Virgin Money Doubled my Balanace

Wintermute

I'm just hoping for a little advice or reassurance as Virgin Money don't seem to know what's going on and have told me to call back on Monday.

At the start of the week I noticed I was around £300 over my credit limit on my 0% purchase card, big oops, but my fault so I paid off £2500 to get myself back under the limit and phoned to get my interest rate down which they lowered from 17.something% to 5.9%

Today I logged in to find my account balance had doubled so now I'm massively over my limit and have no means to get myself under it any time soon, this is due to a purchase that says "REINSTATE PURCHASE PROMO", obviously I've called Virgin Money, but the person I spoke to nor her supervisor had a clue and told me to call back Monday, obviously I'll be worrying about this until then so hoping someone can put my mind at ease and point me in the right direction.

glider3560

The terms of Virgin's credit cards state "Promotional interest rates will no longer apply if you fail to make a payment on time or go over your credit limit."

It appears they have applied the normal interest rate to your account as you exceeded the credit limit.

Wintermute

Yeah, I get that bit and I'm fine with that, but the normal interest rate isn't doubling the balance every few days; in that case I'd be cheaper paying it off with a pay day loan.

Basically yesterday I was sitting at around 75% of my credit limit, but now I'm at 150% of it despite not spending anything.

glentoran99

Wintermute wrote: »

Yeah, I get that bit and I'm fine with that, but the normal interest rate isn't doubling the balance every few days; in that case I'd be cheaper paying it off with a pay day loan.

Basically yesterday I was sitting at around 75% of my credit limit, but now I'm at 150% of it despite not spending anything.

Has your payment been reversed of something?

YorkshireBoy

Can't you see a list of recent transactions online?...and somehow deduce what's happened from there?

Wintermute

glentoran99 wrote: »

Has your payment been reversed of something?

Nope, they were cleared for a few days and show both at my current account and Virgin Media's end; it was my actual balance after the deducted payments that doubled.

YorkshireBoy wrote: »

Can't you see a list of recent transactions online?...and somehow deduce what's happened from there?

That's where I found out about this; say my limit was £10000 and my balance was £7500.42 on Thursday, yesterday there was a purchase of £7500.42 for "REINSTATE PURCHASE PROMO" and my balance is now £15000.84

I've got no clue what this charge is and Virgin Money can't explain it either so I need to speak to someone on Monday about it

YorkshireBoy

Wintermute wrote: »

That's where I found out about this; say my limit was £10000 and my balance was £7500.42 on Thursday, yesterday there was a purchase of £7500.42 for "REINSTATE PURCHASE PROMO" and my balance is now £15000.84

I've got no clue what this charge is and Virgin Money can't explain it either so I need to speak to someone on Monday about it

The original £7,500.42 will fall off very soon, probably Monday, leaving the new £7,500.42 balance only. It's just the way they do things!