Sub Prime Credit Thread Part II

GeenyWeeny

hi everyone,

i have recently applied and been accepted for a Vanquis card (this is the first thing i've been accepted for since 2005!) and am going through the terms and conditions. Can you please tell me what they mean by this:

"3.1 The annual interest rate (compounded) and the total charge for credit in relation to your Account at the time of the agreement is from one of the tiers A, B, C, D or E below. The total charge for credit is based on a Credit Limit of £1,500 which you borrow in full at the start of the agreement and is repaid in full by you making 12 equal monthly repayments beginning one month after the start of the agreement. The total charge for credit is made up of interest and (in the case of cash) a Cash Transaction fee as shown below for each tier. Each figure for the total charge for credit set out below assumes no cash is borrowed. All interest rates are variable: "

what does this mean - i don't want to borrow £1500!! :eek: - *PANIC* have i agreed to a 12 month contract?

help please anyone!

sutton111

kiora wrote: »

I have been bad, applied for a sky card but dont know if i will get one as it is one of the accounts i had a default on 3 years ago, thing is on my credit files it does not show as skycard but as capquest and it says it is a bank account also none of the history shows just of it being settles sep 06.
What do you guys think? Will they still have a note of it their end.

You have Crapquest do you Kiora? I had an old debt, paid now which was with those idiots!! :mad:

sutton111

darcyvuqua wrote: »

no my ccj was not either and could not get anything 3 month after i satisfied everything i was accepted for stuff

So when you applied for HSBC your CCJ nor your Defaults were satisfied?

kiora

Geenyweeny
Welcome to the board. Dont panic what they show is just an example of what it would cost if you borrowed £1500 over 12 months, this is quite a common thing they put in thier T&C's.

PROLIANT

Sorry, ignor that previous post please. Typo

kiora

Sutton, yeah they took over the debt but I just find it weird that all trace of the original debt has been erased, just hope it will not come back to haunt me.

sutton111

kiora wrote: »

Sutton, yeah they took over the debt but I just find it weird that all trace of the original debt has been erased, just hope it will not come back to haunt me.

When does it drop off Kiora?

PROLIANT

Well, I have never before in my life voted for a British party - took the plunge today and signed up for a membership with a party, lets see how it goes at voting time.

kiora

Another 3 years it will take till 2013 for all settled accounts to drop off.

allthingsconsidered2009

I am thinking I might as well go for the Vanquis? What are the pros and what are the cons?