Thread: Vanquis visa putting interest rate up a lot!

Hi guys, without going into too many details i have had a vanquis visa card for over 2 years, always pay on time and keep within my limit, although not flush with cash i also always pay in excess of the minimum payment, on my latest statement it states they will be making some changes to my agreement and that in 50 days my interest rate will increase by nearly a whopping 10%, its high enough already and i really do not think this is fair, it will mean that i will also be starting to struggle where as i had been (albeit slowly) chipping away at what i owe, short of finding the money to clear the card is there anything i can do about this? will this apply to the existing balance or new purchases only, i ask as i stopped using the card a number of months ago as i want to clear it and have no intention of adding to the balance, is it worth trying to negotiate a lower rate with them?

its because you are making inroads on your balance that they are increasing your interest rate, do you really think for one minute that they want you to pay them off in full? of course not, what these slime balls do is get their claws into you so you never finish paying, unless you pay off in full in one go, they make the rules up as they go along.

Im half tempted to send them a cca request for fun, it should all be in order but if its not or they cant find one it could be a good bargaining tool, worst case scenario is i have to put up with them until the summer when i will have cleared the card

Hi Boro
My interest rate is 54% took the balance below limit in april next thing is charges and interest paying 60 pm making no difference to balance at all, this just keeps going up, depite not using the card. now sent then a CCA request. told them i will keep paying min payment until i get request through.

account opened early 2006

So What interest Rate Are They Putting It Up By

I Had One At Near 35%

Cant remember without digging out the paperwork, 56% ish i think, extortion, looking at ways of clearing it tbh but as i said before the worst case is i have to put up with it until the summer when i will have a clean credit history and can get a better card to transfer it across to

I Know Vanquish Is Providant But This Is Extorsion

it started at 23.5% when they could see i was clearing every month they put limit up and the interest went up to 35%, still was managing then limit went up then interest upto 44% now on 54%. clever hey

But Can They Do That, Putting Up The Apr As Its Changing The T&c

Are They Giving Advance Notice Of Rate Rise

only notice is on statement to say they putting it up...cant be legal

I Believe They Have To Send A Letter To Vary The T&c Giving 14 Days Notice

Any Comments On This

I have a copy of my credit agreement/terms and conditions and yes they can vary the interest rate by giving notice, which they have done by using the notices section of the credit card statement, this included 50 days notice of the rate rise, whether this is an acceptable way of informing you im not sure!

Well Its 50 Days Notice From The Date Of The Statement

ok 50 days notice on the statements but to hike it up by 9+% cant be right

you might find this interesting, found in the current terms and conditions from vanquis. section 8.10 says.

8.10 You should not make payments that put your Account into credit. If you do so, we will not pay any interest

No i had not, interesting thanks uteb