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A warning about MBNA (Virgin Credit Card) !
PigDog
Posts: 3 Newbie
in Credit cards
Hey great site. It was here that I found out that I am a "Stoozer".
My story: I applied for a Virgin credit card in November and duly filled in ALL the forms required including direct debit details. My plan was to stooze a bill of £3500 which I was going to incur anyway. This would then allow me to keep that amount in my high interest eSavings account with the NatWest. The Virgin card arrived promptly and I was able to make a couple of balance transfers, over the phone to MBNA. I had not known about the minimum payment arrangement but when I did discover I thought this was even better allowing me to pay of some of this loan during the interest free credit. The transfer fees were a bit punitive and your stoozing calculator showed me there would only be a small profit for this effort but a sense of well-being would prevail.
The second month I received the statement and was surprised to discover a late-fee applied. Duly I rang MBNA who apologised for the mistake and applied a credit for the same late fee:never mind the effect on my credit history! I had noticed there was to be a call for the ENTIRE amount outstanding and raised it with the telephone operator. There was no need to give any Direct Debit details as these were already on file. A direct debit was then taken out for the minimum payment for that month. A few days later and the ENTIRE AMOUNT was removed from my bank account. I found out as my Bank manager telephoned me in the morning to express concern. £3480 quid left me seriously overdrawn.
I was able to transfer this amount from my eSavings account although my bank manager offered me a loan straightaway.
I rang MBNA and after being placed on hold for 18 of the twenty minute phone-call I received a series of accusations that I had incorrectly set-up my direct debit. Naturally this made my Blood-Boil !
During the day I received a text on my Virgin mobile phone which clearly had again failed to get a signal asking me to call back.
Calling back on a different number the response was only slightly more apologetic. I am offered my bank charges refunded on production of these bills. No discussion would be entered into as to wether I would be reimbursed my transfer fees. The late fee credit now stands as the positive balance on the account and MBNA tell me I am free to use upto the £5000 credit free limit.
Forgive me as I not in the position to arbitralily spend FIVE GRAND and require time to plan for such spending.
I would seriously mistrust this shower and would recommend the scrutiny of a chartered account: even then you could not prevent this level of serious mis-management.
YOU HAVE BEEN WARNED.
My story: I applied for a Virgin credit card in November and duly filled in ALL the forms required including direct debit details. My plan was to stooze a bill of £3500 which I was going to incur anyway. This would then allow me to keep that amount in my high interest eSavings account with the NatWest. The Virgin card arrived promptly and I was able to make a couple of balance transfers, over the phone to MBNA. I had not known about the minimum payment arrangement but when I did discover I thought this was even better allowing me to pay of some of this loan during the interest free credit. The transfer fees were a bit punitive and your stoozing calculator showed me there would only be a small profit for this effort but a sense of well-being would prevail.
The second month I received the statement and was surprised to discover a late-fee applied. Duly I rang MBNA who apologised for the mistake and applied a credit for the same late fee:never mind the effect on my credit history! I had noticed there was to be a call for the ENTIRE amount outstanding and raised it with the telephone operator. There was no need to give any Direct Debit details as these were already on file. A direct debit was then taken out for the minimum payment for that month. A few days later and the ENTIRE AMOUNT was removed from my bank account. I found out as my Bank manager telephoned me in the morning to express concern. £3480 quid left me seriously overdrawn.
I was able to transfer this amount from my eSavings account although my bank manager offered me a loan straightaway.
I rang MBNA and after being placed on hold for 18 of the twenty minute phone-call I received a series of accusations that I had incorrectly set-up my direct debit. Naturally this made my Blood-Boil !
During the day I received a text on my Virgin mobile phone which clearly had again failed to get a signal asking me to call back.
Calling back on a different number the response was only slightly more apologetic. I am offered my bank charges refunded on production of these bills. No discussion would be entered into as to wether I would be reimbursed my transfer fees. The late fee credit now stands as the positive balance on the account and MBNA tell me I am free to use upto the £5000 credit free limit.
Forgive me as I not in the position to arbitralily spend FIVE GRAND and require time to plan for such spending.
I would seriously mistrust this shower and would recommend the scrutiny of a chartered account: even then you could not prevent this level of serious mis-management.
YOU HAVE BEEN WARNED.
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Comments
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This months statement has just dropped on my doormat.
Arbitrarily they had added an interest charge of £23quid.
"What is the reason you want to close your account?"
"Sheer bleddy incompetence!"
I've instructed my solicitors to write a Letter Before Action for the balance transfer fees they have conned me out of.:mad:0 -
I had not known about the minimum payment arrangement but when I did discover I thought this was even better allowing me to pay of some of this loan during the interest free credit
I'm baffled !! Are you saying that you thought you wouldn't have to repay anything during the interest free period ? or are you saying you didn't know you could set up a DD for the minimum payment ?0 -
Direct Debit sucks. I tried to avoid them as much as I can.0
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Oh no it doesn't:j It works like a dream for me:beer:0
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Direct Debit is a great tool. If you're bouncing around £0 (or your overdraft limit) then they're not so good (I used to get burnt like this before my LBM 13 months ago!) Since then I've sorted my finances out properly and use DDs to great effect.0
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Hey great site. It was here that I found out that I am a "Stoozer".
My story: I applied for a Virgin credit card in November and duly filled in ALL the forms required including direct debit details. My plan was to stooze a bill of £3500 which I was going to incur anyway. This would then allow me to keep that amount in my high interest eSavings account with the NatWest. The Virgin card arrived promptly and I was able to make a couple of balance transfers, over the phone to MBNA. I had not known about the minimum payment arrangement but when I did discover I thought this was even better allowing me to pay of some of this loan during the interest free credit. The transfer fees were a bit punitive and your stoozing calculator showed me there would only be a small profit for this effort but a sense of well-being would prevail.
The second month I received the statement and was surprised to discover a late-fee applied. Duly I rang MBNA who apologised for the mistake and applied a credit for the same late fee:never mind the effect on my credit history! I had noticed there was to be a call for the ENTIRE amount outstanding and raised it with the telephone operator. There was no need to give any Direct Debit details as these were already on file. A direct debit was then taken out for the minimum payment for that month. A few days later and the ENTIRE AMOUNT was removed from my bank account. I found out as my Bank manager telephoned me in the morning to express concern. £3480 quid left me seriously overdrawn.
I was able to transfer this amount from my eSavings account although my bank manager offered me a loan straightaway.
I rang MBNA and after being placed on hold for 18 of the twenty minute phone-call I received a series of accusations that I had incorrectly set-up my direct debit. Naturally this made my Blood-Boil !
During the day I received a text on my Virgin mobile phone which clearly had again failed to get a signal asking me to call back.
Calling back on a different number the response was only slightly more apologetic. I am offered my bank charges refunded on production of these bills. No discussion would be entered into as to wether I would be reimbursed my transfer fees. The late fee credit now stands as the positive balance on the account and MBNA tell me I am free to use upto the £5000 credit free limit.
Forgive me as I not in the position to arbitralily spend FIVE GRAND and require time to plan for such spending.
I would seriously mistrust this shower and would recommend the scrutiny of a chartered account: even then you could not prevent this level of serious mis-management.
YOU HAVE BEEN WARNED.
How easy it is the blame the bank. You are the one who caused the problems in the first place. You do not bother reading the terms and conditions pointing out you have to make the min. payment during the promotional period.
No doubt when you phoned you caused further confusion resulting the errors that followed.
Your new years resolution should be to read information sent to you.
Myself I have never had a problems with any credit card company and I have about 20 cards. The difference is I check and double check everything and have never had a credit card company reduce my limits.0 -
How easy it is the blame the bank. You are the one who caused the problems in the first place. You do not bother reading the terms and conditions pointing out you have to make the min. payment during the promotional period.
No doubt when you phoned you caused further confusion resulting the errors that followed.
Your new years resolution should be to read information sent to you.
Myself I have never had a problems with any credit card company and I have about 20 cards. The difference is I check and double check everything and have never had a credit card company reduce my limits.
I agree Mable, I have never had a problem with any credit card nor have I ever had a problem with either Direct Debit payments ( I pay ALL my bills this way) nor MBNA - I have been a customer for many years and have found them to be fantastic card providers....if you are a good customer, and PAY your bills, either in full or minimum payments, they treat you very well. So many on here complain when they are treated badly by MBNA - they are a business, if you fulfill your obligation, they fulfill theirs. I get offers of new deals all the time from MBNA - but there again, I use credit, rather than it using me and I always pay my bills. They are always lovely to me on the phone and offer me deals that can only be classed as fantastic! especially in today's climate. My credit limit with MBNA is huge, and I mean HUGE! but there again, at this moment in time I have a 'nil' balance, so they trust me to borrow and pay back, as I have done for many years.
The original poster should read his agreements properly before complaining.
MBNA are good and so are Direct Debits....~What you send out comes back to thee thricefold!~~0 -
I agree Mable, I have never had a problem with any credit card nor have I ever had a problem with either Direct Debit payments ( I pay ALL my bills this way) nor MBNA - I have been a customer for many years and have found them to be fantastic card providers....if you are a good customer, and PAY your bills, either in full or minimum payments, they treat you very well. So many on here complain when they are treated badly by MBNA - they are a business, if you fulfill your obligation, they fulfill theirs. I get offers of new deals all the time from MBNA - but there again, I use credit, rather than it using me and I always pay my bills. They are always lovely to me on the phone and offer me deals that can only be classed as fantastic! especially in today's climate. My credit limit with MBNA is huge, and I mean HUGE! but there again, at this moment in time I have a 'nil' balance, so they trust me to borrow and pay back, as I have done for many years.
The original poster should read his agreements properly before complaining.
MBNA are good and so are Direct Debits....
Very well said.0 -
I've never had any problems with them. I pay by SO so I can control exactly what goes, when.They deem him their worst enemy who tells them the truth. -- Plato0
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