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    • Doni1234
    • By Doni1234 11th Oct 17, 2:31 PM
    • 1Posts
    • 0Thanks
    Virgin credit card - advice
    • #1
    • 11th Oct 17, 2:31 PM
    Virgin credit card - advice 11th Oct 17 at 2:31 PM
    Hi everyone, I really need some advice re my virgin credit card.
    I went over the limit last month (without realising as I was waiting for work expenses to be paid to me). I used another card and made a balance transfer to immediately clear half the balance and paid the first interest charge (for going over limit) straightaway. I also managed to get them to stop any further interest charges as this was a one off mistake.
    I am now in the position to be able to pay off 300 a month and potentially more (as I have an Ebay shop in addition to my day job so that I can pay this card off, hopefully by the end of the year). When I explained this to virgin, they informed me that if I can afford to pay this amount each month, they will add the interest charges back on.
    I am now wondering whether to simply pay the minimum amount each month and to pay off the amount in one chunk (once I saved the funds - approx 2800 remaining). I am however concerned that when I am in the position to do this, that they will charge me an obscene amount of interest. I am not 100% sure if my rights versus theirs.
    Any advice from people would be appreciated thanks
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    • zx81
    • By zx81 11th Oct 17, 2:44 PM
    • 17,280 Posts
    • 18,390 Thanks
    • #2
    • 11th Oct 17, 2:44 PM
    • #2
    • 11th Oct 17, 2:44 PM
    Pay it off as quickly as possible. You'll almost certainly be on an arrangement, which will be very damaging to your credit files. The quicker you get off that, the better.

    The interest rate won't be obscene - it'll just be the one you signed up to, and will be charged on your daily balance.
    • StopIt
    • By StopIt 11th Oct 17, 3:03 PM
    • 1,394 Posts
    • 1,250 Thanks
    • #3
    • 11th Oct 17, 3:03 PM
    • #3
    • 11th Oct 17, 3:03 PM
    Are you on a 0% deal?

    If they agreed that you could keep it after sorting the overlimit issue, I can't see why they would remove it again if you paid it off faster.

    Write to them, asking for your current position in regards to the 0% deal you had. If it's gone, apply for a 0% balance transfer elsewhere and get rid of the card.
    • Don80
    • By Don80 11th Oct 17, 3:43 PM
    • 211 Posts
    • 84 Thanks
    • #4
    • 11th Oct 17, 3:43 PM
    • #4
    • 11th Oct 17, 3:43 PM

    I would agree, just pay it off rather than save it and pay in one go - especially if you are not on a 0% interest. Interest is usually applied monthly, so if you did pay it off in full, the next month would likely have an interest balance to pay.
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