Missed Payment

Molotov

I was one day late paying my Virgin Card bill :mad:

They have already added a late payment fee of £12, will they now start adding interest on the whole balance?

And if so, what's the best option to minimise fees? Pay off the full balance immediately?

It's not too bad as it only had a couple more months to go anyway, so won't be out of pocket.

NickX

If you speak to Virgin nicely and explain that it was a "first offence" and perhaps set up a Direct Debit to avoid it happening again then it is not unheard of for them to re-instate the 0% promotion and even remove the late fee.

If you don't speak with them the chances are that you will have your 0% promotion revoked and will be accruing interest.

Good Luck.

Molotov

Thanks Nick - I'll give it a try and ring them tomorrow.

I wonder what the world record for the most "please"s in a five minute telephone conversation actually is!

YorkshireBoy

Molotov wrote: »

Thanks Nick - I'll give it a try and ring them tomorrow.

0800 783 1116 gets you straight through to retentions.

geet

Hello, I just put this in another thread but maybe you could help - hi YB :-) - also I am worried about what M suggests - that they could charge interest on balance amount.

I have been travelling the last two months and so have been as usual paying my monthly minimum £5 for abbey credit card. Now I am back, I logged into account and checked just to be sure and lo they have taken £12 late payment fee the last month. This is because the minimum payment has been changed to the other end and they have not notified me. I called and talked to them and they say they do not have to notify me and that changes in minimum payment can happen according to T&C. But they said they will repay £12 if I pay £268 or so (Nov and Dec minimum payment) by Dec 24!

My worry is even if I do pay back the amount and get the £12 back, will my late payment get reported to credit file. It is now time for me to look for another bt as two 0% cards of mine end in Feb

Of course now I have another worry - can they charge interest on balance amount - had never thought of that.

Thanks, G.

NickX

geet wrote: »

My worry is even if I do pay back the amount and get the £12 back, will my late payment get reported to credit file. It is now time for me to look for another bt as two 0% cards of mine end in Feb

Of course now I have another worry - can they charge interest on balance amount - had never thought of that.

The change to the Abbey Zero Minimum Payment was sent in revised Terms and Conditions that came into force as of 6th October 2008.

Obviously you missed this because you were travelling.

Personally I wouldn't worry too much about the late payment being reported. A single late payment isn't going to have too much of a detrimental effect to your Credit File.

However, I would worry about losing the 0% promotion. As I posted above I would speak to them, explain the circumstances, and hope that they are understanding. As I said, for a "first offence" they have been known to re-instate the 0% promotion and refund the £12 charge.

Good Luck.

YorkshireBoy

NickX wrote: »

A single late payment isn't going to have too much of a detrimental effect to your Credit File.

Depending on geet's statement date, and the speed with which they bring the account to order, there could be two missed payments...and a '2' on his/her credit file.

They really should make minimum payment DD's compulsory. Then again, it's a big jump from £5 to 2.25% if there's a large balance on there, which could mean O/D fees are incurred on the current account?

geet

Thanks NickX, I'm going to pay the amount and make that crucial call to them.

Molotov

Rang them on YB's number - told they were unable to change the rate back.

Thanks for the advice anyway guys - worth a try!

geet

Yes, YB, it is a big jump but I have sorted my payments with abbey and have got back the £12 late payment fee too. They also assured me they will not change the 0%. However, I forgot to ask about credit file. Can't bear to call them again - but if I do will they tell me anyway?
Thanks, G.