Virgin One / One Account closing down?

getmore4less

Heng_Leng wrote: »

They are offset products not CAMs.

Which provided the same features and more for a lower cost.

System

getmore4less wrote: »

Which provided the same features and more for a lower cost.

Similar - not the same features.

A CAM has one single account - offset are linked accounts.
The latter has issues for means tested benefits for example.

I didn't like getting a mini-statement at Tesco and appearing several hundred thousand overdrawn :eek:

slimgym

Dropped Virgin One an email the other day asking them what happens when the end date arrives.

They said at thee end date, the borrowing facility will be removed but the credit balance remains. You then have 60 days to open a new account and transfer credits and debits. After that the account will be permanently closed.

They can extend the term as though you were increasing the facility with good reason after a discussion with a mortgage adviser.

I'm not sure how the account stacks up against others available. My house with the facility on it is rented out and I would liked to have had the facility to borrow on it at any time like in the past, to finance cars, and potentially to borrow on it to buy another house to live in whilst keeping that one rented out to help with the interest. But looks like unless that comes in to plan by May next year I will have to look elsewhere for the facility.

slimgym

Am in the process of extending mine for another 14 years so is possible to do so. Probably other accounts that will beat the 4% (headline) interest rate however they have limits on the overpayments and my not allow you to re-draw anything you have overpaid.