Letter to Virgin

Neoshoegal

[FONT=&quot]with regards to my previous post on my Virgin credit card[/FONT]
[FONT=&quot]http://forums.moneysavingexpert.com/showthread.html?t=1661901[/FONT]
[FONT=&quot]I've come up with this letter to Virgin. Is this any good?
[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]To whom this may concern,[/FONT]
[FONT=&quot]Late 2007 I applied for a Virgin credit card with a 0% balance transfer for 15 months, afterwards the interest rate would go to the standard 16.6% rate.[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]I did my balance transfer and all was going well. In August I was a few days late making a payment. With being away for work around that time, I just missed it, my mistake, I fully admit that.
[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]In September, I received a letter stating that from October my interest rate would rise to 29.9%. I called your helpline, I explained what happened and was the 0% deal was reinstated. I assumed that this also meant that at the end of the 0% deal I would be back on the 16.6% apr and not the 29.9% rate. But obviously I was wrong as I noticed when my deal ended. I called your customer service helpline again and was told nothing could be done, only to write to you. I consider that nearly doubling someone’s interest rate because of 1 late payment is very harsh on top of £12 late payment fee. This phone call was only a week or 2 ago.[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]Now to add insult to injury, I received another letter from you last Friday letting me know that from July my rate would rise to an extortionate 34.9%. I fail to understand why my rate is so high. All my payments have since been on time, they are arranged by a direct debit and there have been no issues with this direct debit either.
[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]Your letter states the following options for the rise:[/FONT]
[FONT=&quot]- changes in your circumstances or in our credit assessment of you[/FONT]
[FONT=&quot]I checked my credit report and all my accounts are satisfactory, as are my husband’s accounts. There have been no significant changes in my circumstances, I still live at the same address, have the same name, … So if this is the reason, why do you know about me that I don’t?[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]- changes in the cost of administering your account, our systems and services[/FONT]
[FONT=&quot]Why would my account become more expensive to run than any others? I have talked to friends with Virgin credit cards and they haven’t seen a hike in their rates.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]- changes in external influences and economic conditions such as interest rates[/FONT]
[FONT=&quot]Interest rates have gone down just about everywhere. Please advice.[/FONT]
[FONT=&quot]- changes in the legal or regulatory obligations which affect us[/FONT]
[FONT=&quot]Again, if this be the case, then why haven’t all accounts changed?[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]So I called your customer service helpline again today (Monday 18 May) and enquired if their were any issues or problems with account. I was told there were none and your customer service representative saw no reason why my interest rate would need to be this high. He could only advice me to write to you. Over the past 9 months my account with you has been in perfect order, there is no reason or indication that this would change or that I pose any high risk to you. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]So I please ask you to reconsider the steep interest rate of 34.9% apr, and even the 29.9% one which is still very high for someone who has only had 1 late payment (late by only a few days). I would really appreciate it if you could return my rate back to the 16.6% I originally signed up for. Had I known that the rates would jump so much for a single slip up, not even a big one, I would most certainly not have signed for a Virgin credit card. I can fully understand the need for high interest rates if I would have given you any serious problems or if my account would have been in arrears, but this interest rate in these circumstances is beyond anything reasonable.[/FONT]
[FONT=&quot]On top of being highly disappointed in my treatment by Virgin Money, this has also seriously influenced me regarding all the other Virgin brand. We regularly fly with Virgin Atlantic, travel with Virgin Holidays, use Virgin cosmetics and ordered wines through Virgin Wines, but this whole matter has left me completely disillusioned with anything Virgin related and without any inclination to use any of the Virgin products or services ever again.
[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]Regards,[/FONT]
[FONT=&quot]
[/FONT]