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Virgin credit card - advice
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Doni1234
Posts: 1 Newbie
in Credit cards
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
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
0
Comments
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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.0 -
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.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Hi
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.0
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