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Virgin Media users will be hit by more price rises next year with the broadband and TV supplier confirming the upcoming changes. It may seem a little early to announce 2024 hikes but the reason Virgin is informing customers now is due to the company changing the way it targets bills.
From next year, the firm will use the Retail Price Index (RPI) rate of inflation to adjust pricing rather than its previous method of using market conditions and other factors. Right now RPI stands at around 9% with Virgin then adding a flat rate of 3.9% on top.
So, if the new pricing was set today, users would see around 13% extra added to their monthly bills.
Of course, RPI can fall as well as rise and Virgin thinks this is the fairest way of setting its increases with each hike being confirmed in January.
"From April 2024, we’re doing things differently, so any price rise to your package will be made at the same time every year. This’ll be linked to the Retail Price Index (RPI) rate of inflation plus an additional 3.9% – which means the amount of any increase will be clearer, sooner," Virgin said in its email.
If this news has left you feeling annoyed there is a deadline that you need to pop in your diary. Virgin says that anyone angered by the changes can leave their package without paying the usual penalty.
Read HERE
From next year, the firm will use the Retail Price Index (RPI) rate of inflation to adjust pricing rather than its previous method of using market conditions and other factors. Right now RPI stands at around 9% with Virgin then adding a flat rate of 3.9% on top.
So, if the new pricing was set today, users would see around 13% extra added to their monthly bills.
Of course, RPI can fall as well as rise and Virgin thinks this is the fairest way of setting its increases with each hike being confirmed in January.
"From April 2024, we’re doing things differently, so any price rise to your package will be made at the same time every year. This’ll be linked to the Retail Price Index (RPI) rate of inflation plus an additional 3.9% – which means the amount of any increase will be clearer, sooner," Virgin said in its email.
If this news has left you feeling annoyed there is a deadline that you need to pop in your diary. Virgin says that anyone angered by the changes can leave their package without paying the usual penalty.
Read HERE