Reclaiming charges on a Vanquis credit card

cathyb

I sent a request for a list of charges that had been applied to my Vanquis credit card. I received a letter back pre-empting my request for a refund on these. This is the gist of the letter and I would be grateful if anyone could advise as to whether i should accept their offer or not. My object in reclaiming the charges was to go some way to paying off the balance so that I can get rid of the card ultimately (I have a balance of just under £500 - the offer is approx £200). Interestingly they have also sent me a letter informing me that they have increased my credit limit from £500 to £1250. Anyway here's the letter
"Further to your recent correspondence requesting a refund of default charges and in order to resolve this matter we would like to offer £204. This sum represents the total amount of charges applied to your account since opened. Please note that this sum is offered in full and final settlement of this matter. As a further response to your request we will vary your account to ensure that in future you do not incur the following fees - late payment charge - over limit charge - return payment charge - returned credit cheque charge - tracing charge. As part of the variation to your account your annual cash interest rate will be 59.9% and your annual purchase interest rate will be 54.9%. Your account will also be subject to a £25 annual fee."

I've been given 14 days to respond and this is day 9 so i don't have much time. What do people think? Should I accept? If not, what do i do next?

Thanks

cathyb

It doesn't really say. Presumably its to replace the charges they think i may incur in the future.

jonesMUFCforever

cathyb wrote: »

It doesn't really say. Presumably its to replace the charges they think i may incur in the future.

Can you blame them?

marksoton

Am i alone in this being the first ever time i have heard of a CC company saying they will never charge for :

Late payment
Breaching the credit limit
A payment being refused

And all for just £25 a year....

alfred64

cathyb wrote: »

I sent a request for a list of charges that had been applied to my Vanquis credit card. I received a letter back pre-empting my request for a refund on these. This is the gist of the letter and I would be grateful if anyone could advise as to whether i should accept their offer or not. My object in reclaiming the charges was to go some way to paying off the balance so that I can get rid of the card ultimately (I have a balance of just under £500 - the offer is approx £200). Interestingly they have also sent me a letter informing me that they have increased my credit limit from £500 to £1250. Anyway here's the letter
"Further to your recent correspondence requesting a refund of default charges and in order to resolve this matter we would like to offer £204. This sum represents the total amount of charges applied to your account since opened. Please note that this sum is offered in full and final settlement of this matter. As a further response to your request we will vary your account to ensure that in future you do not incur the following fees - late payment charge - over limit charge - return payment charge - returned credit cheque charge - tracing charge. As part of the variation to your account your annual cash interest rate will be 59.9% and your annual purchase interest rate will be 54.9%. Your account will also be subject to a £25 annual fee."

I've been given 14 days to respond and this is day 9 so i don't have much time. What do people think? Should I accept? If not, what do i do next?

Thanks

cathyb - accept their offer. Then clear off the remaining balance - then either close the account and cut up the card - or- if you do need their card - pay off any balance each month so that you do not pay this extortionate rate of interest.

Getting rid of my vanquis card was the best move I made. I was charged the top rate of interest and paid a £25 annual fee from the start and yet I never missed nor had a late payment with them in the two years I held their card.