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Example: BT £4000 fee £119.20 min. payment £123.58
Yes, because £123.58 is LESS than £124.20 (which is the 2.98% BT fee + £5)
Because the BT fee was posted on your first statement, it doesn't get posted again. Since you've covered the fee with your first minimum payment, subsequent minimum payments are £5, but...the T&C's say they will always be at least £25, so you'll pay £25 from month 2 onwards.
The payment will pay off lower rates of interest first. If what you are saying is correct, the BT fee will be at 0% for 15 months, too.
From the Virgin T&C's...
2dWe will charge interest on handling fees, and on interest you already owe, at the rate which applies to the relevant transaction.