Virgin Credit Card late payments

natalielonsdale

I really hope someone can help as I am feeling super frustrated.

At the start of the year I transferred my credit card balance to a Virgin Credit card as I was advised they had one of the most attractive promotions - 0% balance transfer for 18 months and 0% on purchases for 6 months. I was thrilled with this

I use internet banking and made a point of ensuring I paid a large sum every month as the purpose of transferring the balance was to squash this credit card debt.

3 months into owning a Virgin credit card I went away on holiday so unfortunately when I returned and did my internet banking my usually prompt payments to Virgin was 2 days late. I got charged a £12 late payment fee which I totally accept.

Here's what Im having trouble accepting...on inspection of my online statements today I have noticed that since April Virgin have been charging me quite a hefty amount in interest but according to the promotion I signed up to I should not start paying interest on payments till August. I called them up straight away to hi-light their mistake only for the lady I spoke to to tell me that becasue of my one off late payment the promotional offer was cancelled.

Can they do this? Has this happened to anyone else? Surely this is unfair business practice!?

I have never missed a payment and always pay more than the minimum amount and it seems grossly unfair that because I simply paid 2 days later than the due date I not only had to cough up £12 in late fees but now have also been charged over £150 in interest (for the 3 month period I still had left on my promotional offer of 0% on purchases)

I would be grateful to hear if anyone has experienced this and if there is a remedy...

Many thanks,
Natalie

YorkshireBoy

natalielonsdale wrote: »

Can they do this? Has this happened to anyone else? Surely this is unfair business practice!?

1. Yes. See your T&C's.

2. Thousands (if the number of posts such as yours on here are anything to go by).

3. No, that's how they finance the 0% deals. Cruel, but very true. Those on the ball benefit, and those that aren't don't. You fall into the latter category I'm afraid, being as you haven't looked at your statements for nearly 4 months!

I would be grateful to hear if ...there is a remedy...

The usual remedy is to call customer loyalty on 0800 783 1116 and plead...for all you're worth and politely. However, because you've left it so long you may not have any success here...but good luck anyway.

Karl.H_2

Welcome to the forums.
Yeah that's a real shame. You should always set-up DD for the minimum and send extra money when you can. Good luck.

stephane_2

I know its a bit late to say that but you should have set up direct debit from day one to pay minimum payment and pay on top as you wish. Unfortunately your 0% deal on balance transfer & purchases is now over and will probably now pay around 16/17%. It is totally their right to withdraw the offer as yoy have not comply with their terms & conditions. The only solution you have now is to try to find and apply for another 0% CC.

cos_2

Sorry, Natalie. The others have explained it all, I'm afraid.

When I took out my Virgin card I was paranoid about the first payment, solely because of what I'd read on this website. I ended up paying the first payment on my debit card just in case my DD hadn't 'taken'. Turned out it was ok, but I was happy to get the peace of mind.

Sorry it's not what you want to hear...

dfh

Unfortunately,if you are late with your payment then they have a right to withdraw any promotional offers.however,if you ask nicely they may re instate the zero percent offer.mske sure you set up a dd to pay off the minimum

chattychappy

Think it's known as a "gotcha" business model. As noted these "generous" deals are, in effect, subsidised by people who mess up. Your best hope is to ring up and be as nice as possible and ask them to reconsider.

Having said that, in my opinion people are often too quick to point out that something is in the T+Cs and therefore there's nothing you can do it about it. I'm sure they would have said the same in the days when people got charged £25 for a late payment.

So I would certainly note any conversations you have with them and keep records. Courts are increasingly interventionist when it comes to terms they think are onerous or disproportionate. If all this "gotcha" stuff gets challenged at some future date, then maybe you can pile in with a claim.

CannyJock

Direct debit for minimum would have prevented this. (1st DD reply of the day )

moneysavingmarrow

:T:T

CannyJock wrote: »

Direct debit for minimum would have prevented this. (1st DD reply of the day )

:T:T

Question.......

In your opinion......

Do or do not the likes of Virgin etc. make it clear enough in their promotional advertising and following application processes for these very generous offers, the pitfalls that one can fall into in the event of not paying them what is due by the due date?
Perhaps this should be a new thread?

CannyJock

moneysavingmarrow wrote: »

Do or do not the likes of Virgin etc. make it clear enough in their promotional advertising and following application processes for these very generous offers, the pitfalls that one can fall into in the event of not paying them what is due by the due date?

I'd say that having to make at least the minimum payments on a card regardless of whether there's a promotion on or not is fairly basic, even for people new to credit cards. It is all covered in their T&C's in detail and the summary box makes the minimum payments pretty obvious ... and it's posted on here every day

Occassionally there's a post from someone crying foul that the card companies are evil and guilty of false advertising and fraud because the advertised 0% money for 16 months wasn't really for 16 months because they had just been hit with non-payment charges and interest because they hadn't made a payment ...

dfh

Yes-when I got my card,it was stated clearly that missing payments could lead to the promotions being withdrawn.I suppose some of it is common sense as well !