Virgin Balance Transfer

ReaperALM

So I got an email saying I could cut the interest I am paying on any loans I have in place - brilliant!

I have 41 months left with my bank at £494.14 - and got an early settlement figure of £16199.12.  Virgin are offering 35 months at 0% which would cut my payback by just over £4 (minus the balance transfer fee etc)

Here's my dilemma (or potentially not) I quite comfortable paying back what I am used to, obviously jumping at the chance of paying back the same amount I pay each month and cutting my payback date down by 9 months.  I registered the Virgin account on a balance transfer scenario and asked for the £16199.12 - I have been accepted by only for £12500.

Are Virgin going to go ahead and transfer that £12500 onto my desired card or will they get in touch beforehand?  I obviously don't want to go ahead with as it won't cover the balance I want it to and I don't want £12500 floating around.

Any help will be greatly appreciated.

ReaperALM

ReaperALM said:

So I got an email saying I could cut the interest I am paying on any loans I have in place - brilliant!

I have 41 months left with my bank at £494.14 - and got an early settlement figure of £16199.12.  Virgin are offering 35 months at 0% which would cut my payback by just over £4 (minus the balance transfer fee etc)

Here's my dilemma (or potentially not) I quite comfortable paying back what I am used to, obviously jumping at the chance of paying back the same amount I pay each month and cutting my payback date down by 9 months.  I registered the Virgin account on a balance transfer scenario and asked for the £16199.12 - I have been accepted by only for £12500.

Are Virgin going to go ahead and transfer that £12500 onto my desired card or will they get in touch beforehand?  I obviously don't want to go ahead with as it won't cover the balance I want it to and I don't want £12500 floating around.

Any help will be greatly appreciated.

£4k saving that should read

[Deleted User]

Do you mean money transfer? A balance transfer won't be suitable for loans.

But regardless,use the £12k if you can and save interest on that amount. Don't decline it just because you're only saving 3k.