Vanquis raising my interest rates can they do this without warning

[buddie84]

hey guys i went looked at my recent vanquis creditcard statement recieved this morning etc then on 2nd pace in small letters stating that my new interest rate from next month will cash 70% and purchases 60% when it used to be cash 54% purchases 47% to me thats huge increase i phoned vanquis and enquired about it and female who answered was cheeky and saying no it 75% for cash & 70% purchases and say i am bloody lucky that they dont just stop the card and ask for full amount owed immediately the only way if i dnt want to pay the interest is to pay more then min. amount

 

what i asking is there anything i can do to get them to change the interest to lower amount or they just dont care since they a part of provident group?

[theghost]

I believe what you have already spent must stay on the interest rate you had before.

 

Only NEW spending will come in at the higher interest rate - it sounds to me liek you should not spend on this card anymore.

 

I believe they are right in saying they could in theory close your account and demand all their money back so I would just play it cool, pay off what you owe and find a better card supplier.

 

Someone will be able to confirm...

[buddie84]

cheers i know it huge intersest rate but i decided i just going to pay it off and not use card anymore if i can help it well not till the reduce the interest rate

[ukaviator]

Are there any charges on the account for late payment, over limit charges?

[buddie84]

yes i believe there plenty of lat charges and over the limit fees charging £12 each at a time i got my last 2 refunded to me but i doubt i get any more from them

[Craigbadger]

I know you have the right to close it and it is left at the old rate. I presume this is a rule for all cards.

Negatives - lose the card.

Positives - Interest frozen at old rate and no more credit to spend.

[buddie84]

i believe you cant close account while ou have a balance also i think old interest rate applies to what i spend all ready and new interest start next month on new purchases i think or am i wrong

[ims21]

yes i believe there plenty of lat charges and over the limit fees charging £12 each at a time i got my last 2 refunded to me but i doubt i get any more from them

 

You can claim back all of those late fees/penalty charges and if you have "Plenty" of them it could amount to a tidy sum to claim back.

 

They are unlikely to give in easily and you'd probably need to be prepared to go to court but you can get them back.

 

ims

[cashins]

I believe what you have already spent must stay on the interest rate you had before.

 

Only NEW spending will come in at the higher interest rate - it sounds to me liek you should not spend on this card anymore.

 

I believe they are right in saying they could in theory close your account and demand all their money back so I would just play it cool, pay off what you owe and find a better card supplier.

 

Someone will be able to confirm...

 

If their t & c's allow it (which they probably do) they could close the account on giving notice.

 

As I see it however, they cannot demand immediate repayment of the balance unless the account is in a default situation.

 

David

[rdm2006]

You can refuse the increase and continue to pay interest at the old rate until the card is paid off, however, this will stop future spending.

[RoyalIrish]

Vanquis are really dodgy with their 'late' charges and 'interest'.

 

It is well documented on here!

 

They seem to apply the charges to continually keep you over your balance.

 

I have even queried them on payments that I made with 2 weeks to spare that were 3 weeks before showing up on the balance.

 

If you ring them up and question the charges they will refund them, sometimes a little too easily which made me suspicious!

 

In the end I told them either they stop ripping me off or they can whistle for their money, the case continues.

[buddie84]

i thought they didnt have to refund them as its in t&c's are they not about the charges as £12 is standard for creditcards nowadays so do i need sar them for all charges or i think i might have gd few months statements lying abt in the house (i really need to start organising paperwork a bit better)

[ims21]

i thought they didnt have to refund them as its in t&c's are they not about the charges as £12 is standard for creditcards nowadays so do i need sar them for all charges or i think i might have gd few months statements lying abt in the house (i really need to start organising paperwork a bit better)

 

The banks might think they are standard but what they think is irrelevant. They are reclaimable

 

ims

[buddie84]

i might think about it but judges might agree £12 each late/over limit is ok how easy is it for vanquis to refund me those charges or would i need to take to small claims court

[ims21]

i might think about it but judges might agree £12 each late/over limit is ok how easy is it for vanquis to refund me those charges or would i need to take to small claims court

 

Most credit card companies baulk at paying them back but if you use the correct process they tend to cave in before it actually gets to court. A particularly good place to look is the Barclaycard forum. You claim back these fees plus the interest they charged you on those fees. They know that judges will come down on the side of the consumer so they don't want to get in a court room because they know their fees/charges are unlawful.

 

You would need to be prepared to go to court but if, as you say, you have plenty of these charges plus the interest on them you could be in for a substantial windfall.

 

Don't forget, CAG can help you right the way through your claim.

 

ims

[buddie84]

so these fees are actually unlawful even if u signed t & c's its not vanquis i have had cap1 /monument/barclaycard with fees etc in the last 5 years so i think i better sar them does it matter if defaulted the account or does it have to be up and running ok ?

[ims21]

so these fees are actually unlawful even if u signed t & c's its not vanquis i have had cap1 /monument/barclaycard with fees etc in the last 5 years so i think i better sar them does it matter if defaulted the account or does it have to be up and running ok ?

 

Wow....got a few to go for then.

 

forget t &c s for this....this will only be relevant if and when you have to prepare particulars of claim for court but these are blown out of the water too. It matters not whether the account is closed, active, defaulted.

 

I suggest that if you decide to get all this money back (plus interest) you start a new thread in the appropriate forum for each card so others can follow your progress and the advice can be tailored to each particular case.

 

If you haven't got all the statements, you will need to do a SAR for each one where statements are missing.

 

I can feel a party coming on courtesy of buddie

 

ims

[buddie84]

well i just checked vanquis online for last 3 months it already equals to £36 and i have had them over a year lol same with the gf she had loads fees etc yip they deffo be party with 25% to cag if i get them refunded lol

[ukaviator]

What is the limit on the card?

 

The card charges are unlawful even at £12, so you should claim them back with interest, and go back at least 6 years if you have had it that long.

[buddie84]

£250 for vanquis

[buddie84]

i just wonder who do i take to court eg lowell bought cap1 - so would it be lowell or cap1 for both sar/court etc

[ims21]

i just wonder who do i take to court eg lowell bought cap1 - so would it be lowell or cap1 for both sar/court etc

 

Always the card company for SAR and court...so in your example it would be Cap1

 

ims

[buddie84]

only problem is trying to find account number aswell i think its the number on my credit reports so i might do the that on the next pay send sars to them all

[ims21]

Hi buddie

 

You can actually do a SAR without the account number but may be easier of you do have them

 

ims

[buddie84]

kool well when i get paid in 2 weeks i do threads on each account hopefully ag member can help me get it reclaimed back guaranteed when i ask vanquis for them they prob close my account with them lol