help

chris.chiro

Hi There,

I am pretty sleepy when it comes to money....I did a Balance Transfer to a Virgin 0% finance til 7/13. The balance is now £7,000 or so.

I defaulted on a payment on 1/11/12 - I have had ONE letter (dated 23/11/12) from them since saying ..."If this is the second time in a row that your bank has returned our Direct Debit request unpaid, we will automatically cancel the Direct Debit on your account."

.....then:

"If you have not already done so, please pay at least the minimum payment on your last statement as soon as possible

I wasn't too worried about this til last night when I phoned to pay some of it off with a Debit card, he gladly took the minimum payment but then informed me that I would hence forth be paying the standard rate of interest and when I complained about that he dropped it to 9.9% - still pretty savage.

What can I do am I stuck?

HELP!

Thanks for your help!

Bravehearted_2

Not much you can do - you failed to make a payment; you broke your end of the agreement and the withdrew the 0% rate.

How about wake up to your personal finances?

You can call them and ask nicely but they're not obliged to cave.

sfax

They make money on these deals from people's forgetfulness or mismanagement. If everyone paid on time and kept the 0% for the whole term and then paid it off without paying a penny in interest, we'd all probably have to pay higher "handling" fees. Your loss is someone else's gain I'm afraid - but you won't make that mistake again

StuC75

who's fault is it that the direct debit didnt pay (twice)? Thats who the problem lies with..

matilda1_2

as stu said, you broke the terms and now have to pay the price

matilda1_2

i suppose you could do another transfer to another card, but remember this time to not be sleepy about your finances :money: