Vanquis Credit Card

[AceDaz69]

I have had a Vanquis Credit card for a few years, and lst year they increased my APR and said that if I didn't like it then I would need to pay it off and close the account. With a balance of over £1,000 this was impossible.

 

Since Christmas they have been calculating my interest wrong and since I was close to my £3,000 limit they kept adding charges on. I wrote to them and they said it was a estimated interest, my counter letter was that it was THEM that calculated the interest and it was THEM that collected the minimum payment through the Direct Debit.

 

Then for some reason their Direct Debit bounced in February - there was money in there but it never went through. I sent them proof that the money was in there but they ignored it. I paid the minimum payment 2 days after the Direct Debit failed over the telephone. I asked about next months minimum payment and was informed that it would be adjusted. and would be around the £150 - £160 mark. When March's payment tried to be collected from my bank they tried to take out £308. I immediately sent them a letter saying that this was wrong and that I have incurred charges, their reply was that they could not find any mention of a reduced payment for March's payment. Even though I included a printout of the internet statement and highlighed their figure to be collected on March.

 

I sent them a letter back saying that I do not like to be called a liar and could they send out a copy of the phone call that I made in February.

 

I am at that stage now of waiting for a copy of this phone call, and have paid £100 since February's payment. But I have 2 choices.

 

I am now in a position to pay off the Credit Card balance up to £3,500 (£3,000 credit limit and however much they have added on in interest up to £500) but should I

A. Pay it off now

or B. Wait until it is passed onto a Debt Collection Agency and offer a lot less, as I reckon it will be getting close to that stage now.

 

A prompt reply from people would be good so I can pay today if need be.

[rebel11]

Hi Ace

 

I would claim back all the charges on the account over the last 6 years, plus Compound Interest.

Read 1 and 3 in my signature.

 

Heres a Spreadsheet:- http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

[AceDaz69]

Hi Rebel

 

I have sent the spreadsheet to Vanquis and gave them 14 days. They have sent a letter stating that they have 56 days to respond.

 

Your spreadsheet says over £1k, so I have claimed that. If I get it, which I doubt I will get, do you think the Debt Collection company would accept it as a full and final offer to repay the debt? Or would they hold out for the full £3.6k?

[AceDaz69]

Does anyone know that if a Statutory Demand on a £3.6k debt that is owned by Lowell has been issued and I offer a full and final offer, What will happen to the Statutory Demand? Will I still need to goto court?

 

And do you think Lowell will accept £1k? Or what would they accept? Would they hold out for the full amount?

 

Thanks

[AceDaz69]

Hi Ace

 

I would claim back all the charges on the account over the last 6 years, plus Compound Interest.

Read 1 and 3 in my signature.

 

Heres a Spreadsheet:- http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

Hi

 

What if they don't reply witting 56 days? Is it time to complain to financial ombudsman? Is there a template letter?