Beware BT tranfers to virgin (MBNA)

MargeSimpson

Just had a bod exprience with Virgin Card re their introductory 0% BT offer. Opened the card last summer to transfer a balance only re the 0% rate. Like a fool I didnt set up a DD and missed the first 3 payments dates - i did make payments but after the due date. I got clobbered with charge for late payment but it as my fault so no complaint there. Then I missed a payment completely - but paid up the following month the full amount to bring me up to date. Then set up a DD to make sure it didnt happen again which was in Sept last year, and made manaula payment for Sept to make sure all was paid up.
However, because I had missed a payment my 0% interest rate had been withdrawn and I was paying about 17% without me being aware for a couple of months.I called to ask why this was - thinking it was an error and was told that it had been withdrawn becise i had missed a payment. I complained that I had set up a DD and that all payments had been made subsequently and was told that this would be instated the following month. But 2 months later and it still hadnt changed and I was still paying interest.
So I sent of an email vis Virgin Money website to complain and ask why it hadnt been reinstated as discussed. I got an automated message to say I would get a reply within 24 hrs and am still waiting a week later for a reply !!

So, as I said in my email to Virgin (MBNA) I have transfered by balance to another card I have ( not at 0% but a damn site less than 17%) and will close my account.

So the moral of the story is - if you use them set up a DD from the outset, DON'T expect customer service an check your statements always. I for one will never use any card that is financed by MBNA ever again.

ZINXYX

Usually the t & c says you lose the 0% rate when you miss a payment.

cifpower

It was your own fault. You missed three payments for heaven's sake!

MargeSimpson

No I didnt miss three payments - I missed one and paid the full amount (i.e 2 payments together) the following month. Hence paid up to date with NOTHING outstanding

Peeky

You missed the payment due date for the first 3 months. How is that even possible?! An excuse for one - yeah but three?! Come one you didn't deserve to get your 0% back.

cifpower

Did you read your T&C?

Please note that no promotional offer interest rates will apply during any
statement period in which you are over your credit limit at any time; or at
any time from the beginning of a statement period in which you have
otherwise breached this agreement. If you have breached this agreement,
the promotional offer interest rates will not apply again.

MargeSimpson

Ok, If i didnt desreve to get the 0% rate back - why was I told by an advisor that this would happen ? Is it just me or should I not expect an MBNA employee to be able to give me correct information regarding my account ?

Apparently not.

MargeSimpson

And making a late payment does not mean missed payment. They are different issues. One meaning - no payment made and the other meaning payment made but after the due date.

ElkyElky

A late payment is just as bad as a missed payment. It shows you cannot keep to your agreement with the lender, and ultimately cannot be trusted.

They increased your interest rates because they are entitled to. They saw you as a liability and a risk. They also stated in the terms and conditions they'll withdraw any 0% offers if you miss a payment or late in paying.

You broke the terms and conditions.

Perhaps you should ensure something like this does not happen again. Any lender will punish you if you break the agreement, not just MBNA.

You can complain and whine all you want but it doesn't change the fact that it is your responsibility to ensure payments are not missed or late.

There is nothing else that can be said regarding the matter.

ILW

On a mailer I got recently, it said in great big letters "We only ask 2 things of you, 1. You make your payments on time, and 2. You do not exceed your credit limit. If you keep to this your transfer will be interest free for the period"
Seems pretty fair and straightforward to me.

eschaton

Should the thread title not be.....

BEWARE! This Is What Happens When You Don't Control Your Finances