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Vanquis....Billed Deferred Interest Charge????????????????


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Ok, i have a Vanquis credit card, all managed ok until recently been noticing a new charghe appear saying "Billed deferred interest charge" now it has steadily increased over the last 4 months and this month is £36!!!!.

 

I always pay more then the minimum, i'm not on a special rate or deal either. I went over my limit last month by accident so minimum payment was £91 plus over limit by £38 so i paid £150 which should be fine but alas i'm overlimit again this month because of the new charge.

 

I phoned their customer service to be told it is due to an issue with their system charging interest in 2 parts???!!!!. I got nowhere with the operator and feel i'm just being ripped off. I used to have a balance of around £950 and paid around £40 interest a month on that now my balance is around £2000 so surely the interest is only about twice what i used to pay so around £80-90 a month.

 

Am i missing something?

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I would start keeping all communication in writing in order to keep a record and paper trail. You should write and ask them for an explanation as an offiical complaint as you are getting nowhere on the telephone.

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It seems to me as though their "system" is double charging..

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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

 

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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  • 3 weeks later...

UPDATE....

 

I have worked out what the BILLED DEFERRED charge is, Vanquis have increased my interest charge without telling me from 40% which would be around £80 a month on my current balance which is what i expected to 59% and they are charging me interest at 40% then adding the shortfall as billed deferred charge to make it up to 59%.

 

Now i have NOT recieved written notification of an interest rate change on my account so i haven't had a chance to decline it in the 60 day period.

 

I also have not had a statement sent to me this month and the statements previously recieved dont show the rate of interest anyway.

 

Now i am not trying to avoid paying my bills but i do not wish to pay 59% interest as it will be nearly impossible to pay off. Had i been notified of the rate change i would have declined it in the 60 day period , informed them i wish to close the account and pay off the debt at the original interest rate until finished. Am i still within my rights to do this?.

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UPDATE....

 

I have worked out what the BILLED DEFERRED charge is, Vanquis have increased my interest charge without telling me from 40% which would be around £80 a month on my current balance which is what i expected to 59% and they are charging me interest at 40% then adding the shortfall as billed deferred charge to make it up to 59%.

 

Now i have NOT recieved written notification of an interest rate change on my account so i haven't had a chance to decline it in the 60 day period.

 

I also have not had a statement sent to me this month and the statements previously recieved dont show the rate of interest anyway.

 

Now i am not trying to avoid paying my bills but i do not wish to pay 59% interest as it will be nearly impossible to pay off. Had i been notified of the rate change i would have declined it in the 60 day period , informed them i wish to close the account and pay off the debt at the original interest rate until finished. Am i still within my rights to do this?.

 

Yes, they are obliged to write and let you know of any interest change and give you the opportunity to close the account and repay at the oriignal interest rate if you wish.

 

 

TBH, I dont know what you need to do here.. will flag your thread for further input from site team.

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

 

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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