Amending direct debit - Virgin Money

gid951

Recently changed bank accounts and did the switching of DDs and SOs myself as I know the banks' own services can be poor.

Via Virgin Money credit card site, I was only given the option to "cancel" my existing DD, most other sites offer you the ability to "amend".

So cancelling the old one and setting up a new one has resulted in 2 late payment charges, a whopping amount of interest and me losing my 0% deal because of a late payment...

Was told that this is all very clear via the website - that I may need to make manual payments as well - but I don't recall this and am normally very attentive to this kind of thing

Called them and they 'generously' offered to pay back a late payment fee, 50% of the interest and put me back on the 0% deal.

I guess that's good of them but I am still £100 out of pocket for what feels like more an issue with their website functionality than my mistake.

I'm following up with a manager but any advice you guys can give me then please let me know

StuC75

should have used a switching service so had someone else to point the finger at here.

Had the direct debits been correctly in place then the statements would have advised what payments would have been made by dd - what does the statements say?

Would be gratefull that virgin have re-instated the deal and wrote off half the interest..

[Deleted User]

had no probs when changing banks

DavidDebt

In my experience amending a DD only allows you change the amount. Changing the account number requires a new DD is the originating reference number is completely different.

A new DD can take up to 7 working days to be setup and you should make manual payments until you see that the payment will be taken via direct debit on a statement.

YorkshireBoy

gid951 wrote: »

most other sites offer you the ability to "amend".

"Amend" deals with changing from minimum to full (or even static with some providers) with the same bank.

When you change banks the old one needs to be 'cancelled'.

Was told that this is all very clear via the website - that I may need to make manual payments as well - but I don't recall this

It is clear. They also write to you with details of the new DD and telling you about the possible need to make payments by other means until the new DD is set up. The letter is headed "important: confirmation of your direct debit instruction". Are you saying you can't recall this either?

am normally very attentive

In order to receive 2 late payment charges you haven't been checking your monthly statements (for at least one month). I wouldn't call that being "attentive".

I think you've had some decent goodwill from them under the circumstances, the most important being the reinstatement of the 0% promotion. Anything else you get will be a bonus...but don't expect them to remove the 2 late payment markers from your CRA file (which may really hurt you when you come to switch any remaining balance on the card).

gid951

Thanks YorkshireBoy - will see whether they will remove late payment markers as well as what they are offering

Very few (very few!) customers read letters from banks - and they know this which gets them off the hook for all sorts of things

Looksguywalker

gid951 wrote: »

Thanks YorkshireBoy - will see whether they will remove late payment markers as well as what they are offering

Very few (very few!) customers read letters from banks - and they know this which gets them off the hook for all sorts of things

The ones that claim to be attentive do, especially when switching.

gid951

UPDATE
Having spoken to VM they tell me that late payment markers only kick in (ie are added to your credit score) if they exceed a certain number of days after the payment date. So make a late payment within a few days of the payment date and you're ok from a 'late payment marker' point of view. Obviously you will incur charges though.

Manager just called me back who was very understanding and has offered to revert my account back to normal under the circumstances and as I am a new customer.

Well done VIRGIN MONEY - thoroughly recommend them. And it pays to speak to banks, they can be very understanding!!

gid951

BTW - you'll see I'm a newbie here but loving the fourm already - thank you for all the advice (even the righteous advice!! :j)

:money:

Buzby

DavidDebt wrote: »

In my experience amending a DD only allows you change the amount. .

Since a DD is for 'unspecified amounts on unspecified dates' (and has been so for the last 10 years) there IS no amount that needs to change. The originator takes what they want, when they want it!

DavidDebt

Buzby wrote: »

Since a DD is for 'unspecified amounts on unspecified dates' (and has been so for the last 10 years) there IS no amount that needs to change. The originator takes what they want, when they want it!

Not quite. For example Barclaycard allow me to define full balance, fixed amount or minimum. If ask for £200 fixed they won't take less.