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Greedy banks NEVER learn - WARNING - Vanquis Cards peddled on the High Street

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CAG, along with many others have been steering people away from Pay Day Loans. Now there is a new tactic from one particular bank.

 

I have personally condemned Vanquis for their high interest rates and being no better than a revolving Pay Day Loan. CAG has seen many cases of how easy it is to get into serious debt with this particular type of credit card.

 

Now Money Mail are on the case....

 

 

Greedy banks NEVER learn: Family debt is ballooning again - but one lender is flogging credit cards in the street...

 

 

Bank staff are flogging expensive credit cards to shoppers in town centres and outside fast-food restaurants despite fears that Britain is heading towards a new credit crunch.

 

In a disturbing development, Money Mail has discovered that lending bosses are sending hawkers on to the streets to target people going about their daily tasks.

 

Students and jobseekers with 'little or no sales experience' are being hired to sell credit cards with eye-watering 40 per cent interest rates.

 

 

Read more: http://www.thisismoney.co.uk/money/cardsloans/article-3439468/Challenger-bank-Vanquis-flogs-credit-cards-40-rates-street-household-debt-booms.html#ixzz3zqXqK0zT

 

 

 

What's even more worrying is that Vanquis Bank, the challenger bank behind the ploy, is peddling these deals to families who are already deep in the red.

 

Sales staff have been spotted handing out leaflets from stalls in busy shopping centres and outside McDonald's. The sales drive has emerged just as household debt booms.

 

 

 


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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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Vanquis also use very questionable advertising with their "we can help you get your credit score on track" which any deferred payment plan does if payments are kept up.

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Lovely comment by CAG there :)

 

 

Marc Gander, of campaigners Consumer Action Group, says: 'Banks are being utterly irresponsible and greedy by waving these offers in front of customers to tempt them into spending more and driving themselves into debt.'

 

Read more: http://www.thisismoney.co.uk/money/cardsloans/article-3439468/Challenger-bank-Vanquis-flogs-credit-cards-40-rates-street-household-debt-booms.html#ixzz3zqcr4iuB

 

 

 

Edited by citizenB
added quote

 

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You just have to look at the amount of threads re Vanquis to see how bad they are.

 

I WAS once a customer not now and never will be again.

 

Since getting rid of them my credit rating has soared.. my advice would be get the debt paid asap get rid of the card and stay away from them... IMHO that is...

 

I did link to a scathing report some time ago (4) years ago. I will see if there is a new one available and link it here ...


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I think Vanquis have always been pretty bad MM and now they are rushing to fill the void that so many PDL companies have left by exiting stage left.

 

I can understand that people need a credit card for online shopping and emergencies - however they do need to know what this company is like !


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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I agree with you cb. But as an option you can buy a prepaid Mastercard for online shopping.

 

With Vanquis it's about profiting. What with the fees for over limit and late payments and their ROP.

 

It's such a shame lenders don't do more to help once an account goes belly up.


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I agree with you cb. But as an option you can buy a prepaid Mastercard for online shopping.

 

With Vanquis it's about profiting. What with the fees for over limit and late payments and their ROP.

 

It's such a shame lenders don't do more to help once an account goes belly up.

 

We should also keep in mind that accounts should be monitored and no attempt to draw from an empty account made.

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We should also keep in mind that accounts should be monitored and no attempt to draw from an empty account made.

 

Dont let Vanquis hear that ...they would never make any profit:roll:


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