Minimum Finance Charge with Vanquis

samwsmith1

SnowTiger wrote: »

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.

I thought they said there balance was £149 with a £3000 limit?

SnowTiger

samwsmith1 wrote: »

I thought they said there balance was £149 with a £3000 limit?

wakeechee wrote:

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.

If wakeechee's card balance is now more than their £3,000 limit their card must be carrying a balance of more than that.

But, yes, it is all a bit ambiguous.

aimzrabbit

SnowTiger wrote: »

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.

what a load of crap , you will end up with a default and stuffed for 6 years
if you follow this course of action ,

SnowTiger

aimzrabbit wrote: »

what a load of crap , you will end up with a default and stuffed for 6 years
if you follow this course of action ,

It's probably only a matter of time before someone with a balance of £3,000 on a Vanquis credit card with an APR of 60% will default.

ArseandElbow

hmm just checked my statement and after them taking minimum payment this BILLED DEFERRED FINANCE CHARGES appeared on my statement and took me £5 over my limit. I'll be ringing them when I get in as I'm not being caught with extra like this. With the repayment insurance (I keep forgetting to cancel) they took £14 minimum payment and then add £19.97 charges (interest etc..)

nonny5

i was told the Billed Deffered Finance Charges were made up of the total interest payment but it's under 2 different names for the same charge??
They said this will be changed next year to stop confusion?!?!

I asked about the Repayment option as i notice it's getting higher and higher every month and why it was there in the first place. It's been on my account since i opened it (1.2 year ago) and apparently i agreed to it when i called them to activate the card??? I asked them to remove it and would rather the money go towards paying off the balance/interest every month than going absolutely nowhere, than either down a drain or in their pockets.

I asked should i not have requested it or ordered it in the first place to get it active on my account but no, i agreed to on the phone the day of activation - even though a long time ago but im sure i never. i asked if it was like PPi and could i claim it back - a big fat HELL NO..!

lillytoad

I have only had my card for two months and i did agree to thie repayment protection but the way it was explained to me was that it would not be taken if my balance was paid in full . How ever when i checked my statements a charge had been included for r p when i phoned to ask for an explanation they tried to say that the balance should be cleared before the statement comes ,told them this was not how it was sold to me he said he would check this and true to his word i have been reimbursed but BE AWARE OF THIS CHARGE !

SnowTiger

nonny5 wrote: »

I asked should i not have requested it or ordered it in the first place to get it active on my account but no, i agreed to on the phone the day of activation - even though a long time ago but im sure i never. i asked if it was like PPi and could i claim it back - a big fat HELL NO..!

Vanquis' Repayment Option isn't the same as PPI, and is even available to customers who are not employed. Details about what it offers can be found in their Terms & Conditions.

obmcfc

Recently got Vanquis card with credit limit of £500

Noticed on my 2nd statement this Billed Deffered Finance Charges of £7 and rang them as suggested on previous posts. Guy on phone said this was interest on what I had used since last statement. I replied but I already have purchase interest of £8.27 and he said yes but this was overall not recent purchases

Charges

Bill Deffered Finance £7 for new purchases
Purchase interest £8.27 for outstanding balance

Surely this is just charging me twice for same thing but he says no

SnowTiger

obmcfc wrote: »

Recently got Vanquis card with credit limit of £500

Noticed on my 2nd statement this Billed Deffered Finance Charges of £7 and rang them as suggested on previous posts. Guy on phone said this was interest on what I had used since last statement. I replied but I already have purchase interest of £8.27 and he said yes but this was overall not recent purchases

Charges

Bill Deffered Finance £7 for new purchases
Purchase interest £8.27 for outstanding balance

Surely this is just charging me twice for same thing but he says no

As you didn't pay your first Vanquis statement in full, could this be interest for the first month you used the card?

In general, if you don't pay your credit card bill in full each month all purchases attract interest from when they are made. When Vanquis produced your first statement they didn't know you wouldn't pay it in full, so didn't charge you any interest on your purchases. Now they do know they've charged you interest them.