Virgin One Account - do you have the self-discipline?

Georginazn

Moderator
Apr 22, 2009
290
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I was wondering if there are many paragons out there who have successfully managed a Virgin One Account? With this type of one-pot account, as your salary goes in, your mortgage gets a short term boost, but we found it just too easy to overspend and in reality underpay the mortgage, plus when several crises arose, it was too easy to add them to the mortgage. In effect, we got great rate loans, but we didn't have the discipline to pay them back in a reasonable term so they cost us dearly. In the end we took out a Woolwich mortgage and closed the One account. We are able to overpay the Woolwich every month by setting a higher payment than necessary once a year. We could also make a lump sum payment once a year, plus they are one of the MPs who only inform you of adjustments to rates yearly, so, this year, we are overpaying in this way as well. This is not an advert for the Woolwich!! I am just holding my hands up to being too undisciplined to manage a One account and I'd love to hear how other people got on with it.........
 

Snippa

New Member
Jan 12, 2010
41
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I don't think I could be disciplined enough for a Virgin One account. Life happens and that could cause problems with that account. Not worth it to me. Thanks for sharing your situation and informing others.