Virgin - rate increase

debbiedebt

I have just had a letter from Virgin upping my interest rate by 3% to 17.9% and the minimum repayment from 1.5% to 5%. This is a big change is it happening to everyone or just me?

This change in minimum will really affect my snowball. I hope the other card don't follow suit but I expect they will.

O dear!! This is what we have all been warned about.:eek:

simonts

MBNA who are behind Virgin have been doing a lot of this over the last few months...they upped mine quite severely so I have been making extra effort to pay it off and be done with them

debbiedebt

That's what I will have to do now. I've just balance transferred some of my Virgin debt so will get stuck into the remainder.

I might try for another card to get rid of the rest of it.

speedbird1973

The T&C are a bit tricky to understand.. I THINK that the 5% applies if it's less than interest + £5 which would reduce your payment significantly.. it would also be financial luncacy to make such minimum repayments!

debbiedebt

Thanks Speedbird1973 :T I didn't read it properly. I hope I didn't anyway.