My bank has stopped consent for ombudsman dealing with my ppi, I found 3 bogus loan accounts, and two where covering a true large loan from 14 years ago
If you have ‘bogus’ accounts, you need to report them as fraudulent.
But bear in mind that if you know who opened them, eg a family member, you will need to give their details to the lender.
The PPI then becomes a non issue.
The bank have placed the bogus loan accounts to cover a large loan with ppi on it, and said two loans have no ppi but did pay commission on them?? The original loan was taken out in 2006 and was for £21, 500 so large amount of refund, I produced STATEMENTS to ombudsman then my bank stopped consent.
Lockdown has spurred me on to finally achieve my goal of being debt free.
Ive worked out a repayment plan to pay down £298 per month (+ an extra £60 SO) on a 0% BT sum of £3400, which expires in the autumn. I’m paying off £400 on my wife’s CC, £79 p/m until the autumn.
After years of battling silly spending and past lapses into gambling addi…[Read more]
Well done for making a plan. A date gives you a clear focus 🙂
Good luck! Sounds like a solid, well-organised plan 😀
TYVM for your replies👌
I’m hoping its like weight loss or new year resolutions; if I post it up i’m more likely to stick to it.
I was soo close to being debt free 2 years ago after a sizeable gambling win online, however the temptation to leave the 0% card with a balance on it and ‘play with winnings’ meant I gave it all back and didn’t clear my…[Read more]
You sound well organised. I hope it goes well for you. Good luck!
Thx again for support.
I’ve had a small amount of extra income in the past few days I wasn’t expecting; i’ll put this to debts.
I’ve also filled in HMRC’s form R40 to reclaim my PPI tax from last year.
I know if you read Martin’s blog it seems the form is complex but I did it (hopefully correctly) and it seemed OK (did it online via Gov…[Read more]
Still on track; I managed to secure a 0% overdraft of £1500 from Nationwide just by asking. I can use that to cover around £1600 of bills over the summer while still maintaining the paydown on 0% cc, the last £250 of which end in Nov.
I did a rejig tho by paying off my wife’s CC and upping my payments to my own by another £140 a month. DW’s was…[Read more]
Followed advice kindly provided by a Forumite on N. Ireland forum page…
MOT refund now due within 10 days
Was wondering if I should request credit limit increase to reduce my debt ratio; can ask my CC provider; is it worth doing when I plan to pay off the balance at 0% by early Autumn anyway, or am I just impatiently chasing rainbows /…[Read more]
MOT and car tax rebates came in.
No word on Admiral just yet and DW hasn’t got P60 to do PPI tax reclaim.
Budget is pretty much on course tho i’ll be in to the 0% overdraft more than i’d thought, mostly due to a few lockdown treats (gardening stuff, MP3 for the Mrs for running etc.)
One change is I e-mailed Virgin about my credit limit on my…[Read more]
I got an email from Virgin Money saying they have “Stopped All Further Spending” on my account, which is funny as I have never missed a payment and am about 30% util. Is this allowed in this current climate? I don’t care at all as I have been paying it down, but I thought card issuers had to help during Covid.
I got the same email too. I gather on Twitter they cancelled 35,000 cards today.
To both of you. That will be due to the FCAs persistent debt rules.
If either of you wanted any COVID-19 forbearance, then you need to make a specific request to the card issuer.
Thanks ben, appreciate the reply. Yeah I fortunately don’t need assistance, I just thought it was odd based on the current climate, makes sense now tho. thanks!
I don’t need forbearance, it’s an 0% card they have me 4 months ago! I’ll just go down to the minimum until the deal is up since they’ve put a block on.
They have to help by offering payment holidays on existing balances, yes.
However there is absolute nothing stopping them being prudent and minimising their risks by lowering credit limits or closing accounts from further spending.
Knowing my own circumstances, I think they are just letting go of the least profitable accounts in the same way Egg did in 2008.
Not according to VM Via Todays’ Guardian ,
VM spokesperson Said the bank had not suspended the cards of customers who had contacted it to say they were in financial difficult
Happened the same to me. My balance was £0. Called them, cannot share more information, just cancelled the card.
It’s in the Telegraph, 32,000 cards blocked. Including that of a charity runner used in Virgin’s own advertising.
Well if his credit profile is risky to the lender, so be it.
Or simply unprofitable? Easy excuse to hide behind they don’t have to prove.
If they have behaved badly, I’m sure the FCA will take care of it.
Don’t imagine I’m very profitable.
I’ve spent £0 on my Virgin credit card this year.
Spending in 2019 was only £302. Virgin probably made less than £1 in transaction fees.
My card expires in July. I won’t be surprised if they don’t issue me a replacement card.
Not to mention their £7million loss they reported as well.
However the FCA guidance says about not letting people get into defaults etc during the COVID-19 pandemic, but what about after?
People will run up loads of debt during this time and then not be able to pay it back, will default later down the line and likely either have their debt…[Read more]
Banks have plenty of issues on the horizon to contend with. With staff having little to do at the moment might as well use their time productively. Fewer accounts reduced costs, less staff required longer term. Battening the hatches down.
You are joking of course…. We are busier now than when TC went bust….
Think how many TC customers there were, now think how many travel companies and how many are actually giving refunds….
I’ve had dealings with both virgin and Clydesdale (pre-takeover). Virgin were great at the time, CYBG less so. VM’s offices in Newcastle seemed very staff focused which I liked and the staff seemed happy.
I gather things havent been peachy since their takeover by Clydesdale, so the unprofitable accounts would be my thinking.
“Basel” and…[Read more]
I’ve a card which was only used for 0% and has been paid off for about 9 months. Limit somewhere around £13k. I haven’t heard anything.
Virgin did a big push for growth, going aggressively with long 0% deals at the top of the economic cycle, which seemed like a bold move at the time. When they were sold it made more sense, going for market shar…[Read more]
Just had a text to say my card will be reinstated as of tomorrow as they “realise the timing had not been helpful “. Sometime got a wee slap on the wrist from the FCA…
I too was told my card would be closed, I don’t mind a bit, it was used a couple of times for balance transfers several years ago and not used since.
A customer that doesn’t make a company money is not a useful one and I quite understand that closing an account will be the outcome.
Virgin Money seem to be reinstating all the cards they have suspended and apologising
Good grief. Times must be bad when you have to resort to the Daily Fail for all the latest financial news. 😉
times are indeed very hard or hadn’t you noticed !
Odds on someone pressed the wrong button, or if they have started a system merger with the rest of the group. It’s gone the way systems usually do….
here are the facts.
I currently have three debts I am paying off
1) £5727.54 loan(started at £11k)with Zopa @ 4.8% – I pay £230pm
2) £7568.74 loan(started at £12k in 07/2014)with Tesco @ 4% – I pay £222.61pm
3) £4211.19 credit card with Virgin Money @ 0% until June 2017 – I pay £200pm (which is more than the £50pm they ask for)
Total debt equals £…[Read more]
The first thing I would be asking myself would be …………..with that level of debt will I find another lender willing to lend me money at any rate never mind at 3.1%??
It might well work out for you but you will have to be disciplined for the next 5 years – can you honestly say that this will be the case?
my credit score is in the ‘excellent’ bracket. I’ve never defalted. Doing a soft credit search on the MSE site rates me at 90% to be accepted. I don’t forsee any changes in circumstances, certainly for the next year. In a stable job and the landlord as just kept the rent at the same level for the next 12 months. Perhaps I should stay paying what I…[Read more]
Your credit score albeit axcellent doesnt mean anything when it comes to lenders since they dont see it, they see the history.
Your reports with the other 2 agencies will show you a different score anyway.
Seems you’re turning a 5 year debt repayment plan into a 7.5 year debt repayment plan so you can satisfy your “wants”. I’d be concentrating on “needs” personally, and tightening my belt.
But you say you want to free up some cash monthly, so why are you overpaying Virgin? That’s £150 a month right there…isn’t it?
You don’t say what your income…[Read more]
Mate there is no way around it, you can shift it all you like but you are still not paying it off quicker all you are doing is delaying paying it off. its only 24 months mate knuckle down get it paid as fast as possible, then start saving for a house deposit so you can buy your own place and pay your own mortgage instead of someone else’s
This link helps explain why debt consolidation is often not a good idea. True, you might be able to reduce your monthly payments. But by extending the loan period, you actually end up paying MORE interest, not less.
Debt consolidation seems appealing because there is a lower interest rate…[Read more]
Hello everyone again (OP here) – thanks to all of you for taking the time to respond to me. Everyone gave me food for thought and I appreciate it. yes I think you are right. Knuckle down and keep reducing the debt.
I see your point. I’m paying £200 instead of the £50pm for Virgin. The reason for that is because since September I’ve been doing to 5…[Read more]
Just a little more food for thought OP.
In June, roughly 6 months time, you will have a balance of approx £3k that is going to start incurring interest.
The loan rates you have are reasonable, hang off with the consolidation and in May/June time, look at applying for a 0% card to move your VM balance when the interest kicks in.
Also with 90% of people similar to you get accepted… 10 in a 100 do NOT 🙂 It’s never guaranteed even with the MSE checker, or any other checker.
Your best bet really is to review why you want to free money up. Yes paying debt off is dull and boring and rubbish. But your target is to have ALL of that money spare so you can save some and spend…[Read more]
Just had email from Tandem, saying that unless I change to their new membership card costing £5.99 a month (£71.88 per year). My agreement will end on 9th March. Apparently I can continue to use the card and get cashback until then.
Not happy at all especially when told before Christmas that the card would remain as it is. £5.99 per month is a…[Read more]
Just received that email too – terrible decision! Normally when a company implements a charge that steep, it comes with a few extra perks (free coffee, cinema ticket, movie rental, phone insurance, etc.) – but there’s nothing like that.
Shame – means I’ll have to find a new cashback card to pair with Curve. Made a nice little sum using Tandem behind it.
This was my first reaction, but then I considered the other benefits and it seems quite interesting at face value to be honest.
– Current account at 1.5% AER is pretty good – only Santander and a few others match this as far as I can tell, and they are limited in one way or another. This seems like unlimited at 1.5%?! (it doesn’t say unlimited…[Read more]
Yeah I knew it would be when I signed up 6 months ago, would have liked to have got more out of it but it’s been money for free and I wont complain, the app whle not quite as good starling or monzo, far better than any other credit card I can think of.
So on that subject, is there any credit card out there with 0% fees and MC conversion on…[Read more]
I’ve asked Tandem support if my card can be converted to the “Journey credit card” as would still be useful for fee-free overseas spending, or at least as a backup card.
But for sure, won’t be paying £72/year just for 0.5% cashback. The 0% spending and ATM withdrawals would only be useful if they gave me a higher credit limit. While I have five…[Read more]
As I was reading down the e-mail and seeing all the benefits, I was thinking what would be an appropriate level of monthly fee that I would be prepared to pay. I had a figure in mind of about £3.
Then I got to the bit where it said it was £5.99. No thanks.
I suppose if someone has a massive credit limit they could run up a load of purchases, o…[Read more]
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