Virgin rate hike

moohound

Hi all,

I have a DMP starting at the end of the month, and all my creditors have been contacted. I have had a letter today from Virgin CC saying my rate is going up from 16.9 to 29.9 percent. If they do this when I am on the DMP I will be dead before it is paid off.:(

I have contacted payplan but as it is the weekend so I won't get a reply until Monday. I am fretting about this, I really want to start to get this paid off.

sickasachip13

Hey Moo,

If it's any consolation, at the start of our DMP virgin wrote to us both re: our individual debts with them, telling us both that they would not accept a DMP under any circumstances, would not stop %, and that they would pursue us for the full contractual payment and this could escalate into a CCJ. This was in response to our first letters going out from CCCS. However, they did then drop % completely on both accounts and just took the CCCS payments without any further comment.

To this day they've never on paper accepted our dmp. They sold our debt on recently to a dca, when they seemed to shed loads of dmpers, and the dca has been fine to deal with.

Hopefully, they've been similarly incompetent with you. We were left feeling that they didn't know their @rse from their elbow!

Try not to worry.
SAAC

moohound

Thanks, I feel a bit having heard of your experiences with them, I might get some sleep tonight now

I guess I will have to wait and see what they say.

So do banks bin off DMP debts in bulk? maybe I should ask to buy my own debts for 1p in the pound:D

HappyMJ

With CC's you can opt to refuse the interest rate increase as long as you never use the card again and continue to make the minimum repayments. But...as has been said persistence will get them to freeze the rate and fees at 0%.

eyeopener2

And remember, you can refuse any hike in interest rate anyway. You just agree not to use the card, but as your starting a DMP soon, you won't be using it.

Virgin were a little strange at the start of my DMP. I got two letters on the same day.

One from CCCS saying Virgin (MBNA) had refused to accept my DMP.

The other from Virgin saying they would accept my DMP!

The next week a letter saying what the terms of the DMP were.....

All very odd but they have never been a problem and now its been sold on, I just pay someone else instead.

Your entering the bizzare world of the DMP.

e2

moohound

I'll contact them and refuse the rate hike, if they keep the interest on at least it will be a bit lower. Thanks for all the advice and experiences guys:D