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increased int rates on Virgin CC

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I did a balance transfer of £3k at 0% in January last year and the std rate for bal trn at that time was 1.59pm. After reading Martins article about rate jacking I noticed that my standard interest rates went up to 2.20%pm in June 2010. I can only pay the minimum payment now because I can only get part time/temp work and have contacted Virgin but they say they cannot reduce the rate. I havnt tried switching because I dont think I will be able to, although I have a good credit rating, Im only working part time. Ive stopped using the card obviously.

Has anyone any ideas.

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  • izools
    izools Posts: 7,513 Forumite
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    You will have been notified on your April / May statement (be it online or via the post) about the upcoming rate increase and given 30 days to opt out of the rate hike by agreeing not to put new purchases etc on the credit card account.

    Unfortunately as this 30 day period has long since lapsed they are not legally bound to reduce the rate.

    One could suppose that if you wrote (not called) to their complaints department advising you weren't notified and wish to opt out of the rate hike to prevent a complaint being raised to the FOS they may just look at it but that would involve bluff. Up to you :o
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