Virgin 0% Balance Transfer Scam
Discussion
I got caught out by this. I now set up a DD for the minimum payment so (in theory) this never happens.
I got caught out with Barclaycard the other day though.
Every other CC I have takes the minimum payment regardless of how much you choose to pay in addition. Barclaycard don't if you make a payment which is grater than the minimum amount, leaving the minimum amount they would have taken left to pay.
14 b
d pence interest 
I got caught out with Barclaycard the other day though.
Every other CC I have takes the minimum payment regardless of how much you choose to pay in addition. Barclaycard don't if you make a payment which is grater than the minimum amount, leaving the minimum amount they would have taken left to pay.
14 b
d pence interest Typing in "0% balance transfer card" to google, and choosing the top card other than virgin, the post office card, in their FAQs it says this...
post office said:
Interest free period
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
colin72blue said:
Soovy said:
colin72blue said:
10 Pence Short said:
It's a well known and reasonable clause in almost all 0% offers. They will give you 0%, you must pay on time.
How is that fair?I am late by a couple of days. Accepted. Late fee charged. No problem. Wipe out entirely the 0% offer which is the whole reason i took the card. Sorry but i dont see the fairness.
What i do see is a term put into a contract that has little to do with fairnes but is purely there to catch people out. Would understand it better if you lost the promotional rate if you missed the payment buy a month or two or were lates several months on the trot.
And its obviously not well known as i've had a number of 0% cards over the years, as have friends, and it is the first time any of us have come across this.
1. You have NO LEG TO STAND ON
2. This is NOT and unfair contract term
3. Next time you sign up for an offer, read the rules and stick to them. It's not difficult.
Listen, some free advice back to you
1. Leg to stand on for what? As i said i have sorted it but unlike you and your i'm alright jack f@$k you atitude i genuinely think it is wrong and they should not be able to duck out of the agreement for such a minor issue. Punishment does not exactly fit the crime now does it?
2. Worth checking your grammar before you type especially when giving advice about checking things thoroughly. It is clearly unfair. Am guessing you probably work in the financial world and believe everything is fair provided you make money.
3. Thanks for the pearls. Consider myself thoroughly told off and will go away to model myself on you and doing everything perfectly from now on. If only i wasn't born so stupid
If you'd READ them before you signed up, then you would have KNOWN that if you were late paying then the deal is off.
I am afraid you'll have to chalk this one down to expensive experience. Oh, and I hear they're going to raise their APR to 36% shortly like Marbles have. Bad luck.
Edited for spelling, but not puctuation or conjugation
Edited by Soovy on Friday 15th May 16:12
TonyHetherington said:
Typing in "0% balance transfer card" to google, and choosing the top card other than virgin, the post office card, in their FAQs it says this...
And here was me thinking i could just pay it when i wanted! Doh! Silly mepost office said:
Interest free period
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Next you'll be telling me that if i dont pay my mortgage they'll take my house away or something.
colin72blue said:
TonyHetherington said:
Typing in "0% balance transfer card" to google, and choosing the top card other than virgin, the post office card, in their FAQs it says this...
And here was me thinking i could just pay it when i wanted! Doh! Silly mepost office said:
Interest free period
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Next you'll be telling me that if i dont pay my mortgage they'll take my house away or something.
If they did take your house away because you didn't pay, would you claim the mortgage was a "scam" ?
TonyHetherington said:
colin72blue said:
TonyHetherington said:
Typing in "0% balance transfer card" to google, and choosing the top card other than virgin, the post office card, in their FAQs it says this...
And here was me thinking i could just pay it when i wanted! Doh! Silly mepost office said:
Interest free period
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Next you'll be telling me that if i dont pay my mortgage they'll take my house away or something.
If they did take your house away because you didn't pay, would you claim the mortgage was a "scam" ?
Soovy said:
colin72blue said:
Soovy said:
colin72blue said:
10 Pence Short said:
It's a well known and reasonable clause in almost all 0% offers. They will give you 0%, you must pay on time.
How is that fair?I am late by a couple of days. Accepted. Late fee charged. No problem. Wipe out entirely the 0% offer which is the whole reason i took the card. Sorry but i dont see the fairness.
What i do see is a term put into a contract that has little to do with fairnes but is purely there to catch people out. Would understand it better if you lost the promotional rate if you missed the payment buy a month or two or were lates several months on the trot.
And its obviously not well known as i've had a number of 0% cards over the years, as have friends, and it is the first time any of us have come across this.
1. You have NO LEG TO STAND ON
2. This is NOT and unfair contract term
3. Next time you sign up for an offer, read the rules and stick to them. It's not difficult.
Listen, some free advice back to you
1. Leg to stand on for what? As i said i have sorted it but unlike you and your i'm alright jack f@$k you atitude i genuinely think it is wrong and they should not be able to duck out of the agreement for such a minor issue. Punishment does not exactly fit the crime now does it?
2. Worth checking your grammar before you type especially when giving advice about checking things thoroughly. It is clearly unfair. Am guessing you probably work in the financial world and believe everything is fair provided you make money.
3. Thanks for the pearls. Consider myself thoroughly told off and will go away to model myself on you and doing everything perfectly from now on. If only i wasn't born so stupid
If you'd READ them before you signed up, then you would have KNOWN that if you were late paying then the deal is off.
I am afraid you'll have to chalk this one down to expensive experience. Oh, and I hear they're going to raise their APR to 36% shortly like Marbles have. Bad luck.
Edited for spelling, but not puctuation or conjugation
Edited by Soovy on Friday 15th May 16:12
I am sure the terms and conditions say lots of things but like many (possibly even the majority) i can't say hand on heart that i read and accept every one of them. And this is true of lots of contracts that people accept on face value. I am sure even someone like your good self has been guilty of unwittingly agreeing to a contract without reading every single term and accepting them. Hence the reason why the unfair contract terms act was introduced. Contracts are drawn up by very clever business people who are experts in contracts. However it doesn't mean that simply becuase it is written in a contract it is fair. Us poor ordinary people are not contract experts and may not have appreciated what is a fairly important term that, in my view, should have been highlighted a bit more.
But i have put it down to experience and just thought i would share it.
Why is the 36% variable rate bad luck for me then?
Smiler. said:
TonyHetherington said:
36% 
36% Virgin are MBNA & they're still offering 0% deals.
So I've paid off the card, bar £100 to keep it active. They will not offer me any Balance Tranfers Deals though, even being an existing customer!
TonyHetherington said:
colin72blue said:
TonyHetherington said:
Typing in "0% balance transfer card" to google, and choosing the top card other than virgin, the post office card, in their FAQs it says this...
And here was me thinking i could just pay it when i wanted! Doh! Silly mepost office said:
Interest free period
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Up to 56 days for Purchases if you pay your statement balance, plus the minimum payment due on any Payment Plans, in full and on time every month.
Next you'll be telling me that if i dont pay my mortgage they'll take my house away or something.
If they did take your house away because you didn't pay, would you claim the mortgage was a "scam" ?
colin72blue said:
I am sure the terms and conditions say lots of things but like many (possibly even the majority) i can't say hand on heart that i read and accept every one of them. And this is true of lots of contracts that people accept on face value. I am sure even someone like your good self has been guilty of unwittingly agreeing to a contract without reading every single term and accepting them. Hence the reason why the unfair contract terms act was introduced.
The Act you describe was designed to offer protection against unfair contract terms, not numpties who believe contracts should be signed first and read never.10 Pence Short said:
colin72blue said:
I am sure the terms and conditions say lots of things but like many (possibly even the majority) i can't say hand on heart that i read and accept every one of them. And this is true of lots of contracts that people accept on face value. I am sure even someone like your good self has been guilty of unwittingly agreeing to a contract without reading every single term and accepting them. Hence the reason why the unfair contract terms act was introduced.
The Act you describe was designed to offer protection against unfair contract terms, not numpties who believe contracts should be signed first and read never.
Exactly!
colin72blue said:
Yes sorry it was my attempt at sarcasm. The point was i did pay all be it a couple of days late (and a lot more than the minimum payment). But using your analogy i would be a bit peeved if missing a mortgage payment by a day meant i lost my house!
Ah I see. The example was extreme, I'll not deny 
As I said above, I made a mistake in the past (believed I had a large overdraft on a debit card, but in fact didn't - and bought something very expensive on it!), so got charged big fees. totally my fault, I'd remembered it wrong, and in fact was on the other (visa) card I had with them - I phoned and explained, they said write a letter, which I did - completely apologising and admitting it was all me, and they refunded every penny of the £120 fees.
Soovy said:
colin72blue said:
Recently i took out a Virgin credit card as i had some money on another that i wanted to transfer and make the most of the 0% offers around.
I transferred the money from an Alliance and Leicester account and strangely it seems both cards are run by GE Money as shortly after they sent me details of my new card on A&L letter headed paper! A printing error apparently.
Anyway i have just got my statement through and there is interest and a late payment fee.
When i rang to find out why interest was added i was told that because i was late paying the money (2 days) i incure a £12 fee. Fair enough can't argue with that.
However in the T&C's there is a clause that says if you are late paying during the promotional period not only is there a late fee but you also get charged interest. In addition your promotional period is also cancelled and your interest rate goes back to the standard variable rate from then onwards!!!
Is this not whats known as un unfair contract term?
I have sorted it now and i am back on the old rate but they are refusing to credit the one months interest charged, so will take it further.
Just a bit of friendly advice for those of you who dont read the T&C's in detail.
I transferred the money from an Alliance and Leicester account and strangely it seems both cards are run by GE Money as shortly after they sent me details of my new card on A&L letter headed paper! A printing error apparently.
Anyway i have just got my statement through and there is interest and a late payment fee.
When i rang to find out why interest was added i was told that because i was late paying the money (2 days) i incure a £12 fee. Fair enough can't argue with that.
However in the T&C's there is a clause that says if you are late paying during the promotional period not only is there a late fee but you also get charged interest. In addition your promotional period is also cancelled and your interest rate goes back to the standard variable rate from then onwards!!!
Is this not whats known as un unfair contract term?
I have sorted it now and i am back on the old rate but they are refusing to credit the one months interest charged, so will take it further.
Just a bit of friendly advice for those of you who dont read the T&C's in detail.
People like you make me laugh mate!!
Why is it a scam?
You know that document they gave you to read? That's the rules of the offer, see? Or did you not read it?
Scam my ar53.
mondeoman said:
Ah, but when you set up an SO for the minimum amount, and then some, to hit their account on time, lets say the 12th of the month, and they then change the due date (by anythign up to 4 days earlier), then they hit you with the charges, interest, loss of low interest rate, where is that covered in the T&Cs - oh, wait, its not. But you try and get the interest refunded, cats and hell spring to mind.
You will probably find most credit cards are on a 28 day cycle (13 payments a year), so you need to set up a Direct Debit so the CC company can pull the payments, rather than a monthly Standing Order to push them.Gassing Station | Finance | Top of Page | What's New | My Stuff