Being Charged More Than Paying Each Month

paulofessex

Have passed this on this board as there has been no answers or advice since the initial question by another MSE member since Feb 2010 on the 'Credit Card' board.

I am currently in a £10 per month repayment agreement with 1st Credit however Vanquis Credit Card are charging me £22.69 per month for the repayment option plan l took out when applying for the card so hence the charges are higher than my repayment.

Can the repayment option plan be cancelled and how is the best way to do this.

I am asking here prior to contacting Vanquis direct so l know what l should be asking them

Many thanks

Tixy

Hi

Don't really know about this but I looked at the vanquis T&C and it seems that the repayment option is a monthly contract and you can cancel the plan at anytime (clauses 6 & 25 of the Repayment Option T&C on this link - http://www.vanquis.co.uk/vanquis-card/terms-and-conditions ) and you can call or write to cancel it.

paulofessex

Tixy wrote: »

Hi

Don't really know about this but I looked at the vanquis T&C and it seems that the repayment option is a monthly contract and you can cancel the plan at anytime (clauses 6 & 25 of the Repayment Option T&C on this link - http://www.vanquis.co.uk/vanquis-card/terms-and-conditions ) and you can call or write to cancel it.

Thank you very much, it didn't cross my mind to look at the T&C's to be honest.

Thanks again

Swampmonster

I would personally get some professional free advice from someone like National debtline or CCCS.

Good Luck!