VIrgin: BT for existing customers to clear overdraft

sarahs999

Prompted by Martin's newsletter today I logged onto my virgin account to see that my card, which is empty, has an offer of 0% until July next year on it to transfer money into a current account. I have an overdraft of about £1700 and am very tempted to do this, Being a long-term tart I'll keep an eye on it when the offer ends and eithe rBT to another 0% card or get a low LoB card.

Is there any drawback here, apart from the obvious one of filling up my overdraft again once it's clear?

YorkshireBoy

sarahs999 wrote: »

Is there any drawback here, apart from the obvious one of filling up my overdraft again once it's clear?

Closely linked to that is the fact that you could also finish up owing Virgin £1,550.66 at the end of that deal if you make only the £25 minimum payment on the card.

Could easily turn a £1,700 debt into a £3,250.66 debt over 8 months if you're not careful.

Might the bank remove the £1,700 overdraft facility once you've cleared it?

clio

Y-B
Not like you to get figures wrong , it will infact be 8 months x £25 max as july 09 is 8 months away. so if she paid the 25 she will only repay £200 leaving her with £1500.

YorkshireBoy

Thanks Clio.

BTW, you seem to have forgotten the BT fee in your post.

clio

lol Y/B i'm not sure about the way Virgin/mbna do their bt fee's now, at one time it was allways up front, I think they have changed it now.

sarahs999

Thanks for your thoughts; I have no intention of only making the minimum payment - I always pay more than the minimum on all my cards.

YB I dont think the bank would remove it but of course I dont know for sure. I've had the overdraft facility for years and years; it only fairly recently increased to £1700.