Minimum Repayment Discussion

Virgin MBNA have decided to stop setting up fixed amount DDs because there are too many customers who forget to "top up" their payments when on fixed amounts.

For example, if you have a fixed amount DD of £50 and your minimum payment is £52 one month and you forget to pay the extra £2 manually, your next statement will show a late fee, and if you were on a promotion, you'd lose the promotion and start incurring interest. This, of course is not the fault of Virgin MBNA but the customer's fault ... but don't we all know how easy it is to blame someone else for our own mistakes?! So, Virgin MBNA have decided that, instead of having customers clogging up their phone lines complaining about something customers could and should have controlled themselves, they're stopping fixed amount dds and are only offering minimum amount dds and full amount dds. Time to take more responsibility for your own spending habits, folks!

Obviously, if you're on a 0% promotion, the full amount dd will be a no-no. Set up a minimum amount dd and get your bank to set up a standing order for however much more you want to pay on top of the dd.

You would be informed by letter of any changes Virgin MBNA make; again, the problem is, not many of us read everything that comes in the post, right? You can bring a horse to water, but you can't make it drink.

I remember trying to pay extra on my virgin credit card over the phone and they said they were unable to accept it, i had to go to a bank or pay online. Yet another way to delay paying off quicker. I would always advise setting up dd for minimum payment just so that you don't default and then pay whatever you can afford to clear it quicker. If i was paying just my minimum payments it would take me 17 years to pay but i have worked it out that i can clear it by August 09 bit of a difference!

DianeM wrote: »

If your monthly bill states that your estimated interest for next month will be .......... if you make a minimum payment of .................... why does the next months bill always charge double what it has stated.

Because you've continued to spend on your card after that statement was produced.

You didn't clear your previous statement in full by the due date so you've lost your "(up to) 56 days interest free on purchases" benefit.

I have a Citi Mastercard and pay by debit card over the phone each month, they keep pushing me to set up a DD but I too like to pay more than the minimum but not the full so I prefer not to... and given the fact my bank are so useless I wouldnt trust them not to make a mistake!!!