Virgin Loans Debt

Do you feel like you are being harassed by Virgin Loans UK about an outstanding loan you took out with them? Do you have loans you feel unable to pay? Are Virgin Loans UK threatening court action against you? Do you believe that the loan was unaffordable, and it should never have been offered to you in the first place? If these problems, or any others with Virgin Loans UK sound familiar, then this article is a must read to help you. You might be able to cancel your loan and even obtain a refund.

It’s not your fault. Complaints to the Financial Ombudsman have risen this year from 830 to 2,006, so it’s safe to say that you’re not alone.

Deal with your debt today and feel amazing tomorrow.

Virgin Loans Pay Debt

About – Who are Virgin Money Loans?

Virgin Money is a Public Limited Company based in Newcastle, established in 2009. Virgin Money Loans are provided by Clysedale Bank PLC.

What are the key features of a Virgin Money Personal loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of Virgin Money’s Personal Loan:

APR

Minimum APR: 9.30%

The APR for the loan is advertised at 9.30%. This is a best case scenario. Depending on your individual circumstances, the APR could go up.

Loan Amount and Repayment Period

You can borrow between £100 and £1000.

The loan repayment period can be between 3 – 60 months

Example

Here’s the representative example that they give on their website:

Total amount payable
£24,940.69
Includes £2,440.69 interest
Based on borrowing
£22,500
Monthly repayments
£296.92
Paid over
7 years
Fixed interest rate per annum
3.0%
Representative APR
3.0%

Information correct as of 01/04/21 (Virgin)

How do I apply for a Virgin Money loan?

You can apply for a Virgin Money loan online. You will receive an approval decision within minutes. If approved, you will have the funds in 2 hours.

Will I be accepted for a Virgin Money loan? 

Virgin Money will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: UK resident
  • Credit History: You must not have gone insolvent or had a CCJ in the last 3 years.

Information correct as of 01/04/21 (Virgin)

Virgin Money reviews

It’s important to see how other customers have rated their experience with Virgin Money. Take a look at their up-to-date reviews here.

Trustpilot review

Information correct as of 14/06/21 (Trustpilot)

How to complain about Virgin Money?

Should you need to make a complaint about a Virgin Money Loan, then you can use the details below to either write to, email, or call Clysedale Bank PLC, the provider of Virgin Money Loans.

Fraser Ingram
1st Floor
Guild Hall 57 Queen Street
Glasgow
Lanarkshire
G1 3EN
UNITED KINGDOM
+441412487070
[email protected]

If they not respond to your complaint then you should contact the Financial Ombudsman Service. They might be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Are you trying to locate the Virgin Loans Login Page?

We find that many people end up on this page, when they are actually trying to locate the Virgin Loans page. If you have also went down the wrong track, don’t worry! I’ve written a whole article below with all the information you need to know. If you need the Virgin Money Loans Page, you can find it below in the Company Information section.

Government cap on loan interest and other charges

The Financial Conduct Authority had to introduce a price cap, which was designed to protect borrowers from facing excessive charges. These price caps comprised of:

  • A cost cap of 0.8% per day on the value of the loan borrowed – this includes both interest and any fees which have been charged.
  • A cap on default fees of £15 – after a default, lenders are still permitted to charge interest, as long as it does not exceed the original rate of 0.8% per day.
  • A complete cost cap of 100% – you should not be asked to repay more than 100% of the money of loan you have borrowed.

These limits are relevant to all credit agreements which have an interest rate of 100% or more a year and that will either be fully or substantially repaid within a year.

There were also other regulations which came into force in May 2017. According to these regulations, lenders are permitted to provide details of their products on a price comparison website, which must be authorised by the FCA and in addition to this, borrowers must be offered a summary of the cost of borrowing.

Do you understand the rules regarding Continuous Payment Authority?

In most cases, loan companies will want request that you repay your debt via a Continuous Payment Authority (CPA). When you sign up to a CPA, the loan company will have permission to take money from from your bank.

There are new regulations regarding the CPA which go a long way to helping support debtors. These regulations state that if the lenders attempts to take the payment on two occasions, and it still fails, they cannot make any further requests thereafter.

There are also rules which relate to the amount of money they can debit from your account using a CPA. They no longer have the right to take partial payments. If you don’t have sufficient funds in your account to cover the full balance of the payment due, they must refrain from taking any payment. They can only do so, if you have given them prior permission to take a partial payment.

I can’t afford to repay the loan, what next?

The law states that lenders must:

  • Provide you with information on where to obtain free independent debt advice.
  • Put a hold on debt recovery for a reasonable period of time, to give you a chance to develop a repayment plan, which may include using a debt advisor.
  • Giving you ample time to make repayments, and freezing interest and additional charges where possible.

Company information:

After researching Companies House and their website, we found the following information about Virgin Money PLC:

Date of incorporation: 3 July 2009
Company status: Active
Company number: 06952311
Company type: Public limited Company
Website: https://uk.virginmoney.com/personal-loans/
Address: Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. Clydesdale Bank Plc, the provider of Virgin Money Loans, is FCA regulated:

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 121873
Trading names: 
Virgin Money
Yorkshire Bank
Place of business: 
30 St. Vincent Place
Glasgow
Strathclyde
G1 2HL
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: Z5602404
Data controller: Clydesdale Bank Plc
Address:
30 St Vincent Place
Glasgow
G1 2HL

Information correct as of 01/04/21 (ICO register)

Where are Virgin Money located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their store finder here.

Headquarter Address:
Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL

Getting help with your debt problems

These are some of the organisations who can provide you with free debt advice:

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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