Important Changes to your Virgin Credit & condotions

anyusernameleft

Happily I just managed to get a loan to shut Richard Branson and his 30% + merchants down in favour of a mere 12% over five years but when I was trying to find my account number to give to my bank to pay the Branson f***** off I found a small discreet insert in my last Virgin Credit Card statement which appears to be AGAIN massively jacking up the monthly payment I now happily don't have to worry about as I am with a DECENT bank - the Nationwide - god bless the mutuals.

Samples given on the Virgin insert:
interest PA = 16% interest due per month on 5K previously=£32.74 Interest now due next month on 5K at 16% £65.48.
!!!!!!?

How is one monthly payment interest rate of 16% on 5K 32.74 and the new interest rate of 16% on 5K £65.74? = DOUBLE in effect?

And my overall debt with them was 10.7K and my rate jacked interest rate 30% so presumable my payment was going to be x4 next month if I hadn't by the grace of god managed to get rid of them in the nick of time.

And the !!!!!!!s moaned and told me my closing balance was nearly £1000 higher than my statement of a couple of days ago when I phoned them up today to shut it down.

The banks in this country are beyond evil. Go and see "Inside Job" it explains a lot and it just won an oscar.

silverjay

It will be the new minimum payment calculation of all interest plus 1% of the outstanding balance that all the CC cards are starting to implement.

anyusernameleft

And in English that means what? Everyones charges are going to double? Quadruple? How wildly helpful! And how discreet of all the money gurus to not mention this tiny detail.

fozmcfc

Said it before my Virgin card is my favourite card, out of the 5 cards I have.

Did a large balance transfer got 16 months interest free.

Since clearing had numerous offers of balance transfers, money transfers and purchase offers most on 0% terms.

My APR is the lowest of all cards at 16.9% and my limit of £6000 is the highest I have.

Other cards not had any 0% repeat offers on purchases and only Natwest have offered me any BT offers.

It's horses for course, as they say.

It a big thumbs up to Virgin from me :money:

anyusernameleft

So fozmcfc you haven't just had a thing saying your payments are going to double? Or quadruple or anything? It was quite discreet. I wouldn't have noticed it if I hadn't been trying to find my account number and sort code.
I too started out with a 0% balance transfer with Virgin. I never missed a payment....
but if you don't have an outstanding balance with them I guess you are not a target.

fozmcfc

Firstly, as I said, it's horses for course, I understand you're not happy with Virgin, but EVERY financial companies has it's haters and people who think they are the best. You are loving Nationwide at the moment, I'm sure many others aren't. In fact they upset hundereds around here, when they changed their policy on foreign use of their credit card.

I had the letter about repayments being calculated differently, there have been numerous threads on the board about it, so it is far from discreetly done. It doesn't take place immediately either, so there is some time for people to adjust.

Having said that, I agree with others, that people should be able to close the card and pay the balance off at the current conditions.

My Virgin story is, I had £3600 transferred for 16 months at 0% (including the fee).

I paid off the whole amount before any interest was charged.

Since then I have had numerous 0% offers (at least 6 in the past 6 months), I've never had an APR increase either.

So apart from the 2.9% fee for the BT 2 years ago, I have not paid a penny interest to Virgin, but despite that my APR remains at 16.9% and I still am getting numerous offers.

silverjay

anyusernameleft wrote: »

And in English that means what? Everyones charges are going to double? Quadruple? How wildly helpful! And how discreet of all the money gurus to not mention this tiny detail.

There are several threads regarding this new calculation, mainly under the MNBA heading.

Yes your payment would have increased on a £10.7K balance to £107 plus the monthly interest due.

Lucky you got out in time eh?

anyusernameleft

Not lucky, sad I didn't get out a lot earlier. I did run a search before I started this thread and didn't find anything under Virgin.

I would have honestly expected a big payment hike to be in the press but now I come to think of it I don't know why as the press doesn't advertise the huge interest charged by Virgin now so why would they advertise a huge hike in monthly payments?

anyusernameleft

Yes. Now I know to search under MBNA and not Virgin there are a lot of people in trouble who can't afford the new hikes in payments being told that it's for their own good.