Virgin - apr 35.9%?!?!?

BeautyandtheBeast_3

A couple of posters have mentioned that Virgin has put the APR upto 35.9% when the 0% deal finishes - this im concerned about as it clearly states 16.9% on the website and i have got only 8 months left on my Virgin so i hope that dont whack that up

Anyone heard of this or has their rate just moved to the 16.9%???

andys15

16.9 is the typical rate, the headline rate if you like. It will be judged on an individual case. This is how they tried scuppering me, and so many people are trapped as they cant get other cards from any where.
I had a virgin card with a £6500 limit on it, and I was in debt by £4200 on it. I got a letter from MBNA one day saying they were reducing my limit to £3500(I swear I had never missed or been late with a payment, and it varied from minimum amount to maybe £100 over minimum), anyhow I phoned virgin to say I was already past £3500, so they agreed to put a limit of £4200, so I was now maxed out on my card. 2 weeks later I got a letter saying in 2 months or so my new APR was going to be 34.9%. No reason, never late etc, they just said they had reviewed my account. Luckily I was accepted about 6 months later for a new credit card elsewhere. When Virgin asked me why I was settling my account early, I told them because of the APR and the little amount which was servicing my debt each month, it would take over 200 years to repay they understood..its criminal and i feel sorry for everyone who are stuck and cannot get a new credit card else where.

BeautyandtheBeast_3

my limit is £5200 and just under it at the moment - it will be interesting if they try that with me when my deal is up! i will just move the balance to my Marks card which has a much higher limit.

I wondered if anyone else had experienced the same problem as yourself??
I wonder if they can actually do that without somekind of recourse??

molerat

They usually can. Read the T&C's it probably says "16.9% typical (variable)" so I think you are pretty much stuffed.

BeautyandtheBeast_3

molerat wrote: »

They usually can. Read the T&C's it probably says "16.9% typical (variable)" so I think you are pretty much stuffed.

Blooming nora - At least i got a backup plan.

So 2 posters have had this happen to them - hmmmmmmm - how many more you reckon?????

boredofbeingathome

Funnily enough Martin has just written about this in his blog.

http://blog.moneysavingexpert.com/2009/07/29/because-they-can/

BeautyandtheBeast_3

gat ya - robbing gits

boredofbeingathome

They are, but legal ones..unfortunately.:o