Virgin SBT virgin!

YorkshireBoy

lush_walrus wrote:

Hi Guys I have a question for you very experienced people. I have a Virgin card, which Ive already BT the money from to pay off a loan, which is fine apart from the credit limit they gave me was too low to pay the whole amount off. So Ive been trying to work out a way to bring it down further by getting another card.

So my question is Ive been thinking about getting an IF card, as that has 9 months which should do it. Ive had a read through and Im unsure whether their BT can be used for a loan.

But the other thing I was thinking is if it doesnt, is it possible to BT from the IF card to the Virgin card, and out of the Virgin card into my account? Or do Virgin only let you do it once?

Thanks guys, Im trying to get all the info into my head, but somehow this bit is still missing!

You don't say how long you've had the Virgin card for? I ask because if you've had it several months then the T&C's are supposed to be fee-free BT's throughout the 0% 9 month period. This is the common bit to both my suggestions...

1. Depends how much you need, but I'd probably try Virgin for an increase if you've been with them more than 2-3 months or so. You can SBT this cash directly to your current account as you know.

2. The IF card, whilst BT fee-free throughout the 9 month 0% period, does not allow you to directly feed cash into your current account. As you suggest, this would need routing through the Virgin card.

Option 1 is your quickest, neatest way to go. Your main issue, if they raise your limit, will be an arguement about whether you should pay fees if it's an old Virgin card (the old "we *may* charge a fee on *some* BT's" chestnut from earlier this summer).

Option 2 "should" still be fee-free with both BT's but, whilst on the plus side, you are effectively extending your 0% period on part of your debt, on the downside, your finances are a little less tidy due to the extra card debt you now have to service.

Does this help?

EDIT: Forgot to add, I'm sure you already know but don't forget the minimum payments on the IF card are 2% - not £5 as with Virgin

lush_walrus

Thank you Yorkshire Boy, I think Ill try Virgin for more first. I had asked them for more previously at the time of application but for one reason or other they didnt want to. I think it may have been due to the fact that I have an A&L card already that I dont use and stupidly didnt close but have now. Who knows! But worth a try I guess, Ive only had the card for about 6 weeks so there is plenty of time left.

ijrussell

Just SBT'd 12000 with no fee on my new Virgin card

Now to find the best place to put the money!

YorkshireBoy

ijrussell wrote:

Just SBT'd 12000 with no fee on my new Virgin card

This is interesting. When did you apply? (not the exact date but roughly, because the T&C's were supposed to have changed "several" weeks ago now).

ijrussell wrote:

Now to find the best place to put the money!

You're meant to have this sorted before you SBT the money to your current account.

ijrussell

I applied a few weeks ago - and my T&C's mention the 35pounds fee. Although I think I applied before they changed.

But, I asked if there was a fee and the lady said no - so I will be annoyed if there is one!

Cerbera_2

Twopints wrote:

Also bear in mind that you will only be able to transfer 95% of your credit limit, so if you need £3000, apply for a larger figure such as £3500

Hi all,
I plan to do this for a £1000 overdraft. Does the same principle apply, should I ask for £1200?
Do they check or even care as long as it goes into your account?

Thanks :beer:

Twopints

Not sure what checking you mean.

Virgin will only let you BT up to 95% of your available credit. So, if you need to BT £1000, your credit limit needs to be higher than £1000 - if you ask for (and get) £1200 you can BT up to 95% of this (i.e. £1140).

HTH

Cerbera_2

Twopints wrote:

Not sure what checking you mean.

Thanks Twopints, :T

I have an overdraft of £1000. I want to transfer this to Virgin card. I tell them this and they only allow 95% of my £1000, am I right so far?

So if I tell them the overdraft is £1200 and I will have enough and a bit more
But do they check if I'm telling porkies about the overdraft amount?

YorkshireBoy

Cerbera wrote:

Thanks Twopints, :T

I have an overdraft of £1000. I want to transfer this to Virgin card. I tell them this and they only allow 95% of my £1000, am I right so far?

So if I tell them the overdraft is £1200 and I will have enough and a bit more
But do they check if I'm telling porkies about the overdraft amount?

You're nearly there Cerbera. You first need to total up your debts. Then ask for a limit which is large enough so that 95% of this limit is more than the total of your debts.

For your £2,500 debt (I've seen and replied to your other post on the CC forum), you will need a limit of around £2,700 (95% of this is £2,565).

And no, they don't check.

Cerbera_2

Thanks YorkshireBoy, :T

As I said in CC forum I now have £3500 limit, so brilliant problem solved :j :j :j

The best bit I like about Virgin is the most you ever have pay on minimum is £5. I plan to knock away at it and hopefully get as much cleared within the nine months but it is good to know you can take a 'holiday' and just pay £5 :T :T