balance transfer o% gone wrong (feel robbed)

Gilly6572

i recently did a balance transer to virgin 0% 18 month however as soon as i transferred i got phone calls trying to sell me different products no no no was the answer calls kept coming so caved in and took out a id theft cover only £50 bargin i thought i went to give them my card details but oh no sir you have to pay on your virgin credit card strange but silly me said ok well its only £50 what harm can it do, OMG now i'm back to paying full interest.:mad: what can i do now or do i after transfer again. i feel robbed how i was not told about this

Gilly6572

opinions4u

Does the insurance have a cooling off period? Can you cancel it and get a full refund to the card that way?

Ultimately you agreed to the T&Cs of the card. You also agreed to the purchase on a card used for balance transfer funds.

While they may not have told you about the interest impact when you purchased the insurance, they did tell you - in writing - when you signed up for the card.

chattychappy

Gilly6572 wrote: »

OMG now i'm back to paying full interest.:mad:

You should only be paying interest on the £50. Annoying, but shouldn't be huge. Ie £1 a month if your interest rate for purchases is 24%.

Suggest you phone them up and say you don't want it anymore and that you only agreed under pressure. If they disagree then you will have to make a written complaint, escalating as necessary.

What do you mean by "calls kept coming"...?

will-in-estoril

Typical MBNA tactic. I would complain too.

When you are debt free you can exact your revenge by taking all the freebies MBNA offers, under many guises: BMI, Play.com, Amazon etc.

Rufus_348

Are you still in the first three months of owning the card?

In the first three months payments are applied towards purchases (at 0%) before 0% balance transfers so you could still pay it off interest-free. If you've had it for more than three months payments will be applied towards 0% balance transfers before purchases so you should just pay your APR for a few months.

I don't know why Virgin would suspend your 0% rate - as the above shows, they make provision for you using the card to spend! Could the payment perhaps have caused you to miss your minimum repayment or go over your credit limit?

Any

Gilly6572 wrote: »

OMG now i'm back to paying full interest.:mad:
Gilly6572

Sorry, I thanked you there by mistake.

As everyone else said, you should be only paying interest on the purchase??? Can you clarify?

Arthritic_Toe

I hate the tactics of these companies - they just should not be allowed to hard sell insurance products that you dont need. They are obliged to refund fraudulent transactions due to identity theft anyway.

Rufus_348

Arthritic_Toe wrote: »

I hate the tactics of these companies - they just should not be allowed to hard sell insurance products that you dont need. They are obliged to refund fraudulent transactions due to identity theft anyway.

Even the hardest of hard-selling doesn't count as fraudulent, though. I agree they shouldn't have harassed the OP into buying but once you pay you're entering into a contract - it's just so unfortunate that it's impacted on the balance transfer.

Arthritic_Toe

Rufus_348 wrote: »

Even the hardest of hard-selling doesn't count as fraudulent, though. I agree they shouldn't have harassed the OP into buying but once you pay you're entering into a contract - it's just so unfortunate that it's impacted on the balance transfer.

I think you slightly misread my post there - my point was that the credit card company will refund any fraudulent transactions made on the card (as a result of identity theft or whatever). They are obliged to do this anyway. They then try and sell you insurance to cover you against something that you would't have had to pay anyway.

It is pure exploitation targeting the most vulnerable people and it should not be allowed.

Gilly6572

thanks for all the replys

To answer somes questions

1. ive had the card for over three months now
2. yes i'm paying the interest on the full amount
3. no i did not miss my first payment or go over card limit

I will be contacting them later this week when i'm back at home ( work away most of the year)

Thanks again Gilly6572

Rufus_348

Arthritic_Toe wrote: »

I think you slightly misread my post there - my point was that the credit card company will refund any fraudulent transactions made on the card (as a result of identity theft or whatever). They are obliged to do this anyway. They then try and sell you insurance to cover you against something that you would't have had to pay anyway.

It is pure exploitation targeting the most vulnerable people and it should not be allowed.

Oops, sorry! You're right, that's a good point actually.