 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. "If you're unhappy with anything in this email, you can cancel your package, any time before 31/10/2023 without paying any early cancellation fees," Virgin confirmed. It is worth noting that all suppliers will put up prices next year so you're unlikely to escape an increase. However, now could still be a good time to go online shopping and see if you can secure a better deal. The lower you pay now the less impact there will be when percentage increases are added. For example, if you're paying £20 per month now, a 10% hike would push that up to £){kind=link}
Virgin Media has just confirmed a new price increase is coming but there is a simple way to avoid it.
Virgin Media users will be hit by more price rises next year with the broadband and TV supplier confirming the upcoming changes in an email seen by Mirror Online. 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.