Virgin One Account - compensation offer

Lisa56

We are in the same position as several people on here (we were unable to re-mortgage elsewhere, so could not sell our home). We ploughed in money in response to pressure in 2013- this included an income protection policy and paying in lump sums from my pension that we definitely would not have done otherwise. It has taken Virgin 2 and a half years to come up with a wholly inadequate response. The Ombudsman have said they are way behind with cases, so it will be a long time before they can look at our case. Don't know who to turn to or whether to just cave in and accept. (We had a phone call 2 days after their offer letter asking if we were in a position to sign!!!! )

bettermandave

Ok ,

We have finally agreed and been paid our compensation. It is substantial but nowhere near what the V1 case handler intimated. There is a specific process that V1 have to follow when calculating what is due to you. The ombudsman will follow this process and ensure that V1 have correctly followed it.
One bit of info for you. If you had to sell and move into rented accommodation they will take off any interest that they calculate you have saved through not having the mortgage but will include any rent from the date of sale. They will also take off any interest you have saved through paying off any debts with the equity from the sale e.g. credit cards or loans etc.
Everything you tell the call handler is used so be discrete.