Minimum Finance Charge with Vanquis

PeteMate

izools wrote: »

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

Well, i AM a vanquis customer (for a few more weeks as they won't let me close the account yet), and I'll try and factor this into my existing complaint :-)

worried48

I got £12.70. Again, no explanation anywhere of wjhat it is.

Liz

izools

Formal, written complaint, demanding to see their workings and proof not just a pathetic non-explanation from them. Good luck!

chexum

worried48 wrote: »

I got £12.70. Again, no explanation anywhere of wjhat it is.

Just checking, do you carry a balance in general, or do you pay each bill in full? And are you still using the card for purchases? Is this charge on more than one of your statements?

Again, this is about the "deferred finance charge", not the "minimum finance charge" that has good and bad reasons as well.

What I can imagine being a reasonable cause if this "deferral" comes from the expiration of the interest-free-period of the purchases, so in effect they are showing what the interest on the balance is costing, and what is the cost for the purchases on the previous bill, that you did not pay off before the interest free period.

But it would still be their job to explain this.

alex225

I spoke to them this morning regarding it.. What they said is that this happened to all customers this month as they had a new system put in place. What has happened is the interest has split into two different charges but it was the full amount of interest that should have been applied.


However!!!


What the team manager did say was that if I was "if you're not satisfied with my justification of this charge I can certainly refund the deferred finance charge on your account"

Problem solved.. Now to clear my balance and get as far away from Vanquis as possible!

Loansharks at there best !!!!

ASL

PeteMate wrote: »

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??

Vanquis DO NOT CHARGE A ANNUAL FEE

Misty_Blue

I've just spent 20 minutes on the phone with Vanquis, asking them to explain this "billed deferred finance charge." The staff member read out from a sheet, saying "What we've been told to say to customers is...."

I said that I wasn't asking what they've been told to say to customers, I was asking for a satisfactory explanation of how this was worked out. Not just "It's because of a system update." She was unable to do this, so I asked her to point out to me in the terms and conditions where it is mentioned. She couldn't find it.

I asked repeatedly for a written explanation to be sent to me, and this was refused. I've asked for an address where I can write to, asking for the explanation.

Surely if it's all so straightforward and transparent, Vanquis wouldn't object to sending me a letter explaining it....?

paulnjulia

Yeap, just like most of you, i've been told its a system, glitch, but we have only paid what was due. they say it started in May (I've only just joined them) and should sort itself out in a month or two. But if you get the fee back why move!!

wakeechee

I have just been of phone and because of this I have an over limit charged of £12 a late payment charge of £12 and a deferred interest charge £15.99. I have never had a 0% interest either. My interest rate has doubled to nearly 60% with reason given the way i conduct my account but when I point out it's perfect been told to write in which I also have done with no reply and that over the 58 day turn around they quote.

My payments are by DD and the money was there and taken in full (£149) on a 3K limit. I have not used the card or ever missed a payment or been over my limit till now. They have given me £12 back but am over my limit by £26 being there blooming deferred interest charge £15.97 and £12 over limit charge.

I am so sick of this company, I thought they were decent but the cripple you when all your trying to do is get back up the ladder

I am over my limit now because of the differed limit business.

Feel like slitting my bloody wrists.

I must get free of them.

SnowTiger

wakeechee wrote: »

My interest rate has doubled to nearly 60% with reason given...

My payments are by DD and the money was there and taken in full (£149) on a 3K limit.

You're running a balance of £3,000 on your Vanquis card with an interest rate of 60%? I think you'd be better off dumping the card and setting up a repayment plan with them because I doubt you'll ever get the balance paid off.

The deferred interest charge has been mentioned here several times before. Others have said it's a bug in Vanquis' system. But a charge of £12 or £26 seems to be the least of your worries.