Virgin Credit Card Trouble

crilly

Just after some advise really.

I have a Virgin CC that is up to it limit of £5400, unfortunaly due to the current economic climate i have been forced to use the CC just to get from one payday to the next.

I have now had the card suspended and agreed to slowly pay off the balance, i'm only paying the minimum payment each month as it is all i can afford, however to day i have noticed on my statement that i own more this month than i did last month.

I payed £60.00 minimum payment last month and they took £64.00 in interest, can they do this ?

I would dearly love to change to an 0% card but just can't afford the minimum payments with any other cards.

Any advise would be appreciated as at this rate i'll be dead before i clear the balance (due to old age not depression)

Cheers

YorkshireBoy

crilly wrote: »

i have been forced to use the CC just to get from one payday to the next.

Can you not cut back anywhere? Take a second job?

I payed £60.00 minimum payment last month and they took £64.00 in interest, can they do this ?

See this thread, and in particular my post #5 (which I've just edited to link back here)...

http://forums.moneysavingexpert.com/showthread.html?t=1837987

I would dearly love to change to an 0% card but just can't afford the minimum payments with any other cards.

Halifax/BoS cards have the same 1% minimum payment calculation.

Ritchie74

I would ask Virgin if they follow the banking code... If so, they are in breach of section 10.13 : "we will make sure that your minimum repayment covers more than that months interest".

never-in-doubt

Ritchie74 wrote: »

I would ask Virgin if they follow the banking code... If so, they are in breach of section 10.13 : "we will make sure that your minimum repayment covers more than that months interest".

Ahh but exempt for special introductory offers which this would fall under, surely?

10.13

We will warn you when an introductory promotional interest rate on your credit card is about to come to an end.

staffie1

Ritchie74 wrote: »

I would ask Virgin if they follow the banking code... If so, they are in breach of section 10.13 : "we will make sure that your minimum repayment covers more than that months interest".

Wouldn't surprise me if they didn't. From what I've read in various threads and from my own experience they seem to think rules don't apply to them.

never-in-doubt

Banking Code: http://www.csa-uk.com/csa/upload/dbsg/Banking%20Code.pdf

Edit - thanks YB - this is 2005 so a little old!

YorkshireBoy

never-in-doubt wrote: »

Ahh but exempt for special introductory offers which this would fall under, surely?

OP wouldn't be paying interest, and wishing they could "change to an 0% card ", if they were still in the introductory offer period.

never-in-doubt

YorkshireBoy wrote: »

OP wouldn't be paying interest, and wishing they could "change to an 0% card ", if they were still in the introductory offer period.

Yep agreed, sorry..... but 10.13 is specific to introductory so thats confised me a little - i'll leave this to you cos the expert in this field :beer:

YorkshireBoy

never-in-doubt wrote: »

Banking Code: http://www.csa-uk.com/csa/upload/dbsg/Banking%20Code.pdf

That's the March 2005 version. Here's the latest one (from March 2008)...

http://www.bankingcode.org.uk/pdfdocs/PERSONAL_CODE_2008.PDF

never-in-doubt

YorkshireBoy wrote: »

That's the March 2005 version. Here's the latest one (from March 2008)...

http://www.bankingcode.org.uk/pdfdocs/PERSONAL_CODE_2008.PDF

Told you, i'll just shut the freck up hahah

Thanks for clarifying this - i'll keep an eye open and learn how this works.... interesting (subbing!) :T :T :T

Ritchie74

Sorry - my sloppy typing.... See 10.12 instead.
Apologies for confusion.