need advice regarding new balance transfer away from Virgin

guita

Hi!


I did a balance transfer a few months ago from Mcard to Virgin and unfortunately I was very silly and did not set up a direct debit, to make things worse I had a couple of late payments which resulted in now being charge HUGE interest rates (approximately £25 a month).

This means that I am now worse of than before the balance transfer, and very disappointed with Virgin customer services

I think at the moment I should apply for a new Balance transfer but I am a bit apprehensive.

Can someone advise me of what would be the best step to take at this point?

I am sorry for the "long story of my life" but I am new at this...


Thank you

Bisoy

guita wrote:

I think at the moment I should apply for a new Balance transfer but I am a bit apprehensive.

Probably it is not good idea. If you have made late payments in the last few months it will leave a footprint on your credit report and you're highly unlikely to get another card. There are two ways that I might suggest you do:

Firstly, set up a DD on your Virgin card with minimum payment and also set up standing order on top of your DD (don't need to be big amount) You need to do this in the next few months or so to build up your credit score again.

Secondly, If you have savings enough to pay your credit card then that would be the most ideal and you will see your credit rating back on track again inthe next few months as long as you don't have same mistakes again. Good luck and hope this helps.

Moggles_2

Hi Guita

Welcome to MSE & the credit card board!

For more tips to improve your chances, click on *Credit Rating* in the black box at the top of this board. Then select Martin's *Check and Improve your credit score* article near the top of the page.

Cheers
M

guita

Hi,


I was only late 3 times and one of them was because Virgin did not send me a statement. They actually recognised that and refunded me the interest they had charged me.

I really cannot afford to be paying £25 interest a month and at this rate I will never finish paying for the card. I don't have savings to pay it off...

Bisoy

Hi Guita,

If you don't have savings to pay your credit card then your best option is plan A of my suggestion. Good luck

Moggles_2

Hi Guita

It takes time to rebuild a credit score. There are no shortcuts.

If I were you, I'd get into the routine of making a payment as soon as your statement arrives (even if you can only afford the minimum required) in addition to the direct debit. If your statement is late, phone customer services - it's a Freefone number after all - and request a copy statement. There's no charge for this. You simply cannot afford any more late payments.

Also, please read Martin's *Check and Improve your credit score* article to make certain you are not at a disadvantage for any reason other than the late payments. Some factors are easily put right, others take time to organise.

Very best
M