My Virgin Balance Transfer ended up at 31%APR

july73

Anyone else had their APR doubled

No worries NickX I got a few things wrong myself. I called today to find out the APR, it is 12.9%. Not fantastic, but better than 23% APR:eek: The reason is the £280 was a rough guide based on the max it would cost including PPI. We will not be taking this out due to income pretection insurane. So it looks like our repayments will be £200ish. Will check on loan calculator. Maybe it's a way of selling, by giving us a better repayment figure on the day. Which would make most sign up without question. The other thing I got wrong was the rate is fixed and this is the reason they can not give me exact figures until the day we go in and accept the loan if we are happy with it. Interest rates are dropping, so she is hoping she can get us a better APR on the day. We are not going down till next Friday.

On trying for a better rate....No joy, Much higher offers than 12.9%APR and seem to be all secured loans:( Our credit score is classed as poor according to :money: Calculations. So now thinking maybe it is in fact a very good deal in our circumstances.

We all see the quote on TV News etc
'Cheap borrowing is now over and even if you have a good credit score expect to pay a higher APR in today's financial climate' Hence why our other 2 loans at 7.1% were not consolidated into this one, only the 2 Credit Cards. Also by improving our credit score we can opt to get a better deal later on. So I have learned something thanks to this site.:D

I will post to let you know the out come but will leave it for now so the creator of this thread can hopefully get some answers to his/her problem.