your bank and find out the reasons for why are they reducing your overdraft limit, they should have an explaination and I don't think they can reduce it so dramitically in short space of time.

I hope that helps!

grahamjohnyoung

thanks thats extemely helpful I will , thanks again graham

grahamjohnyoung

buckeroo wrote: »

Hi Graham,

What your asking Virgin to do is actually classed as a Money Transfer which is basically transfering money into your bank account - it will still be at the 0% offer.

It is unlikely that the search has caused your bank to reduce your overdraft, but I'm no expert unfortunately.

Once approved, Virgin should automatically transfer the money into your bank account as you have given them your details, this should happen in 6 working days but your bank may have already got wind that the money is coming into your bank account which has prompted them to reduce your limit. Either way, why don't you call Virgin on their freephone number to see if your application has been approved.

I am with Virgin, I only have their 24 hour free phone number which is 0800 062 062 but this is for their customer services department and the application department won't be open now until the morning - why don't you try them then?

If you haven't been approved, I would call your bank and find out the reasons for why are they reducing your overdraft limit, they should have an explaination and I don't think they can reduce it so dramitically in short space of time.

I hope that helps!

HI many thanks for your interest , just to let you know I WAS approved for the virgin 0% for 16 mths credit card and, it is being paid direct to my current account to pay off my overdraft. the credit limit is £8000. I was a bit surprised because, this is my first card and ive just found out that im not on the electoral reg. until dec 1st. many thanks graham

grahamjohnyoung

grahamjohnyoung wrote: »

I did an edit on the headline etc.and being not familar with the forum i posted different thread by accident
thanks for the help any way , the overdraft is a reducing overdraft agreement going down by £150 pm plus interest, ( started at £10,000 in march 08)but its seems wierd that this possible action by my bank, has come about at the point of applying for this virgin credit card and supplying virgin with all the overdraft details. I feel it puts the overdraft in jeapody, especially if its turned down,graham

HI many thanks for your interest , just to let you know I WAS approved for the virgin 0% for 16 mths credit card and, it is being paid direct to my current account to pay off my overdraft. the credit limit is £8000. I was a bit surprised because, this is my first card and ive just found out that im not on the electoral reg. until dec 1st. many thanks graham

grahamjohnyoung

YorkshireBoy wrote: »

I think the form asks for credit card balances, not overdraft balances? If so, your request will probably not be actioned automatically. Ask for confirmation when you call to activate the card (if accepted).

If you're turned down for this card you could try the Egg Card (Visa) who have a similar offer.


BTW, why ask the same question twice...an hour apart?

HI many thanks for your interest , just to let you know I WAS approved for the virgin 0% for 16 mths credit card and, it is being paid direct to my current account to pay off my overdraft. the credit limit is £8000. I was a bit surprised because, this is my first card and ive just found out that im not on the electoral reg. until dec 1st. many thanks graham