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We use the phrases "Requested Payment" and "Minimum Payment" to help you understand what you need to pay each month. You will see these amounts on your statement. The Requested Payment includes your Minimum Payment, so if you pay that - you don't need to pay the Minimum Payment again that month.
Your Minimum Payment
Your Minimum Payment is the lowest possible amount you need to pay each month to avoid breaking your credit agreement and falling behind on your payments. Your Minimum Payment assumes you pay back all your instalment plans over 12 months. Although paying the minimum may seem like a good option, it will take longer and is the most costly way of paying off what you owe. Paying more than the minimum helps you save money on the overall cost and can help you pay off what you owe faster.
Your Requested Payment
Your Requested Payment is the amount you need to pay each month to repay what you owe in line with the instalment plan duration you chose for each plan e.g. 3, 6, 9 or 12 months. This is the sum of your instalment plans plus and any instalment fees, if applicable. It also includes any extra payments you make during the payment option window.
If you miss your Requested Payment we'll automatically flip your plans to 12 months, with a fee. If you've selected a 3, 6 or 9 month instalment plan, you have the option to switch your Requested Payment to your Minimum Payment amount if you need more time to pay off your balance. You can do this at any time, but once this change is made, you can't make any further changes to the length of your instalment plan. This will increase the cost of your borrowing.
For information on your Requested Payment on your Virgin Money or Virgin Atlantic instalment plans, see here.