Credit Card Charges

sadbrick

I have taken Martin's advice about reclaiming credit card charges and have written off to ask for a list of all the charges over the last 6 years. One of my credit card suppliers has written back giving me 2 options. They will vary the terms and conditions so that I will no longer incur default charges. They will vary the rate the annual purchase rate to 54.9% and cash interest rate to 59%. There will also be an annual fee of £25.00 They will then refund all default charges incurred to me. Second option is to remain the same with no refund of charges. The card is with Vanquis who have high rates anyway and I am currently trying to pay the card off and only owe £950.

My question is do I go with option 1 or should I just get them to give me a list of all the charges and follow Martin's procedure. I would love some advice.

td_007

Do you know the approx the amount you can reclaim? If not ask for them to give you the list of charges so that you have an idea of how much of £950 you can offset if you use option 1. If you take up this option then getting another BT card if possible or even using your overdraft if you have one will be way better than paying 50-60% interest - (I just cannot imagine that such rates can be justified under any circumstance but that is beside the point).

PNPSUKNET

It vanquis way of scaring you into withdrawing your claim.

CannyJock

And they haven't answered your original request for a list of the charges.

KonkyWonky

If you can somehow get a hold of another card that you can transfer the balance to then get Vanquis to reimburse the past charges then move your debt elsewhere.