Minimum Finance Charge with Vanquis

izools

Was this transaction in addition to a separate interest charge on the same statement?

PeteMate

Yeah, purchase interest (they've stopped mentioning even the monthly rate now) and this charge in addition to that.

izools

I would raise a dispute against it in writing.

Ask them that in order to resolve your complaint they are to either

a) Satisfactorally send you documentation proving how they worked out the fee and explaining how it is in line with the T&Cs
b) Refund the fee

Good luck!

Mordred12

PeteMate wrote: »

just on this one, i've paid nearly all of my outstanding balance on my vanquis, and they've slapped a 13.63 'billed deferred finance charge' onto my latest statement.

Anyone know if i could claim this back, or is it part of their T&C's??

Thanks, Pete

I too have just had this charge, Never had it before. Does anybody know what it is? Mine is for £9.95.

PeteMate

Mordred12 wrote: »

I too have just had this charge, Never had it before. Does anybody know what it is? Mine is for £9.95.

Hmm... seems to be an annual charge??

i thought the horrendous apr was meant to include their £19 per year fee.

Anyone else seen this on their statement??

izools

The advertised APR needs to include any annual fee, yes. No doubt another regulation Vanquis have ignored...

Suarez

I didn't even know there was an annual charge!

Suarez

I just looked on the website and it says "No Annual Fee" in the summary...

PeteMate

Suarez wrote: »

I just looked on the website and it says "No Annual Fee" in the summary...

just rang vanquis and they've cleared this up for me. Just to let you know that some of you may have an annual fee of £25 so might be worth checking with them. apparently this is something on newer cards.

As for the 'billed deferred finance charge' this is apparently due to a migration to a new system and the total of your purchase interest and the fee should come to an equal amount to your APR.

izools

B****cks.

It's Vanquis trying to screw everyone over again. I think all and sundry should write in demanding Vanquis to prove their calculation basis for the charge to a satisfactory standard or refund it; Ithink everyone should make it clear in their letter that a simple "It's a recalculation" isn't sufficient, but that for them to settle your complaint they need to show their working, prove that it's in line with their T&C.

I'd love to still be a Vanquis customer as I would certainly take this to the FOS and further if required.