Virgin Money is behaving strange

[TELESPHORE]

My credit limit was just slashed by about 30% by Virgin Money. I never defaulted on any payment since joining them in +- 2007. Also I cannot get my debt insurance cancelled either, although I did get mail confirming it was cancelled.
This is very strange. Looks like deliberate action to reduce their exposure and leave the country.
Any other members experiencing same problems? Up to now Virgin Money was the best CC institution – no hang-ups and good anti-fraud procedures in place.
Wondering if it is related to other concerns like the Hedge Funds exposure to SA. If all the foreign capital is called back then we are looking at R21 to the $

 

[lived666]

all fine here
maybe they did a new credit check on you and youve been downgraded

 

[cyberbob1979]

I got phoned late last week and they upped my credit limit "Because of my responsible way of working with my credit card" - still some of the best value for money around

 

[Quest10n]

My credit limit was just slashed by about 30% by Virgin Money. I never defaulted on any payment since joining them in +- 2007. Also I cannot get my debt insurance cancelled either, although I did get mail confirming it was cancelled.
This is very strange. Looks like deliberate action to reduce their exposure and leave the country.
Any other members experiencing same problems? Up to now Virgin Money was the best CC institution – no hang-ups and good anti-fraud procedures in place.
Wondering if it is related to other concerns like the Hedge Funds exposure to SA. If all the foreign capital is called back then we are looking at R21 to the $

Didn't you get the memo?

 

[lived666]

I got phoned late last week and they upped my credit limit "Because of my responsible way of working with my credit card" - still some of the best value for money around

such a good boy, now prove them wrong and spluge on a new 60" LED and don't pay them back

 

[TELESPHORE]

all fine here
maybe they did a new credit check on you and youve been downgraded

Nothing wrong with my credit record. Best year ever on my income also. Also no trace they did enquiry either.

 

[TELESPHORE]

Also was only using up to 55% of my credit max and reducing.

 

[lived666]

Also was only using up to 55% of my credit max and reducing.

so when you called them, they must of given you a reason?

 

[TELESPHORE]

so when you called them, they must of given you a reason?

Emailed them and 5 days later still no reply. Others have different experiences, it must be because I asked for debt insurance to be cancelled. Cancelled it because they were increasing it above inflation. Even increasing it with inflation, how can it be justified as the debt is remaining the same. Eventually the risk cover is going to be higher than the debt.
I am rather going to clear the card en send it to the shredder.

 

[Pavan]

Did they call or mail u regarding the reduction? Or did you just stumble upon it when viewing your statement? very weird indeed...

 

[lived666]

Emailed them and 5 days later still no reply. Others have different experiences, it must be because I asked for debt insurance to be cancelled. Cancelled it because they were increasing it above inflation. Even increasing it with inflation, how can it be justified as the debt is remaining the same. Eventually the risk cover is going to be higher than the debt.
I am rather going to clear the card en send it to the shredder.

oh, so you increased the risk to them, you should tell all in the OP, makes sense now.
They have the best rates and the best foreign exchange rates, just saved R2000 on airline tickets because of that, can't complain about Virgin, just their beneficiary option is lacking, but other than that, quite happy with them.

 

[TELESPHORE]

Did they call or mail u regarding the reduction? Or did you just stumble upon it when viewing your statement? very weird indeed...

No communication. Just saw it on the statement.

 

[TELESPHORE]

I got phoned late last week and they upped my credit limit "Because of my responsible way of working with my credit card" - still some of the best value for money around

They may not do that. It is against the NCA. You would have to apply for additional limits within the NCA

 

[pjbuys]

Same, got lower limit

 

[TELESPHORE]

Same, got lower limit

At least I am not feeling lonely anymore. Must be my race and gender thing.

 

[TELESPHORE]

Last post on this one. They credited me back for the insurance charged. Also put my credit limit back where it was. No reasons given.

 

[taajir]

mine seems ok.never heard from them.but askd them many times why cant they provide a service to get sms when card is used or accessed online like other banks.they r linked2 absa