Virgin Media has recently confirmed that it will be hiking prices next year with the company announcing a major update to terms and conditions. From 2024, the broadband and TV company will use the Retail Price Index (RPI) rate of inflation to adjust your bills rather than its previous method of current market conditions.
That RPI rate is currently around 9 percent with Virgin then adding another 3.9 percent on top – that change could see bills going up by almost 14 percent when it kicks in next April.
Of course, the Retail Price Index can fall as well as rise and Virgin won’t set new pricing for customers until the January of each year so we won’t know the full impact of the changes until then.
“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 an email to users.
If the thought of another price hike has angered you then there is something you can do about it. Virgin has confirmed that anyone who doesn’t like its new system can leave without facing any penalties – this is even the case if you are tied into a contract.
“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 £22. Pay £60 now and things will go up to £66 per month.
In a statement sent to Express.co.uk, a Virgin Media spokesperson said: “The introduction of inflation-linked price changes, which comes into effect in 2024 when RPI is projected to be lower than it is today, will give customers clarity and certainty about what to expect from their bills while fuelling the investment required both now and in future. We have clearly communicated these changes directly to our customers.”
There are plenty of deals on the market right now including one offer from Sky that features free broadband until next year.