Vanquis

sop1974

Hi

I wonder if anyone can help me i have a vanquis card and pay the min amount each month without fail via DD however each time i make a payment the balance only comes down by £1 which isn't much considering i've had the card for a year? I am going to up the payments after Christmas but wondered if anyone could advise if i can claim the other monies back . Thank you

duggie1982

Why should you be able to claim the interest back?

Crazy

binaryuniverse

Claim the money back? On what grounds? You receive a monthly statement that tells you your APR and monthly interest. It tells you how much the interest is likely to be. I presume you read this?

Increase your payments and bring that balance down. And next time don't go buying things you can't pay back on a Vanquis card.

sop1974

I haven't said i can't pay it back,because i can , i could clear it in one go if i so wish to. The question i am asking is wether or not it is fair for every £30 or £40 you pay to them each month if it is fair that only £2 comes of the balance.

BlondBoy

Given you signed the terms and conditions and agreed to use the card on those terms, yep, I'd say it was fair.

Whether it's sensible or not to keep a running balance on a Vanquis card is another issue. But it's certainly fair for them to charge you as they are on the basis you signed up to it.

duggie1982

Its like any type of credit. If you accept the contract with them then you must pay the interest agreed. I wonder if you could claim the interest back from your mortgage too? Or for anything else you can go for.

sop1974

Thank you for your relys i will keep this in mind

Dabooka

Is it a fair APR? Most would say no, but if it's the only credit card available then it could be argued it is fair. however, the question has to be asked why would you have an outstanding balance on a card you know you can clear in full? Regardless of APR, that's madness!

It's often said on these boards not to roll over balances on sub-prime cards such as Vanquis. There purpose is to build up a credit profile, not to facilitate long term lending (although they'll happily allow you!).

Anyway, I suggest you clear it now, and change your DD to full amount and that way you'll not get hit again. And follow the advice of reading your statements instead of waiting 12 months.

thriftymomma

I would suggest if you can clear it, then do so. Vanquis cards have far higher APR's than most other cards and it makes no sense to pay them extra if you don't have to.

woody01

sop1974 wrote: »

I haven't said i can't pay it back,because i can , i could clear it in one go if i so wish to. The question i am asking is wether or not it is fair for every £30 or £40 you pay to them each month if it is fair that only £2 comes of the balance.

You are joking right?
The reason you pay so much interest is that you are a POOR RISK to a creditor.

The fact that your minumum payment hardly reduces your balance is no-one fault but your own.

Jeeeeez

shaik

Asda customer services based in India are rude and impatient. I oredered my card and it has still not arrived three weeks later. The staff are disorganised and highly rude. They do not understand what you are asking them becasue they always answer the wrong question. How frustrating is that. Would'nt it be easier to keep the customer happy rather than frustrated!!! There are better credit cards you can get hold of and you will speak to someone who can speak to you in english!!!!