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Virgin Repayment
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midnitegremlin
Posts: 171 Forumite
So Virgin have offered to allow me to pay back my credit card, which was at a very very high balance, montly, at no interest, via direct debit. It's a set monthly payment of £225 and last five years. This sounds too good to be true? Why would they do this? I guess sort of like cutting losses?
Full edit:
I know I'm not very clear, so this is it step by step,
1. Took out a Virgin MBNA credit card, with a long 0% offer.
2. Called them when the offer came to a close, negotiated a "7.9% lifetime rate." Which, had I just made the minimum payment, would have taken me 80 years to clear!! lols.
3. I always paid at least the minimum on time, no defaulting issues.
4. Got a rather annoying letter basically saying all my interest rates were 24.9% apr. Rang and discussed, but they said I'd been misinformed about the concept of a lifetime rate.
5. Rang recently, just to chat about interest rates, and offered this 0% pay it off deal. Obviously the monthly pay back ammount is loads and loads more than a minimum payment, but still seems unsually good. Is there a catch? Will they suddenly hit me with "service charges" etc?
Full edit:
I know I'm not very clear, so this is it step by step,
1. Took out a Virgin MBNA credit card, with a long 0% offer.
2. Called them when the offer came to a close, negotiated a "7.9% lifetime rate." Which, had I just made the minimum payment, would have taken me 80 years to clear!! lols.
3. I always paid at least the minimum on time, no defaulting issues.
4. Got a rather annoying letter basically saying all my interest rates were 24.9% apr. Rang and discussed, but they said I'd been misinformed about the concept of a lifetime rate.
5. Rang recently, just to chat about interest rates, and offered this 0% pay it off deal. Obviously the monthly pay back ammount is loads and loads more than a minimum payment, but still seems unsually good. Is there a catch? Will they suddenly hit me with "service charges" etc?
If my post doesn't appear to be serious, then it is not serious. So what? Kick back, relax enjoy life and have a little fun. Life is far far too short to be grumpy!!!!
0
Comments
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Not much to go on but if they think you may not pay it back or you may default then this is a better option as ey only lose the interest hey could have made from that money. Have you told them you are struggling?0
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I'm not even struggling, it's just that it's at 25% apr. ouch. It was a free one years ago, and then I accepted a "lifetime rate of 7.9% over the phone, and it was that for years, but then something changed, apparantly I was "minformed," about the "lifetime rate" and it's now 25% I've paid the interest for a couple of months but need to obviously sort it out (like a bank loan etc). I was thinking they might cut the rate or something, but they offered that right out the blue.If my post doesn't appear to be serious, then it is not serious. So what? Kick back, relax enjoy life and have a little fun. Life is far far too short to be grumpy!!!!0
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I know I'm not very clear, so this is it step by step,
1. Took out a Virgin MBNA credit card, with a long 0% offer.
2. Called them when the offer came to a close, negotiated a "7.9% lifetime rate." Which, had I just made the minimum payment, would have taken me 80 years to clear!! lols.
3. I always paid at least the minimum on time, no defaulting issues.
4. Got a rather annoying letter basically saying all my interest rates were 24.9% apr. Rang and discussed, but they said I'd been misinformed about the concept of a lifetime rate.
5. Rang recently, just to chat about interest rates, and offered this 0% pay it off deal. Obviously the monthly pay back ammount is loads and loads more than a minimum payment, but still seems unsually good. Is there a catch? Will they suddenly hit me with "service charges" etc?If my post doesn't appear to be serious, then it is not serious. So what? Kick back, relax enjoy life and have a little fun. Life is far far too short to be grumpy!!!!0
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