Help virgin card

JanetH

I am in a total panic!!!!!

A couple of weeks ago Admiral sent my son his car insurance renewal details. He has since found another insurer and has taken up their policy.

I have just realised that we haven't cancelled the Admiral insurance and they hold my Virgin card details. This card has been used up to the max with balance transfers and is currently 0% interest until May 2012.

As the renewal is not due until Monday 27th June will I be able to stop the transaction going through? The insurance office is not open until 10.00 am tomorrow. I have rung Virgin and they have said there is nothing they can do until they know if the payment is going to be requested then one of two things could happen:

The transaction will be refused - no worries,

The computer will assess the transaction and may allow it to go through after looking at my credit history. If this is the case I will be overdrawn and may lose my 0%.

What worries me is that Admiral may have already asked for this payment and although they can reverse the transaction the damage will have already been done.

Does anyone know if phoning tomorrow will be too late?

Tixy

I suspect that the payment will already have been requested - usually there are requested 2 or 3 working days before the payment is due out.
Often transactions are authorised even if it puts you over limit (from experiences read about on here it seems they might be allowed through more often than not).
Just a thought might be worth seeing if virgin will increase your credit limit (so that you wouldn't lose your 0% and would then have time to sort out the cancellation and get the money refunded).

ILoveChocolate

Could you borrow some money from a family member and put a fast payment through tomorrow to your virgin card and then the funds will be in there on Monday? This may work.

JanetH

Hi Tixy and ILoveChocolate
Thank you for your responses. If the transaction has gone through I will ask for my credit limit to be increased tomorrow to take into account this payment. If this is refused I will try a bit of damage limitation and tell Virgin I will make a payment via Barclays on line banking into the account although not sure if a payment made tomorrow will reach the account on Monday -I thought payments are only processed on working days. Anyway it can't do any harm.

I am so upset though, a stupid oversight on my part could cost me dear. I hate credit cards!!!

gizmo111

Did you agree to a contining payment for renewal or di you just pay one off last year when he purchased it - where do insurance think they are getting money from - check with renewal docs what it says.

JanetH

Hi gizmo111
I made a one off payment last year and the renewal states ' we will automatically renew your policy based on the information you have supplied. Please check your details carefully and if they are ok, then you don't have to do anything' They have quoted my credit card no.(although not in full) from last year.
By the way ILoveChocolate I bow to your superior knowledge. I checked on the Barclays site. Virgin are part of the Faster Payments Scheme and payments made will go through the same day whether a working day or not, I never knew that. Feel a bit better now as I can pay this money out tomorrow if necessary. It will mean going into the Barclays Reserve pot (pre arranged) for a few days until I can get this money which I can borrow from Mum (Bless Her) into the current account, will cost me £22.00 in fees but that's a whole lot better than losing my 0%. Fingers crossed it all goes to plan. Will let you know.....

gizmo111

Well I would be charging son £22!
How long ago did he get his new policy?

ILoveChocolate

Goodluck, trying to help you as I lost my 0 %, long story so if I can prevent someone elses pain with virgin, it will be worth it :j

noh

JanetH wrote: »

Hi gizmo111
I made a one off payment last year and the renewal states ' we will automatically renew your policy based on the information you have supplied. Please check your details carefully and if they are ok, then you don't have to do anything' They have quoted my credit card no.(although not in full) from last year.
By the way ILoveChocolate I bow to your superior knowledge. I checked on the Barclays site. Virgin are part of the Faster Payments Scheme and payments made will go through the same day whether a working day or not, I never knew that. Feel a bit better now as I can pay this money out tomorrow if necessary. It will mean going into the Barclays Reserve pot (pre arranged) for a few days until I can get this money which I can borrow from Mum (Bless Her) into the current account, will cost me £22.00 in fees but that's a whole lot better than losing my 0%. Fingers crossed it all goes to plan. Will let you know.....

Be aware that MBNA/Virgin do not credit faster payments made at the weekend until the next working day. Therefore the earliest your account will be credited is Monday 27th.

Have a look at the back of your statement (either paper or PDF copy online)
In the Making a Payment box you will see the words:-

"Faster Payments received Monday to Friday before 4pm will be credited to your account the same business day, after 4pm, or on a weekend/bank holiday, they will be credited to your account the next business day. Payments can be seen on your account the day after being credited."

gizmo111

Also check with Admiral as there may be a cancellation fee.

JanetH

Hi All
Thanks for your responses. Panic over!!!! Rang Admiral this morning and they don't take the credit card payment until 3 working days AFTER the policy renewal date. I questioned this and the customer services lady was quite positive and added that the policy has been cancelled today so no payment will be asked for.
Anyway thank you for responses and all the best for the future everyone.
Janet.