Urgent Virgin balance transfer to a current account question

udydudy

My two bit advice is: your credit limit is £9500 your outstanding balance is £6700 which means you have a available credit limit of £2800.

I would suggest you take the super balance tranbfer of the allowed amount which I think would be around £2000. then pay back the £2000 to Virgin and keep doing this until the whole amount is Bt'ed.

This may take 4 transactions, the reason for doing it this way, though a bit of work is that Virgin will not be able to reuce your credit limit during the whole procedure below your existing balance(as you will be above £6700 at all times) and you avoid the situation where you have borrowed from a relative repaid Virgin and they have reduced your credit limit to £500 which would mean you now owe a relative £6700 and are unable to repay putting you in a bad relationship.
Example
Current O/s £6700
Transfer £2000
Fee £ 80
New Bal £8780
Repay £2000
New Bal £6780(£2080@New 0%)
BTransfer £2000
Fee £ 80
New Bal £8860
Repay £2000
New Bal £6860(£4160@new 0%)
BTransfer £2000
Fee £ 80
New Bal £8940
Repay £2000
New Bal £6940(£6240@new 0%)
BTransfer £ 980
Fee £ 39.20
New Bal £7959.20
Repay £ 980.20
New Bal £ 6979(all at new 0%)

The last one I have done more than £700 is just incase the BT fee is being calculated at standard rates which soe providers do. I Am not sure about Virgin. Hope it was clear enough.
New Bal £6860(£4160@new 0%)

jon142

udydudy wrote: »

My two bit advice is: your credit limit is £9500 your outstanding balance is £6700 which means you have a available credit limit of £2800.

I would suggest you take the super balance tranbfer of the allowed amount which I think would be around £2000. then pay back the £2000 to Virgin and keep doing this until the whole amount is Bt'ed.

This may take 4 transactions, the reason for doing it this way, though a bit of work is that Virgin will not be able to reuce your credit limit during the whole procedure below your existing balance(as you will be above £6700 at all times) and you avoid the situation where you have borrowed from a relative repaid Virgin and they have reduced your credit limit to £500 which would mean you now owe a relative £6700 and are unable to repay putting you in a bad relationship.
Example
Current O/s £6700
Transfer £2000
Fee £ 80
New Bal £8780
Repay £2000
New Bal £6780(£2080@New 0%)
BTransfer £2000
Fee £ 80
New Bal £8860
Repay £2000
New Bal £6860(£4160@new 0%)
BTransfer £2000
Fee £ 80
New Bal £8940
Repay £2000
New Bal £6940(£6240@new 0%)
BTransfer £ 980
Fee £ 39.20
New Bal £7959.20
Repay £ 980.20
New Bal £ 6979(all at new 0%)

The last one I have done more than £700 is just incase the BT fee is being calculated at standard rates which soe providers do. I Am not sure about Virgin. Hope it was clear enough.
New Bal £6860(£4160@new 0%)

This is also an option but i was under the impression you only get 1 chance this Virgin deals?

I.E once the £2000 is transfered... the offer is used up?

If this isn't the case this idea would be better.

udydudy

offers normally are for any number of transfers within the expiry date of the offer. ofcourse they reserve the right to withdraw any offer at any time but then that means they may not allow even one BT, though I do not know of it happening.

I have had halifax offers which said 0% with 3% fee for 9 months for transfers done by a certain date and have done 3 BTs by that date.

gglaze

udydudy wrote: »

I would suggest you take the super balance tranbfer of the allowed amount which I think would be around £2000. then pay back the £2000 to Virgin and keep doing this until the whole amount is Bt'ed...

This sounds like a good idea - but are you certain the repayments will go to the old balance first, rather than the new balance? They are both still 0% balances right? How can you be sure you're not just pulling out cash, to pay it right back off, over and over, and finally left with exactly the original balance at the original promo rate (and promo expiration date)? Or is there a specific rule about paying off the cash bt balance before the credit promo bt balance, even if both are at 0%?

gglaze

jon142 wrote: »

...they can reduce the limit when they want to, ( they usually give 30 days i believe tho. )...

This may be right, but it's not my experience. I've had my limit reduced on various cards in the past, and it has always been a sudden thing, with no warning period - i.e. by the time I was notified, it was already done. This has happened in several ways:

1. I log in online and notice the reduced limit. I then call in to confirm, and yes, it has been reduced, and they give me some reason. Then on my next paper statement, I receive a notice like "oh by the way your limit has been reduced", but by that point I already knew because I could see it online.

2. I call in about a BT or something, and they do a quick check, put me on hold, obviously have seen something they didn't like, and come back a few minutes later to tell me there is not only no promo offer for me, but they are also deciding (effective at that moment) to reduce my limit.

3. I receive a letter about a reduced limit, having neglected to check my account online in a few days, and then I go online to confirm it has already taken effect.

So in summary, in all cases where I've had a limit reduced, there has been no 30 days warning period. However, I can also say the same for all cases where I have had a limit increased - it has always been equally sudden and surprising.