Help 26% !!!!

landseer1

Hax - it makes sense now and I thank you for your time and trouble. I dont consider myself to be slow but they have certainly caught me out well and truly, from now on i will set up DD and make further payments myself but I just dont know how I will cover the 26%.
anyway once again thank you very much.

Hax

No problems. I wish I could offer you a way of getting the 0% (or at least a lower APR) reinstated - only thing is to try again on the phone, be very apologetic and explain that you find it all very confusing and want to setup a direct debit so that this doesn't happen again. Accept the charges - they're the least of your worries - the lower APR is what you're after.

I hope you get a more sympathetic operator next time you call them - keep us posted and good luck!

I'm off to bed now - work in a few hours

One last thought - another option (if possible) is to look for another (non-MBNA) 0% CC offer.

WelshRarebit

landseer1 wrote: »

This is a card that is never used for purchases and the statements dont have a date of issue just Jan , Feb , ect

OK I think I see where you're going wrong.....I belive you are not downloading the "Official Statement". What you get on screen is just a general summary of your account. You have to download the PDF statement for a like for like copy of the paper version. On that statement on the very first page of the PDF in a big red box on the left hand side and in it you will see all the info you need including the statement date.

redpete

landseer1 wrote: »

Hax - it makes sense now and I thank you for your time and trouble. I dont consider myself to be slow but they have certainly caught me out well and truly, from now on i will set up DD and make further payments myself but I just dont know how I will cover the 26%.
anyway once again thank you very much.

Quite a few people are cought out by this. It is definitely worth setting up a DD for the min amount and paying anything over and above this as well.

I would also suggest phining them again, several people have manged to get the 0% period re-instated and/or any charges refunded. Phone after you have set the DD up and it will be in your favour, don't demand anything but explain that it was an unintentional mistake that you have now rectified.

Jigga

WelshRarebit wrote: »

You have to download the PDF statement for a like for like copy of the paper version.

Yep, it’s all about the statement date and due by windows. All of the cards that I hold have a window of about 25 days, the one exception to this is Virgin which usually only has a window of 17 days.

For example one of my HSBC cards has the following:

A January statement date of 10/1/11 with payment due by 4/2/11 (25 days)

A February statement date of 9/2/11 with a payment due by 7/3/11 (26 days)

But my Virgin card has the following:

A January statement date of 12/1/11 with payment due by 29/1/11 (17 days)

A February statement date of 10/2/11 with a payment due by 27/2/11 (17 days)

Your statement/due dates may be different, but if we used mine for example against your repayments/minimums. In a fortnights window in Jan you would have repaid £100 against the £83.11 minimum, but for Feb in a fortnight’s window you would have only repaid £80 against a £123.35 minimum.

I always make a payment online the day my statement is generated, however there are a number of ways that people can fall foul of the short Virgin window, such as your example and the window becomes even shorter for those waiting for paper statements in the post which will put in a delay of up to a week and then the prudent four days or so for payments to clear at Virgin’s end before the due date. If we take a worst case example of 7 days for the post and 4 days to clear (11 days total), that only leaves 6 days to act to make the payment!!!

I’ve always been surprised that I have not seen a post on MSE that highlights the short window for Virgin.

So, as I’m sure others would say, it’s either set up a direct debit with Virgin or pay the minimums (or more) only when the statement is generated by looking at the pdf copies that you can access on the website that shows the statement date and due date.

As in other posts, to get your 0% re-instated, it’s grovel time for a first offence and they’ll probably suggest setting up a DD too.