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  • FIRST POST
    • babyemily
    • By babyemily 29th Mar 11, 8:57 PM
    • 365Posts
    • 310Thanks
    babyemily
    Vanquis Visa
    • #1
    • 29th Mar 11, 8:57 PM
    Vanquis Visa 29th Mar 11 at 8:57 PM
    I have decided to try and clear my debts since reading this website I have realised what an idiot I am. So tonight I have been going through my statements etc...I have a vanquis visa card and I am being charged 47.890% interest per year and i am horrified that I have gotten into this. I am not blaming anyone by the way. On this months statement I owe £2637.47, I paid £166.00 in payments this month and the interest I have been charged this month is £101.69. So in reality I have only actually paid £65.00 off my debt this month. Can anyone offer me any advice on what to do to clear this please? I do not have the best credit history in the world but if I keep paying charges like this I will never clear the debt. I have also cut up the credit card. Thank you
Page 1
    • Tixy
    • By Tixy 29th Mar 11, 9:04 PM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    • #2
    • 29th Mar 11, 9:04 PM
    • #2
    • 29th Mar 11, 9:04 PM
    Obviously the best thing to do is to try to increase your payments each month - are you likely to be able to do this?

    You could try getting another form of credit with a lower apr to pay this off but it depends on your credit history and financial situation as to whether you would be likely to be able to.
    If you could get a new card with a much lower APR and a big enough credit limit this would be better in terms of interest paid or another alternative might be to see if you could get an overdraft to pay this off. But it all depends on what you might be able to get if any.

    When you say you don;t have the best credit history - what is on your file?
    Is this your only debt? Are you employed? how much do you earn?
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • Atom
    • #3
    • 29th Mar 11, 9:14 PM
    • #3
    • 29th Mar 11, 9:14 PM
    Thats crazy - my APR is the same but spent at most £50 in a month on this card - good for you cutting it up make sure you call them and close the account too i will be doing the same soon, in regards to your outstanding balance can you not get the funds from family or friends to clear them off - at the rate your on you would be paying them for a long time.
    • babyemily
    • By babyemily 29th Mar 11, 9:18 PM
    • 365 Posts
    • 310 Thanks
    babyemily
    • #4
    • 29th Mar 11, 9:18 PM
    • #4
    • 29th Mar 11, 9:18 PM
    Thank you for your replies.
    Tixy: I cannot increase my payments any further. I have trouble with getting any account as I do not have a passport or driving licence. No this is not my only debt and I am self employed earning very little.
    Atom: I did not know I could close the account so Thank you for that. I have also just noticed a debit for £59.95 for Valuesaver in Stafford....I have absolutely no idea what this is so will need to chase that up with them first. Also the only family I have are my three children and they are only young.
    • Tixy
    • By Tixy 29th Mar 11, 9:22 PM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    • #5
    • 29th Mar 11, 9:22 PM
    • #5
    • 29th Mar 11, 9:22 PM
    If you are struggling to meet your minimum repayments across your debts then you might want to consider seeking debt advice and possibly considering a debt management plan - if you did enter a DMP then this would seriously damage your credit file for years but it would mean you could pay lower payments to your creditors and might mean that your creditors would agree to freeze interest.

    it might be worth going over to the debt free wannabe board here on MSE and posting up a statement of affairs and seeing what people advise and whether a DMP might be suitable for you.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • Atom
    • #6
    • 29th Mar 11, 9:27 PM
    • #6
    • 29th Mar 11, 9:27 PM
    Call them and cancel the card emily if you don't know what this is and save yourself more hassles - could well be your card details are in the hands of fraudsters, is getting any other line of credit out of the question ? if i win the lottery al pay it for you.

    lol
    • SnowTiger
    • By SnowTiger 29th Mar 11, 9:51 PM
    • 2,724 Posts
    • 1,730 Thanks
    SnowTiger
    • #7
    • 29th Mar 11, 9:51 PM
    • #7
    • 29th Mar 11, 9:51 PM
    I have also just noticed a debit for £59.95 for Valuesaver in Stafford....I have absolutely no idea what this is so will need to chase that up with them first. Also the only family I have are my three children and they are only young.
    Originally posted by babyemily
    Is it this lot: http://remembertosave.co.uk/Default.aspx?

    I paid £1 for a diary at the beginning of the year which does the same thing.
    • babyemily
    • By babyemily 29th Mar 11, 10:00 PM
    • 365 Posts
    • 310 Thanks
    babyemily
    • #8
    • 29th Mar 11, 10:00 PM
    • #8
    • 29th Mar 11, 10:00 PM
    Snow tiger I have never ever heard of that company, I have never even seen that before How very very strange??? What do I do now? Do I just ring them up and ask for my money back???
    • archer7
    • By archer7 29th Mar 11, 11:17 PM
    • 60 Posts
    • 53 Thanks
    archer7
    • #9
    • 29th Mar 11, 11:17 PM
    • #9
    • 29th Mar 11, 11:17 PM
    Snow tiger I have never ever heard of that company, I have never even seen that before How very very strange??? What do I do now? Do I just ring them up and ask for my money back???
    Originally posted by babyemily
    It's probably not that company if you've never heard of them, it was just possible given that it had the same name.
    • SnowTiger
    • By SnowTiger 29th Mar 11, 11:49 PM
    • 2,724 Posts
    • 1,730 Thanks
    SnowTiger
    It's probably not that company if you've never heard of them, it was just possible given that it had the same name.
    Originally posted by archer7
    Same name and they're also based in Stafford. Quite a big coincidence, http://remembertosave.co.uk/terms.aspx:
    The term ‘Remember to Save from Valuesaver’ or ‘us’ or ‘we’ refers to the owner of the website whose registered office is 16 Parker Court Staffordshire Technology Park, Stafford, Staffordshire. UK. ST18 0WP . Our company registration number is 04091557. The term ‘you’ refers to the user or viewer of our website.
    It seems like a lot of money for old rope. OP, yes I would contact them if I were you and at least try to establish how you were signed up to their service. It may have been via a free offer of some sort or in conjunction with another product or service you've purchased.
  • Smash1912
    I've also had problems with Vanquis recently! I've closed my account and cut up my card and tried to sort out paying off more than the minimum a month (as thats basically the interest!) and apparently, I can only pay off the minimum or the full amount in one go! Is this really how it works?? I've only got £300 on there but paying it off in one go is not really a possibility.

    Kicking myself for ever bothering with this card! Goodness knows what possessed me!
    • dazzaofdagenham
    • By dazzaofdagenham 30th Mar 11, 10:50 AM
    • 812 Posts
    • 290 Thanks
    dazzaofdagenham
    to have a balance that high you must have had the card for a while for the credit limit to build up ?

    Are you sure your credit file is bad ?

    Why not try the Barclaycard platinum..20 Months interest free, gotta be worth a try ?

    Vanquis have just increased my limit from £250 to £1000 and there aint no way im going any where near that limit

    darren
    • Tixy
    • By Tixy 30th Mar 11, 11:37 AM
    • 31,081 Posts
    • 39,468 Thanks
    Tixy
    I've also had problems with Vanquis recently! I've closed my account and cut up my card and tried to sort out paying off more than the minimum a month (as thats basically the interest!) and apparently, I can only pay off the minimum or the full amount in one go! Is this really how it works?? I've only got £300 on there but paying it off in one go is not really a possibility.

    Kicking myself for ever bothering with this card! Goodness knows what possessed me!
    Originally posted by Smash1912
    You can pay more off each month - but not by direct debit. You can pay more by standing order or a manual payment each month.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
    • babyemily
    • By babyemily 30th Mar 11, 12:13 PM
    • 365 Posts
    • 310 Thanks
    babyemily
    I've also had problems with Vanquis recently! I've closed my account and cut up my card and tried to sort out paying off more than the minimum a month (as thats basically the interest!) and apparently, I can only pay off the minimum or the full amount in one go! Is this really how it works?? I've only got £300 on there but paying it off in one go is not really a possibility.

    Kicking myself for ever bothering with this card! Goodness knows what possessed me!
    Originally posted by Smash1912

    I set up a standing order to pay more every week. Maybe you can do the same? x
    • archer7
    • By archer7 30th Mar 11, 1:40 PM
    • 60 Posts
    • 53 Thanks
    archer7
    Same name and they're also based in Stafford. Quite a big coincidence, http://remembertosave.co.uk/terms.aspx:
    The term ‘Remember to Save from Valuesaver’ or ‘us’ or ‘we’ refers to the owner of the website whose registered office is 16 Parker Court Staffordshire Technology Park, Stafford, Staffordshire. UK. ST18 0WP . Our company registration number is 04091557. The term ‘you’ refers to the user or viewer of our website.
    It seems like a lot of money for old rope. OP, yes I would contact them if I were you and at least try to establish how you were signed up to their service. It may have been via a free offer of some sort or in conjunction with another product or service you've purchased.
    Originally posted by SnowTiger
    Ah, apologies SnowTiger, I didn't see that.
    • Daisy Duck
    • By Daisy Duck 30th Mar 11, 4:21 PM
    • 1,485 Posts
    • 949 Thanks
    Daisy Duck
    Atom: I did not know I could close the account so Thank you for that.
    Originally posted by babyemily
    Pretty sure that you won't be able to close the account while it still holds a balance.
    You could call them and ask them to lower the credit limit as your balance lowers so that you can't spend on it anymore but it will still show as open and active on your CRA files.
    MFiT-4 72
    • arthur2
    • By arthur2 22nd Feb 12, 9:04 AM
    • 53 Posts
    • 12 Thanks
    arthur2
    Earlier post refers to http://remembertosave.co.uk/terms.aspx

    This URI does not work, giving error response:

    "Server Error in '/' Application.
    The resource cannot be found.
    Description: HTTP 404. The resource you are looking for (or one of its dependencies) could have been removed, had its name changed, or is temporarily unavailable. Please review the following URL and make sure that it is spelled correctly."
    --
    Arthur
    • arthur2
    • By arthur2 10th Jun 12, 1:19 AM
    • 53 Posts
    • 12 Thanks
    arthur2
    UPDATE: Vanquis has persistently debited the ValueSaver fee for eight months now, in spite of numerous notifications that this is not required and therefore unauthorized. I have now spoken to the Police "Action Fraud" line, and they said to refer it to Citizens Advice Consumer Service, and that if they agree, it can be treated as fraud. I should hear from CACS in the next few days and can then pursue.
    --
    Arthur
  • CrossKing
    arthur2

    Have you called valuesaver or vanquis to cancel it and ask for your money back? I got a letter and a brochure when I signed up - and called the number on it. They cancelled mine no problem.
    • arthur2
    • By arthur2 4th Jul 12, 9:21 PM
    • 53 Posts
    • 12 Thanks
    arthur2
    Have you called valuesaver or vanquis to cancel it and ask for your money back?
    Yes, several times over many months, plus written warnings that I was planning to report them. Still nothing refunded. (They have also over the same period demonstrated repeatedly that their Direct Debit processing is unreliable, which is a separate matter).
    --
    Arthur
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