help me understand Virgin please?

Shelldean

I was under the impression they had to inform him of any changes to his account, and while i can picture the screen you describe, they only reduced his balance by £400???

Shelldean

oscar52 wrote: »

But did you write or phone?

he called them.

oscar52

Shelldean wrote: »

I was under the impression they had to inform him of any changes to his account, and while i can picture the screen you describe, they only reduced his balance by £400???

Its actually in the T&Cs they can alter limits / remove credit at their discretion - afterall, they are only looking after their interests. The only comment I can make to the amount is this ensured that he was unable to spend all that much - maybe £200 - which would also take into account any interest to be charged.

oscar52

Shelldean wrote: »

he called them.

I would try writing, you may well get a different response. The correspondence team can override the phone [STRIKE]monkeys[/STRIKE] reps - though not in all cases - depends if they have access to the rates screen as this is blocked on some accts

Shelldean

oscar52 wrote: »

Its actually in the T&Cs they can alter limits / remove credit at their discretion - afterall, they are only looking after their interests. The only comment I can make to the amount is this ensured that he was unable to spend all that much - maybe £200 - which would also take into account any interest to be charged.

Oh yes I appricate they were looking after number one, who doesn't??
Just seemed weird amount and weird time, esp as when they did he'd they wasne having problems and he'd arranged DD so no missed payments etc.

When we noticed it today we presumed ( as did the virgin CS) it was because he called them asking for a bit of help. It was only when REALLY looking at the statement ( and yes I know he should really look each mth) that we realised the credit limit had been reduced back in Oct. This confused the CS person too, she had no idea why??

Shelldean

oscar52 wrote: »

I would try writing, you may well get a different response. The correspondence team can override the phone [STRIKE]monkeys[/STRIKE] reps - though not in all cases - depends if they have access to the rates screen as this is blocked on some accts

:rotfl::rotfl:
will draft a letter for him


Thanks for your input tonight, been useful.

Shelldean

one more question please,
WHY did the snowball calculator state he'd never pay hthis card off it would always increase.

I entered his current balance and his mthly interest rate.

oscar52

Shelldean wrote: »

one more question please,
WHY did the snowball calculator state he'd never pay hthis card off it would always increase.

I entered his current balance and his mthly interest rate.

Again, a bit of a guess, but I think his interest rate is 34.9% - this is what makes i t impossible to pay off

Shelldean

Hang on am confused again

You said it was a one off that his mim payment was less than his interest, due to the number of days etc. But if thats the case and his normal mim payment is MORE than the interest his balance should decrease VERY slightly every mth?

His mthly interest is 2.2071 how can i work out the APR from this?

Shelldean

oscar52 wrote: »

Again, a bit of a guess, but I think his interest rate is 34.9% - this is what makes i t impossible to pay off

surely it shouldn't be impossible just very slow???