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I'm not sure if this is the right place to post so apologies if its not.
I sent a request for a list of charges that had been applied to my Vanquis credit card. I received a letter back pre-empting my request for a refund on these. This is the gist of the letter and I would be grateful if anyone could advise as to whether i should accept their offer or not. My object in reclaiming the charges was to go some way to paying off the balance so that I can get rid of the card ultimately (I have a balance of just under £500 - the offer is approx £200). Interestingly they have also sent me a letter informing me that they have increased my credit limit from £500 to £1250. Anyway here's the letter
"Further to your recent correspondence requesting a refund of default charges and in order to resolve this matter we would like to offer £204. This sum represents the total amount of charges applied to your account since opened. Please note that this sum is offered in Full and final settlement of this matter. As a further response to your request we will vary your account to ensure that in future you do not incur the following fees - late payment charge - over limit charge - return payment charge - returned credit cheque charge - tracing charge. As part of the variation to your account your annual cash interest rate will be 59.9% and your annual purchase interest rate will be 54.9%. Your account will also be subject to a £25 annual fee."
I've been given 14 days to respond and this is day 9 so i don't have much time. What do people think? Should I accept? If not, what do i do next?
Hi
I didn't get as far as claiming. I'd only asked for a list of the charges so it was a surprise to receive this letter when i hadn't asked for a refund.
No
I was just a little worried about the conditions they'd attached i.e. the charges have been changed slightly from 54.190% purchase interest to 54.9% plus the annual fee.
how about a Subject access request, this should give you your agreement as well as statements, as far as the offer goes they give it in one hand but take it back forfold in the other with interest charges
Reclaiming charges on a Vanquis credit card
settlement of this matter. As a further response to your request we will vary your account to ensure that in future you do not incur the following fees - late payment charge - over limit charge - return payment charge - returned credit cheque charge - tracing charge. As part of the variation to your account your annual cash interest
rate will be 59.9% and your annual purchase interest rate will be 54.9%. Your account will also be subject to a £25 annual fee."
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