Virgin 20 month 0% card

FindMyWayBack

Hi all,   6 months ago I transferred a balance to Virgin at 0% for 20 months, paid for several months big chunks, was offered additional transfers as lots of spare 0% credit limit still available on the card.   Since then I have moved 2 further much smaller amounts onto this 0% card, however the second two are for about a year each.
I throw large chunks of money at this card and will not be putting any more on it as all my other cards are at nil balances. What I can't figure out is how it will work as in 10 months time one transfer is 'up' for being 0% closely followed by another, but the first will still have a year to go.  When I make payments, where are they allocated to and how do they know which is being paid, surely the whole lot won't be 'up' in 10 months because I added to it?  If it is I will have to come up with an alternative but not having been in this position before, I am not sure how it works please? I did ring Virgin but as lovely as the lady was there was a language barrier.

MorningcoffeeIV

Your payments will go to the balance with the highest rate.

FindMyWayBack

MorningcoffeeIV said:

Your payments will go to the balance with the highest rate.

Thank you. So, If I get the 2 shorter ones out of the way, the larger amount remains at 0% for it's duration? (another year)
When the time comes will this be shown as separated on my statements? Now it shows all lumped together.....

MorningcoffeeIV

Each balance remains on its contractual terms.

Most lenders will show the balances split out by bucket.

FindMyWayBack

MorningcoffeeIV said:

Each balance remains on its contractual terms.

Great thanks, not sure what you mean by bucket....

Nasqueron

Check the terms of the account though, there are the odd one that do balance dates first though in theory it should always be the one paying highest interest first i.e. the one ending soonest as that will become interest bearing

CliveOfIndia

Payments will always be allocated to the highest-rate debt first.  So if one of your 0% deals expires, the remaining balance from that deal will start attracting interest, and payments will be prioritised to that portion of the debt.

Where you have two (or more) 0% deals running concurrently, you need to read the T&Cs which will explain how payments are allocated.  Some lenders prioritise the deal that started first, some will prioritise the one that ends soonest.  These two criteria may in practice be the same thing, but not always (especially where you've had different 0% periods offered).

FindMyWayBack

Nasqueron said:

Check the terms of the account though, there are the odd one that do balance dates first though in theory it should always be the one paying highest interest first i.e. the one ending soonest as that will become interest bearing

Thank you I will.

FindMyWayBack

CliveOfIndia said:

Payments will always be allocated to the highest-rate debt first.  So if one of your 0% deals expires, the remaining balance from that deal will start attracting interest, and payments will be prioritised to that portion of the debt.

Where you have two (or more) 0% deals running concurrently, you need to read the T&Cs which will explain how payments are allocated.  Some lenders prioritise the deal that started first, some will prioritise the one that ends soonest.  These two criteria may in practice be the same thing, but not always (especially where you've had different 0% periods offered).

Thank you, I am much clearer with this now. 

prettyandfluffy

If you have the Virgin Credit Cards app: log in, from the Home Screen click on the arrow to the right of the total balance.  That will show you the balance split into transaction types.  Click on the "promotional transfers" and it will show individual balance transfers including the amount and the date the promotional rate ends.

FindMyWayBack

prettyandfluffy said:

If you have the Virgin Credit Cards app: log in, from the Home Screen click on the arrow to the right of the total balance.  That will show you the balance split into transaction types.  Click on the "promotional transfers" and it will show individual balance transfers including the amount and the date the promotional rate ends.

Thank you.
Thanks to all who replied, I understand it all completely now.