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  • FIRST POST
    • silentkiller
    • By silentkiller 8th Apr 11, 11:18 AM
    • 234Posts
    • 74Thanks
    silentkiller
    Vanquis charges
    • #1
    • 8th Apr 11, 11:18 AM
    Vanquis charges 8th Apr 11 at 11:18 AM
    Okay, I have trawled the net for some kind of info on this and have found a bit but nothing that really related to my problem.

    I have a vanquis card (a mistake I now know) with a credit limit of 500. I was in credit and haven't gone over the limit since having it - which is about 2-3 months now. I checked online after my first payment of 30. I was now in credit by about 19. I was under the impression that interest was part of my minimum payment and so was suprised when I was then told 3 days ago that I needed to make a payment of 56 as I was over my credit limit!! I logged on - no recent transactions and I hadn't used the card since 3rd March. I rang them up and asked them why I was now over the limit and she explained that my interest was added to my balance. I didn't think this was how they did things and am now worried that every month I am going to go over because the interest is going to fluctuate. What is the minimum payment for if it does not include interest?

    If anyone can tell me if they are allowed to do this and if all credit cards operate like this then I would be greatly appreciative.
Page 1
    • zx81
    • By zx81 8th Apr 11, 11:24 AM
    • 8,138 Posts
    • 8,016 Thanks
    zx81
    • #2
    • 8th Apr 11, 11:24 AM
    • #2
    • 8th Apr 11, 11:24 AM
    Do you mean 'in debt', rather than 'in credit'? If you're in credit, then no interest would be payable, as they owe you.

    2011 agreements have a min payment of 1% plus fees and interest - but old ones can be anything - often a flat % - eg 2%.

    I'm not clear on how you went from being 19 in credit to being 56 over a 500 credit limit in a couple of months without using it. Vanquis APRs aren't THAT high.
    • NekoZombie
    • By NekoZombie 8th Apr 11, 11:28 AM
    • 1,610 Posts
    • 1,485 Thanks
    NekoZombie
    • #3
    • 8th Apr 11, 11:28 AM
    • #3
    • 8th Apr 11, 11:28 AM
    I have a feeling OP means that 19 was remaining on the credit limit, therefore they spent 481 on the card. The minimum payment obv didn't include interest charges, which has now taken the OP over limit.
    BCSC Member 70
    .
    • zx81
    • By zx81 8th Apr 11, 11:33 AM
    • 8,138 Posts
    • 8,016 Thanks
    zx81
    • #4
    • 8th Apr 11, 11:33 AM
    • #4
    • 8th Apr 11, 11:33 AM
    Ah. Gotcha. The intense sunshine today has obviously frazzled my brain.
    • silentkiller
    • By silentkiller 8th Apr 11, 11:37 AM
    • 234 Posts
    • 74 Thanks
    silentkiller
    • #5
    • 8th Apr 11, 11:37 AM
    • #5
    • 8th Apr 11, 11:37 AM
    Yeah that is what I meant Neko.
    • silentkiller
    • By silentkiller 8th Apr 11, 6:40 PM
    • 234 Posts
    • 74 Thanks
    silentkiller
    • #6
    • 8th Apr 11, 6:40 PM
    • #6
    • 8th Apr 11, 6:40 PM
    Bump - any one got any help?
    The truth is out there... and I want to believe
    • fozmcfc
    • By fozmcfc 8th Apr 11, 6:47 PM
    • 2,960 Posts
    • 2,154 Thanks
    fozmcfc
    • #7
    • 8th Apr 11, 6:47 PM
    • #7
    • 8th Apr 11, 6:47 PM
    Interest is always estimated, so you can never be 100% sure.

    With Egg, they informed me once, my mimimum payment wasn't going to cover the interest to stop me going over my limit. That was enough to shock me into getting together 400 to make sure I was well under my limit. It appears Vanquis don't do this for their customers.

    You might have to speak to Vanquis and ask them how much you need to pay to cover the interest that is going to be added.

    There is a large thread on Vanquis in the credit card section maybe post to that as well.
  • ganonman
    • #8
    • 8th Apr 11, 6:48 PM
    • #8
    • 8th Apr 11, 6:48 PM
    I had a similar thing happen with my Tesco's CC. I think it can be caused by you changing you payment date so your minimum payment and interest being added are no longer in sync.

    What I recommend is always keeping an eye on your estimated interest for the next month and make sure there is alway at least that amount of credit available after your minimum payment is taken.

    If you aren't that organised, see if they can do anything with your payment/statement dates to try and stop it happening as anyone that works there should know what causes it to happen.

    Sorry if I'm a little vague, I don't have my statements in front of me.
    Last edited by ganonman; 08-04-2011 at 6:49 PM. Reason: Missed something
    "A bank* is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain."

    (*Unless it's Santander. The branch says they sent you an umbrella 3 times already and don't understand why you don't have it yet and want it back right now!!!)
  • intranicity
    • #9
    • 8th Apr 11, 6:54 PM
    • #9
    • 8th Apr 11, 6:54 PM
    Silent killer

    you've made lots of mistakes by the look of your signature...

    Vanquis and the other cards you have charge massive amounts of interest, the ideal thing with these cards is to pay off the balance in full every month, then they are free, but looks like you're maxing all your cards, not surprised you need a loan mate.

    What are the APR's on each of the cards? You need to pay much more than the minimum payment on this type of credit, it's not much cheaper than payday loans the way you're using them
    Opinions are like bottoms - We all have one, just some stink more than others

    Service Attributable Pension - War Pension - War Pensioners Unemployability Supplement - War Pensioners Invalidity Allowance - War Pensioners Comforts Allowance - War Pensioners Mobility Allowance - War Pensioners Child Allowance - Housing Benefit - Council Tax Benefit
    • silentkiller
    • By silentkiller 8th Apr 11, 6:55 PM
    • 234 Posts
    • 74 Thanks
    silentkiller
    I don't know the exact APRs but they are between 36-39%.
    The truth is out there... and I want to believe
  • intranicity
    I don't know the exact APRs but they are between 36-39%.
    Originally posted by silentkiller
    Get your statements out and look, MY VANQUIS CARD IS 59.9%.....

    Get your rates and balance's and we can give you some idea of what the minimum payment should be and how much interest you're likely to be paying
    Opinions are like bottoms - We all have one, just some stink more than others

    Service Attributable Pension - War Pension - War Pensioners Unemployability Supplement - War Pensioners Invalidity Allowance - War Pensioners Comforts Allowance - War Pensioners Mobility Allowance - War Pensioners Child Allowance - Housing Benefit - Council Tax Benefit
    • silentkiller
    • By silentkiller 8th Apr 11, 7:09 PM
    • 234 Posts
    • 74 Thanks
    silentkiller
    its 39.9%. At the moment the balance is 498.84
    The truth is out there... and I want to believe
    • YorkshireBoy
    • By YorkshireBoy 8th Apr 11, 7:36 PM
    • 27,578 Posts
    • 15,533 Thanks
    YorkshireBoy
    its 39.9%. At the moment the balance is 498.84
    Originally posted by silentkiller
    If it stays this way you're going to be over your limit again on your next statement date when they add the interest.
  • intranicity
    its 39.9%. At the moment the balance is 498.84
    Originally posted by silentkiller
    Minimum payment (3.5%) would be about 17 a month on that balance.

    BUT, doing this would mean that if you Just paid the minimum every month

    It'll take you 511 months (that's over 42 years) to pay back 500 if you only pay the required minimum of 3.50%. Over that period of time, you'll pay an additional 4,215.47 in interest.

    If you could aford to pay an extra 10 a month towards your credit card debt, it would mean you'd repay it in 43 months (just over 3 years) and you'd save yourself 3,869.63 in interest. In fact, if you could aford an extra 25 a month, you'd repay it in 19 months and save 4,073.67.

    Totals (paying minimum of 3.50% per month):
    Original debt 500.00
    Time to clear debt 511 months
    Interest charged 4,215.47
    Total paid 4,715.47
    Opinions are like bottoms - We all have one, just some stink more than others

    Service Attributable Pension - War Pension - War Pensioners Unemployability Supplement - War Pensioners Invalidity Allowance - War Pensioners Comforts Allowance - War Pensioners Mobility Allowance - War Pensioners Child Allowance - Housing Benefit - Council Tax Benefit
    • silentkiller
    • By silentkiller 8th Apr 11, 10:34 PM
    • 234 Posts
    • 74 Thanks
    silentkiller
    I am going to spend 50 a month on each of my credit cards (Perhaps more on the 1000 one).
    The truth is out there... and I want to believe
  • Saints2011
    You need to clear these cards quickly
    Can I find out my credit score?
    You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)

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