Virgin Money and Virgin Atlantic customers:
If you only have an instalment plan set up and no other credit card balance and you make additional payments this will clear your instalment plan earlier than your selected term and therefore the term will end as soon as the balance is £0.
If you have additional transactions on your credit card that are not in an instalment plan this could mean any overpayments you make are not allocated to your instalment plan. As your instalment plan has a 0% interest rate, any additional payments will go towards other balances you may have first. This means that if you want to pay off your instalment plan early, you will need to repay the rest of your standard credit card balance first. Once that has happened, any additional payments will go towards whichever 0% balance finishes first.
If you make an overpayment to your instalment plan your statement will still show that you have the original term length left. However, the outstanding balance on your plan will reflect any overpayment and your plan will finish earlier if you have significantly reduced your overall balance. If your plan finishes early, we’ll no longer charge you a monthly fee.
Virgin Slyce customers:
When you pay off extra, you'll save money on instalment fees (if you're on a fee bearing plan), as well as paying off what you owe faster. Head to Payments in the app to make an extra payment. You can also add an extra payment to an existing Direct Debit if you're within the payment option window.
Here's how making an extra payment affects your instalment plans. We would apply the payment to your account in this order:
1) To pay any overdue balance, with the oldest overdue amount being paid first.
2) To pay the minimum payment due in that month.
3) To pay the remaining balance of the requested payment due in that month.
4) To pay any other outstanding balance on any instalment plans. 12 month instalment plan balances will be paid first, then 9 months, then 6 months, then 3 months and then pay in 1 month.
Lastly, the extra payment will go towards any balance which has not yet been allocated to an instalment plan. If you have more than one instalment plan of the same length, we'll allocate your payments first to the one which ends the soonest