Vanquis Credit Card

[Racy Tracy]

Please Help!!! I have a credit card with Vanquis, and I am struggling to get the money together to pay this months minimum payment:tinysmile_cry_t:. I lost my job at the beginning of Aug, and up until now I have managed to keep on top of things, but unfortunately I am now really really struggling. The only income I have is child tax credit and job seekers allowance. I did contact them in Dec and explained that I was out of work and struggling to make my payments. They allowed me to pay less in Dec by refunding some charges to my card, but at the same time they told me that this was a one off good will gesture and could not be offered again and that future monthly payments would need to be met. They also offered me a payment system where my account would either be frozen for 12 months including any interest etc, or I could take a payment break but.....this arrangement costs £1.75 per month for every £100 outstanding on the card, so for me this would cost approx £35.00 per month which is deducted from the card every month, so this option doesnt really help. So before I ring them today, I would like to know what rights I have. For instance, if I make them an offer of payment for this month can they refuse and make me pay the full minimum payment? and what do i do if they become forceful and insist that I make my payment in full.

any help would be great :tinysmile_cry_t:

[FlamingParrot]

Re: Vanquis Credit Card

Please Help!!! I have a credit card with Vanquis, and I am struggling to get the money together to pay this months minimum payment:tinysmile_cry_t:. I lost my job at the beginning of Aug, and up until now I have managed to keep on top of things, but unfortunately I am now really really struggling. The only income I have is child tax credit and job seekers allowance. I did contact them in Dec and explained that I was out of work and struggling to make my payments. They allowed me to pay less in Dec by refunding some charges to my card, but at the same time they told me that this was a one off good will gesture and could not be offered again and that future monthly payments would need to be met. They also offered me a payment system where my account would either be frozen for 12 months including any interest etc, or I could take a payment break but.....this arrangement costs £1.75 per month for every £100 outstanding on the card, so for me this would cost approx £35.00 per month which is deducted from the card every month, so this option doesnt really help. So before I ring them today, I would like to know what rights I have. For instance, if I make them an offer of payment for this month can they refuse and make me pay the full minimum payment? and what do i do if they become forceful and insist that I make my payment in full.

any help would be great :tinysmile_cry_t:

If you are reliant on benefits, you shouldn't be paying anymore than £1/month tokens, certainly not £35/month! :scared: Although only a court can MAKE YOU submit an income and expenditure form, you should submit one if it helps you show you cannot afford to pay anymore. You will find a good online template here: http://mymoney.nedcab.org.uk/moneyadvice/quickfs.asp

Once you've drafted your I&E form, you can attach it to your letter offering token payments:

Dear Sirs

Ref: xxxxxxxx

Since making our previous agreement with you, my circumstances have changed somewhat resulting in my not being able to continue with the agreement previously arranged.

I cannot now afford to the previously agreed monthly payments because I have lost my job and the only income I have is state benefits. I enclose an income and expenditure form, which shows my total income and the total outgoings of my household. As you can see I have no money left to make offers to my creditors.

In view of my current predicament, would you please accept a token offer of £1.00 per month to be reviewed in six months. If interest or other charges are being added to the account, I'd be grateful if you would freeze these so that the debt does not increase. Should my circumstances improve I'll get back in touch with you again. In the meantime, I'd appreciate it if you could send me a paying-in book / standing order form to make it easier to pay.

Thank you for your assistance, I look forward to hearing from you as soon as possible.

Yours faithfully,

[pav]

Re: Vanquis Credit Card

Of course your struggling Tracy, Vanquis, give credit cards to people who cant afford to repay them.

Anyone with a Vanquis card who is having trouble paying them and is bothered by calls just has to say this.

" why is my interest rate at 39.9% when the base rate is only 0.5%"

All the can say is you were deemed high risk.

So tell them if they knew this then why are they phoning you.

You know Im high risk your rates prove thats, In fact I have no money for you which should not surprise you as you knew I was high risk'; you should have charged me 59% because I'm a higher risk than even you imagined, I'll give you a pound a week take it or leave it.
Bye

Theses companies hide behind the high percentage saying its because of high risk, then have the cheek to bother you when they are proved right.

Tell them to get lost and their collectors and tell them to take you to court.

And if you get to court just tell the Judge, the base rate is 0.5% they charged me 39% because they say Im a high risk, and now they drag me into court although this was a big shock and surprise.

They knew I would struggle to pay that's why they set the interest rates high.

They knew the risks and I knew the risks, so why have they summoned me to court when its 50/50 blame wise,

[Flossie17]

Re: Vanquis Credit Card

I was wondering is offering a token £1 a month (temporarily) is generally accepted by these people? I am 71 and on Pension Guaranteed Credit plus a small State Pension. Up until my partner left me, taking his financial input into the general coffers away, I have been left with five credit card providers to which I owe money that I now will not be able to pay. Up until now I have faithfully paid them each month (several years of payments) and have never defaulted. But my income now is so pitiful that I will be left with just £50 per week for food and household necessities. This will not cover for any clothing, travel to visit my family or any extras whatsoever. I am in the process of penning them all a letter offering £1 token offer and for them to freeze any interest...so am in an anxious state in case they keep on taking money from my account via direct debit....if they did this I would not be able to pay my rent, and if that happens, my entire welfare starts to drop rapidly away. Any further advice people could give me would be helpful at this time! Thanks x

[MIKE770]

Re: Vanquis Credit Card

CCA Request Letter

First thing I would do is send a CCA request to each account owner with a £1,00 postal order Recorded delivery,

then give detail of when took out and balance owed etc then peeps on here will get a wider picture of the main situation and possibly advise next step?



[MENTION=506]kate[/MENTION] this poster need their own thread/?

[Flossie17]

Re: Vanquis Credit Card

Thanks for that! Recorded delivery it is. Here's hoping for favourable reply and will keep you posted!

[Debt Camel]

Re: Vanquis Credit Card

Hi Flossie,

could you give some more details on your debts - how much do you owe on each card? when did you take the cards out?

have you had PPI on any of the cards? If you have, putting in a claim now for a PPI refund could really help your situation. See http://www.moneysavingexpert.com/rec...loan-insurance which has all the info and template letters you may need.

have you had Vanquis's ROP product? If you have, put in a complaint and ask for a refund: https://debtcamel.co.uk/vanquis-rop-refund/

you are renting - is this private rented or council/housing association?

[Flossie17]

Re: Vanquis Credit Card

Hi Flossie,

could you give some more details on your debts - how much do you owe on each card? when did you take the cards out?

have you had PPI on any of the cards? If you have, putting in a claim now for a PPI refund could really help your situation. See http://www.moneysavingexpert.com/rec...loan-insurance which has all the info and template letters you may need.

have you had Vanquis's ROP product? If you have, put in a complaint and ask for a refund: https://debtcamel.co.uk/vanquis-rop-refund/

you are renting - is this private rented or council/housing association?

Since 2008/9 I believe that PPI ceased - and my cards were taken out since then, so I know I am not owed any PPI. Prior to that date I received all PPI owing to me from my bank etc., I don't know what a ROP product is though, could you tell me more about that? The flat I am renting is privately rented. I can't divulge the exact amount owed on each card, but altogether they add up to just over £15,000. A scary amount! I don't want to go down the IVA route and end up paying someone to contact my creditors on my behalf, I have decided to contact them all myself and have drawn up a letter template to fill in as per separate details/accounts and to send out by recorded delivery. I have never defaulted on any of my debts, and as such my credit rating is reasonably high. IVA would cancel out my credit rating, wold it not? Anyway, thank you for your suggestions. If you happen to know that these creditors are still secretly charging PPI since 2008/9, then let me know, as obviously I would pursue them vigorously for a rebate! My cards are Virgin, M&S, Vanquis, Luma and Nat West.

[Debt Camel]

Re: Vanquis Credit Card

Since 2008/9 I believe that PPI ceased - and my cards were taken out since then, so I know I am not owed any PPI. Prior to that date I received all PPI owing to me from my bank

PPI was sometimes still charged after that point - you would have seen it on your card statements if you have any old ones?

I don't know what a ROP product is though, could you tell me more about that?

ROP was a something which VAquis added that was a bit like PPI - again you would have seen it on your statements? If you have paid this it is well worth complaining as the "protection" was not something Vanquis should have been charging for.

I don't want to go down the IVA route and end up paying someone to contact my creditors on my behalf, I have decided to contact them all myself and have drawn up a letter template to fill in as per separate details/accounts and to send out by recorded delivery. I have never defaulted on any of my debts, and as such my credit rating is reasonably high. IVA would cancel out my credit rating, wold it not?

An IVA would be a very poor option for you. It would wreck your credit rating but that isn't the main problem - the problem would be having to pay 5 years of payments which on your pension you could ill afford. A much better option for you would be a debt relief order (DRO) which would get rid of the debts and you wouldn't have to pay anything at all. See https://debtcamel.co.uk/debt-options/dro/ for some details about this.

I don't think you can afford the minimum payments on these debts, so there just aren't any options that will let you keep a good credit rating I am afraid. £1 token payments will result in defaults. Even if the firms can't produce the CCA agreements, you will still get a default if you stop paying.

[Flossie17]

Re: Vanquis Credit Card

[QUOTE=MIKE770;749693]CCA Request Letter

First thing I would do is send a CCA request to each account owner with a £1,00 postal order Recorded delivery,

then give detail of when took out and balance owed etc then peeps on here will get a wider picture of the main situation and possibly advise next step?

Hi, thanks for your reply. What is precisely owed as at yesterday's date is. NatWest:- £3,088.49 (which makes for a payment of around £45 p.mth) / Virgin:- £3,195 (payment of £90 p mth). / M&S:- £1,947.55 (payment of £46 p mth) / Vanquis:- £1,170.07 (payment of £48 p mth). I am unable to get onto my Luma (Capital One) - payment of £45 p mth) account as they locked me out but will ring them today for access and up to date balance, but I don't think it's as much as any of the above. Just from the above these payments come to around £274 per month, which will take up my entire left over available balance for food and basics which is £266 per month. Leaving me with absolutely nothing to buy food! I have read some of the posts here re Vanquis, and it seems they don't like freezing the interest on account. How can one insist they do? It's bad enough my partner and his financial support have left me - I am beside myself with worry. Thanks for any advice!

[Flossie17]

Re: Vanquis Credit Card

I have just managed to access my Luma account. I owe £1,196.28 and my monthly payment for that is £43.53

[Flossie17]

Re: Vanquis Credit Card

PPI was sometimes still charged after that point - you would have seen it on your card statements if you have any old ones?


ROP was a something which VAquis added that was a bit like PPI - again you would have seen it on your statements? If you have paid this it is well worth complaining as the "protection" was not something Vanquis should have been charging for.


An IVA would be a very poor option for you. It would wreck your credit rating but that isn't the main problem - the problem would be having to pay 5 years of payments which on your pension you could ill afford. A much better option for you would be a debt relief order (DRO) which would get rid of the debts and you wouldn't have to pay anything at all. See https://debtcamel.co.uk/debt-options/dro/ for some details about this.

I don't think you can afford the minimum payments on these debts, so there just aren't any options that will let you keep a good credit rating I am afraid. £1 token payments will result in defaults. Even if the firms can't produce the CCA agreements, you will still get a default if you stop paying.

THANK YOU SO MUCH FOR THIS INFORMATION! I TICK ALL THE BOXES FOR A DRO, SO WILL HOT-FOOT IT TO A CITIZENS ADVICE BUREAU AND GET THE BALL ROLLING. Again, Thank You! (Never heard of a DRO until now).