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Vanquis Bank Minimum Payments


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Hi there

 

I have had a Vanquis card for just over 18 months now,

this is my 1st credit card,

not a good one I know.

 

I started off with a limit of £250 and paid the balance off full when it was used.

 

My limit went up to £750,

I went into hospital to have an op and had to have a month of work, t

he card was up to about £700 and I have been making minimum payments and haven't used the card for around 6 months.

 

My balance stands at £803.58,

 

I called them and asked how can my balance be going up if im making the minimum payment each month

and never missed a payment?

 

They said that the minimum payment was an estimate of the interest you will be charged and payment that needs to be made is actually more.

 

Is that right? I am slightly bemused by this.

 

Any help would be much appreciated.

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Sadly, this type of card is little better than a Pay Day Loan - You should always try to pay more than is asked for on the statement - even if it is only £5.00 more.

 

It was my understanding that this type of credit had to request the interest + an amount in order that the balance is seen to be going down rather than up.

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It would appear that you have gone over your limit though and the interest on that will almost certainly be a problem for you. Have they added any charges to the account as well ?

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Uploading documents to CAG ** Instructions **

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Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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It would appear that you have gone over your limit though and the interest on that will almost certainly be a problem for you. Have they added any charges to the account as well ?

 

Yes £12 charge.

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Vanquis are nortorious for charging late/over balance fees, this how they make their profit.

Always challenge their fees use the complaints procedure till the give a final responce then complain to FOS they may takew up your ase as they have mine and have had some success with this avenue, I'm still disputing several 100's of £'s in new charges

IMHO pay this card off asap cancel the card and stay well away from them. Also are you paying the ROP (repayment option plan) did you ask for it if not get reclaiming come back for more advise

 

MM

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Hi there

 

I was paying it, I have now just cancelled it as it was over £10 per month, and it wasnt asked for. The card I am going to pay off £100 a month until it is clear cut it up and never deal with them again.

 

If I could claim back the repayment option plan that would be great, that must be over £100 straight away.

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Do you have your statements showing the ROP figures - if so, then simply produce a spread sheet as shown in the link below and send it to their Head office.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011(2-Viewing)-nbsp

 

Just shout if you need any help.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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  • 4 months later...

hello, ive had my Vanquis account for over 10 months. i started of with £500 then got it upto £1000, When it went up to £1000 thats when i started with all the probblems with min payment. One month its £35 then it goes up to £92 then i dont owe anything another month then it goes back to £35 month!! and the these charges £10 month for the repayment option plan and i dont even think ive asked for it!! and latepayment charges even when i paid it on time. Ive been paying £92 month if the min payment was £35 a month so i was all so paying off intrest too but now as im trying to pay off quicker thay are adding fees to it. As its a credit card provider thay have to follow borrowing laws and ive all ready ask the finactial ombudsman service to look at for me.

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