C/C Debt (vanquis) cant repay payments too high

[bretts]

Hi All need advice

 

i'll cut to the point

 

Vanquis credit card payments just too high

 

i called them said too high its £120 a month and bill not reducing they said pay more

 

been paying that for over a year i asked them whats apr am i paying and its 69% i went off it

 

for every £120 a month i pay £3 comes off my debt rest is interest

 

ive cancelled the direct debit and now have a missed payment wow they like to call you but ive not answered any of the calls received

 

i want them to whistle for the balance but know its my debt and need to pay it off but refuse to pay anywhere near that amout and need the interest freezing

 

please help

 

and no the bank wont give me a personal loan

 

bang goes my credit score

[dx100uk]

hi bretts

 

i've moved you to the provi/vanquish forum

 

you are NOT alone here

 

have you others debts too?

 

not got anything you can reclaim have you...

 

like late/over PENALTY fees or PPI?

 

£120PCM is very high

 

whats the balance

 

dx

[westfield]

I would suggest your credit rating was poor anyway if you got a vanquis card. How long have you had the card? That apr does seem dreadful and i wonder if they could justify it in court.

I would write and offer a set amount each month so long as they freeze interest and charges. If you can show you are in a vulnerable group,out of work,mental health,disabled so much the better as the oft say they have to treat such people fairly.

[Old Cogger]

claim charges ues etc, then let them whistle as they are cash cowing you

[dx100uk]

TELL [dont ask] them they are only going to get £xxPCM for xx mts

as a goodwill gesture

and as a reciprocal GOGW they must freeze int & refrain from levying PENALTY charges.

if they wont

drop them to £1PCM for life.

.

as an example>

.

I am currently in financial difficulties and not able to meet my normal monthly repayments.

to show my goodwill, i am going to pay £5 for 6 mts.

 

i will update you in 6mts time or before, should my situation change.

.

could you please as a reciprocal goodwill guesture,

.

refrain from levying any penalty charges & freeze the interest on my account.?

.

Should you fail to assist me during a period of financial difficulty, contrary to all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

.

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

.

.

as your actions would do nothing to help me.

.

i thank you for your time.

..

.

dx

.

then pay by your internet banking site

.

and get reclaiming

.

TAKE CONTROL

.

or

if you have sent the above and they refuse

then write back........

.

.

i'm sorry, but you have failed to assist me during a period of financial difficulty, against all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

i repeat again, the contents of my letter dated dd/mm/yyyy, for want of clarification:

to show my goodwill, i am going to pay £XX for XX mts

could you please as a reciprocal goodwill guesture, refraining from levying any penalty charges & freeze the interest on my account.

i will update you in 6mts time or before, should my situation chance.

should you fail to help by refraining from levying unlawful PENALTY charges & freeze my interest,

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

as your actions are doing nothing to help me.

This is contrary to the rules you should operate under.

disgruntled account holder

dx

[westfield]

I do think you need to be a little careful depending on how much you owe, quite a bit i guess as vanquis tend to sell on and some dcas are trigger happy when it comes to SDs and ccjs.

Do you own or rent?

[westfield]

Dx with respect how can you offer that sort of advice knowing nothing of the ops circumstances. What would happen if the OP ended up bankrupt and then tried to sue this forum for bad advice

[bretts]

hey guys so fast in replying

 

ok i owe £2300

 

i do work full time

 

never missed a payment until now so no late payment charges

 

cancelled the ppi with them last year before it was known i could reclaim

 

credit history not bad (equifax) no ccjs 1 default but getting paid

 

not much credit agreements

 

rented house

 

inside leg 32"

 

council tax in arrears

[bretts]

oh and had the card about 2 or 3 years

[dx100uk]

thats the word 'advise'

 

if/if not the op uses it is not our concern.

 

if they didn't want 'advise' they would not use a forum.

 

however, is not just just 'epanding or giving an example of what you yourself advised???

 

anyway leave you to it....

 

dx

[dx100uk]

well ctax is your no.1. priority.

 

if it were me.

 

i'd inc a copy of your ctax arrears letter

use the example letter above

 

and tell them they are only going to get say £20-£50 or LESS for 6mth whilst you sort the ctax.

 

but def take control!

 

its your money DECIDE where it goes

 

CCJ's and SD's are a very long way off

 

if at all

 

i dont think a vanquis debt has ever gotten that far.

 

dx

dx

[bretts]

great advice here

 

( appreciate westfields concern and the advice from dx )

 

im thinking the writing to them seem s like the best option

[westfield]

Bretts, definitely agree with dx that council tax is a priority, in fact in law it is classed as a priority debt. In my experience vanquis are not easy to deal with although others may have had better results. Something to think about as well is how important is a clean credit file to you as if they default you that is another 6 years of a default showing. Lots to consider

[citizenB]

I would suggest your first task would be to do yourself a budget sheet so you can see where your money is going.

 

Was the APR at that rate when you first entered into the agreement with Vanquis ?

 

If not, at what point did it start to increase ? They probably see you paying only the minimum amount each month and assume that you are a high risk - so up the interest rate.. !!

 

If you are no longer using the card, then perhaps a letter simply advising that due to the massive increase in APR since the inception of the card, you are struggling to pay - especially as the very high amount you are paying toward the debt is not reducing it due to high interest.

 

That in the circumstances, you are no longer able to service the account and you would like them to start treating you fairly - which at the present they do not appear to be doing.

 

That your finances will allow you to pay just £XX amount toward reducing the debt and you would like them to freeze interest and charges.

[bretts]

Yer gunna put all that in the letter citizenb. i understand what your saying about the rate been increased it been a "rate for risk" as i know it. but at no time was i informed of a new rate / apr so only thing i can think of is its always be that high or i just missed it in the fine print when credit wss increased

 

tell ya what they really do pester when you miss a payment my phones not stopped

[westfield]

My understanding and maybe i am wrong is that when a rate increases you should be given the option of refusing and closing your account paying off any balance at your old rate.

[bretts]

My understanding and maybe i am wrong is that when a rate increases you should be given the option of refusing and closing your account paying off any balance at your old rate.

 

yup pretty sure your right but

[westfield]

But?

[IdaInFife]

But?

 

you have to clear the balance to close it

 

also i would add

 

I can only afford £xx per week and with current climate I would have expected a company of your stature would try to help your customers.

 

I was on the understanding that with you being holders of a consumer credit license that you are required to be compliant with codes of practice, fair business practice and observe guidelines as set out by the office of fair trading.

 

I am very disappointed that you will not even consider my offer and stop interest and charges to bring the balance down in which I believe is a breech of the office of fair trading guidelines.

 

I would ask to you reconsider my offer of £xx per week and stop interest and charges,

[westfield]

Of course you need to clear the balance however the interest rate would have stayed at a lower rate. Not sure if refusing to freeze interest and charges is itself a breach of oft guidelines. The op has been paying 120. Maybe if he stopped paying and got the default etc it would be a different matter. Not sure if that is the best idea though.