Virgin One Account

Has anybody any experience of what happens with a Virgin One Account (Current Account Mortgage) if a customer is made redundant? Are they helpful? Or do they make it difficult for you to draw on the facility? Can't make up my mind if I would be better off putting my redundancy cheque into the account to keep interest low and draw on it as needed, or whether it would be prudent to put it in an interest bearing account so that I have some cash independantly of Virgin.....any thoughts on this welcome!

Thanks

Len

Reply to
LJ
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AFAIK the only stipulation is that the mortgage is repaid before your normal retirement date, so whether you are working or not at the moment is of no interest to them.

I can't think of a reason not to pay the cheque into your One Account.

Robin

Reply to
Robin Cox

I've not been working for the last 18 months and have a One account (not Virgin anymore), but my situation differs in that I have rental income going into it each month. I also only owed about £20K prior to my dismissal. I would guess that, if you're ahead of your payment plan, there won't be a problem, but if you're behind or close to the borrowing limit & there is no monthly credit they may look at the situation closer. So any of the following might be worth doing -

- pay the lump sum into the One account

- pay the lump sum to a different account and transfer monthly amounts (ideally covering the interest) to the One account

- increase your LTV ceiling if you think you'll hit it

Also try the dedicated One account board on The Motley Fool website -

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One account staff (unofficially) answer questions on the board, so you can try posting an anonymous question. I have a copy of an advert advertising the possibility of taking time off to do what you want with no repayments, if they ever try to get shirty with me !

hth

Daytona

Reply to
gspark

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