Virgin money up to 34.9%apr!

CannyJock

money-4-nothing wrote: »

I've just recieved this letter too... 34.9%. 1 month before the end of my 0% for 12 month offer too.

Able to clear the balance or transfer it onto another 0% card before your current 0% runs out? Think you can BT is anywhere except another MBNA backed card.

CannyJock

clio wrote: »

Postcode plays a lot in getting credit as well...

You can take this with a pinch of salt I think, I don't think it's a major factor.

You can get your "postcode" profile from Acorn: http://www.caci.co.uk/acorn/

It's very generic and doesn't take into account any individual's personal circumstances.

Think insurance companies put more importance in it that credit providers.

clio

Proliant
nah bit futher up towards gosforth I made error its NE3 not 5 ..
CanyJock
Nah i think it plays some part even if it,s only a little bit .
i know insurance companies do coz thats what makes your premiums dear.

bcl999

I, too, have had notice that my rate will increase next month. Mine's goin up to 29.9%.

In July 2007, it was 15.9% and then in August it went up to 17.9%.

Apart from taking custom elsewhere, is there nothing can be done about them almost doubling the rate in 10 months?

samiii_2

Call up their rates department and tell them that you have been a good customer and never missed a payment (if it applies). I got a letter from MBNA the other day saying my rate will go up from 18.9 to 27.9%.

I called their department up and told them that I have been a customer for 9+ years and that I have never missed any payments blah blah.. they then said they will not increase the rate. I asked to send confirmation in writing too.

Worth a shot. Good luck

Julesbusiness

About 6 months ago Virgin tried to put me onto a rate of 29.9% from my (at the time) current rate of 15.9%. I telephoned the retentions department and got it (relatively) down to 21%.

On Saturday I got the now famous letter telling me that Virgin money had done some horizontal integration into the loan sharking industry and their opening move was to put my rate up to 34.9%. I once again called customer retentions and the first response I got was that once rates had been set, they couldn't change, then when I reminded them of the 29.9% story only 6 months ago, the call operator told me to hold and came back with a final offer of 29%.

Needless to say, I immediately transferred my balance and will call them back to cancel my account.

The retentions telephone number is 0800 7831116.

Having said the above, I had a lovely honeymoon period with the Virgin card at the start. I made a transfer balance of £10k at 0% for 15 months and they only wanted an unbelievable minimum repayment of £5 per month!!! However, as we all know, there is no such thing as a free lunch, and I now know that long standing loyal Virgin customers were paying for my very nice lunch. At 34.9%, I have no intention of paying for other people’s lunches.

Goodbye Virgin, you loved me once and promised to treat me well, then turned nasty and cruel on me.

clio

God Virgin are becoming a goospimple on the nose of it's customers..:eek:

dollarjon

I got the letter this week its going up to 34.9% from 29.9% i have a fantastic credit rating and i have £2000 on the card. Lucky for me its 0% until november so i'll have time to pay it off.

dhassen

I haven't had a rate rise letter yet (got one a year ago, and got the rate altered back to original 15.9), but got a letter 2 weeks ago saying I now have a rate of 2.9% for purchases until October... weird, especially looking at all these posts and replies about people having rate hikes!

bcl999

Well, I wrote to them saying I wasn't happy with the proposed rate hike and got a very swift reply saying they would increase to 23.9% rather than 29.9%. It's still a helluva jump from 15.9% last July.

Anyone think I will do any better by phoning as suggested by samii in post 26 above?