Negative balance

evezybaby

I recently did my credit score only to discover I still had a active credit card with virgin money. It had a negative balance on it. This balance as been sitting there for around 9 years plus. My question is why didn't they get in contact with me regarding this. I've had no statements no emails nothing. Is this how credit card companies work? Any advice would be great thanks.

Ebe_Scrooge

Do you mean negative, as in you still owe them money?  Or do you mean a positive credit?  Either way, have you not been getting monthly statements?  Do they have your correct email address, phone number and house address (have you moved house in the last 9 years and not updated them?).

If you have a positive credit then you can contact them and ask them to pay it back to you. 

evezybaby

Sorry yes they owe me money. No I haven't moved house email address still the same. Not even received a new credit card. I've contacted them regarding the money but up to yet I'm still waiting. The reason I'm asking about this is to see if I should make a Complaint. Keeping money for that long doesn't seem right. Thanks

Ebe_Scrooge

I don't think you'd have many grounds for a complaint.  Ultimately it's your responsibility to monitor and maintain your accounts.  Most cards will automatically return credit balances to the originating account, however if it's a relatively small amount then in my experience they're not too bothered about it.  I will admit I'm surprised they've let it sit there for 9 years - however, the simplest thing is just to phone them up and ask for it to be returned (or simply spend on the card to use it up).

cymruchris

If you 'closed' the account at some point, and then had a refund later on something you'd bought, it would likely have gone back to the card. Even though the card wasn't available for spending - the infrastructure is still in place to receive a credit. The card number still works. If you've been at the same address though, and all your details haven't changed, I'd be interested to know what they say as to why they didn't contact you. (This is assuming you did actually close the account - and not just stop using it)

evezybaby

Hi,
No I didn't cancel it. To be honest I assumed they had owing to the fact I hadn't used it in years. I don't understand if it was still active why I never had any correspondence from them. Its not a small amount either. I'm now in the process of getting it back. And I will be asking the question. 

emmajones1976

How much are we talking here? You seem very cagey in revealing this info.

Sandtree

evezybaby said:

Hi,
No I didn't cancel it. To be honest I assumed they had owing to the fact I hadn't used it in years. I don't understand if it was still active why I never had any correspondence from them. Its not a small amount either. I'm now in the process of getting it back. And I will be asking the question. 

So if you thought the account was still open why didnt you chase the replacement card 7-8 years ago when your last one expired? It feels like parts of this story are missing.

A complaint is defined by the FCA as "an expression of dissatisfaction" and so if you arent happy about what they've done then it is a complaint. However it seems like the account has gone dormant from non-use but only you can explain what happened in the months/years since the balance went into credit and why you didnt respond 9 years ago.

emmajones1976

Having had a PM stating the amount involved (and yes it did matter what the amount was as small credits and balances some companies dont even bother chasing/notifying for) it beggard belief that you havent chased this until now.

cymruchris

evezybaby said:

Hi,
No I didn't cancel it. To be honest I assumed they had owing to the fact I hadn't used it in years. I don't understand if it was still active why I never had any correspondence from them. Its not a small amount either. I'm now in the process of getting it back. And I will be asking the question. 

Was it a known refund that you were expecting? But didn't notice at the time that you'd not received it anywhere? Or was it a reversal for something you knew nothing about?

I imagine that as you never officially closed the account, and just left it dormant - they would only contact you in whatever way they were contacting you when you were actively using the account. Where did your monthly statements go when you were spending on the card? Did they go to email? Or were they hard copy posted? Did you go paperless and then not really look at the statements that came through? Or did all communication just stop? It might be one of those situations of 6 of one and half a dozen of the other - in that if you intended never to use it again, it would have been useful to have told them, and gotten it closed down. Of course the important thing now is that you've identified it, and you'll soon be getting it back, so that's a bonus if you'd previously forgotten about it.

A good move now would probably be to retrieve your positive balance and then actively close the account. 

born_again

Had the Op set account to online mail/contact only & never checked app or online?