V A N Q U I S

Simon7685

Izools, thanks for the apology. I do understand where you are coming from but unfortunately for some of us, regular savings aren't possible, which I accept means that we can't really afford to hold high balances on expensive credit cards. Sometimes though it is nice to know that if something goes bang you have the facility there to be able to get by and then with a bit more of a financial juggling act repay it as fast as possible and while using a card is not ideal, for some people it is the only option. Regular savings are not that easy when you are reliant on disability benefits and to save up the amounts needed for say a new freezer takes an age when you can only really afford a couple of pounds a week.

izools

Simon7685 wrote: »

Izools, thanks for the apology. I do understand where you are coming from but unfortunately for some of us, regular savings aren't possible, which I accept means that we can't really afford to hold high balances on expensive credit cards

.....
Regular savings are not that easy when you are reliant on disability benefits and to save up the amounts needed for say a new freezer takes an age when you can only really afford a couple of pounds a week.

I understand. I had to work part time whilst claiming disability benefits for a time, too.

My fridge broke. So I got a second hand one for free until I had the readies for a "proper" one.

There are ways and means to avoid the use of credit no matter what your situation is :beer:

jackjones01

Simon7685 wrote: »

Wow, that is a big jump from £250 - £1000. Someone else a few posts back said they had been increased like that as well. It is a more realistic credit limit but wouldn't like to think I had to use a grand at 49.9%:eek:!

If you don't mind me asking how much did you spend as a big purchase and what sort of balance did you carry over Spikescot??

I have had the same letter this morning a jump from £250.00 to £1000.00 after my October statement.

Simon7685

So you guys who have had these increases from £250 - £1k, does the APR come down like Vanquis advertises it does, or is it still at the silly levels? When Vanquis finally agreed to give me a card (which was at the 4th attempt albeit spread over 2 years), they told me my APR would be 49.9% on purchases and 59.9% on cash advances. They also said that as my 'relationship' with them improved by improving my credit standing, the APR would also come down. This is the scale they advised me of in my CCA;

The interest rates applicable to the credit agreement will be from one of Tiers A) - G) below:
Tier A) Purchase/Balance Transfer annual rate 19.94%, Cheque annual rate 29.95%, Cash annual rate 33.97%; or
Tier Purchase/Balance Transfer annual rate 29.84%, Cheque annual rate 39.84%, Cash annual rate 44.17%; or
Tier C) Purchase/Balance Transfer annual rate 34.95%, Cheque annual rate 44.94%, Cash annual rate 49.42%; or
Tier D) Purchase/Balance Transfer annual rate 39.94%, Cheque annual rate 49.94%, Cash annual rate 54.57%; or
Tier E) Purchase/Balance Transfer annual rate 49.94%, Cheque annual rate 59.94%, Cash annual rate 64.88%; or
Tier F) Purchase/Balance Transfer annual rate 59.94%, Cheque annual rate 69.51%, Cash annual rate 74.75%; or
Tier G) Purchase/Balance Transfer annual rate 69.94%, Cheque annual rate 79.50%, Cash annual rate 85.06%.

So does this actually happen, or do they just hand out limits of £1k or more and still charge APR's in the 40% or more bracket?

izools

Simon7685 wrote: »

So you guys who have had these increases from £250 - £1k, does the APR come down like Vanquis advertises it does, or is it still at the silly levels? When Vanquis finally agreed to give me a card (which was at the 4th attempt albeit spread over 2 years), they told me my APR would be 49.9% on purchases and 59.9% on cash advances. They also said that as my 'relationship' with them improved by improving my credit standing, the APR would also come down. This is the scale they advised me of in my CCA;

The interest rates applicable to the credit agreement will be from one of Tiers A) - G) below:
Tier A) Purchase/Balance Transfer annual rate 19.94%, Cheque annual rate 29.95%, Cash annual rate 33.97%; or
Tier Purchase/Balance Transfer annual rate 29.84%, Cheque annual rate 39.84%, Cash annual rate 44.17%; or
Tier C) Purchase/Balance Transfer annual rate 34.95%, Cheque annual rate 44.94%, Cash annual rate 49.42%; or
Tier D) Purchase/Balance Transfer annual rate 39.94%, Cheque annual rate 49.94%, Cash annual rate 54.57%; or
Tier E) Purchase/Balance Transfer annual rate 49.94%, Cheque annual rate 59.94%, Cash annual rate 64.88%; or
Tier F) Purchase/Balance Transfer annual rate 59.94%, Cheque annual rate 69.51%, Cash annual rate 74.75%; or
Tier G) Purchase/Balance Transfer annual rate 69.94%, Cheque annual rate 79.50%, Cash annual rate 85.06%.

So does this actually happen, or do they just hand out limits of £1k or more and still charge APR's in the 40% or more bracket?

It will not go down.

You will retain the high APR or have it increased. It is often seen that once the limit goes above £1,500 (which is when customers are given a "GOLD" card), the APR INCREASES.

My OH started off with a £250 limit and 39.9% APR with Vanquis in 2007, by last year he had a £3,000 limit at 69.9% APR despite having missed no payments on anything in that time. No doubt he dropped that like a bad smell when HSBC gave him a "proper" card

Rule #2 re: Vanquis - they lie

spikescot2005

No interest rate decrease for me even though thats what they advertise.

NekoZombie

izools wrote: »

It will not go down.

Rule #2 re: Vanquis - they lie

Haha! Sad but true. Vanquis are shockers to deal with. I have stayed on the right side of them (always pay in full, had regular credit increases) but I have no doubt that they can be a pain in the neck. I recently had an issue with my direct debit failing, (their fault, not mine) and it was ridiculously difficult to get them to admit an error and to refund the charges.

I'll be ditching them when can. Shouldn't be too long now as I have been approved for a normal bank account with overdraft. The long and winding road, eh?!

izools

NekoZombie wrote: »

The long and winding road, eh?!

Lol, you've got me whistling that now... Yeah, good luck with your next Credit Card app, sooner you can ditch your chatham chav, the better

sharpy2010

Mine's being increased from £500 to £1500 in about 2 weeks time, lol.

It'll still be paid in full tho, vanquis robbing bandits!!!!!!

Simon7685

Can't say I'm shocked that they don't do what they say they will, after all they are bankers (did I spell that right?:D).............
I am surprised though that they actually increase the APR when the credit limits rise. I know in most cases Vanquis is a last chance saloon as it were but if you keep to your end of the bargain, it shouldn't be too much to expect them to do the same. Perhaps that is a little naive but there you go.

I have to be realistic though and until my rating improves enough to get a mainstream card they are one of the only options. I will continue to use them and repay each month in full until I can get rid, which hopefully won't be too much longer.

I have to ask though what is a chatham chav?