Vanquis - Newly formed (direct debits)

Pete_M_B

Hi guys,

I got approved for the Vanquis card today. I did some reading here before applying, and intend to use this card to rebuild my credit score and before finally applying for a lower interest rate credit card in 12 - 18 months.

My plan is to buy something every month with the card, then pay in full on receipt of the bill. However following the phone call with Vanquis when we set everything up over the phone, I realised I'd agreed to pay the minimum amount every month by direct debit - as the lady on the phone proposed. At the time I thought I was doing the right thing.

Thinking now, this concerns me considerably because I don't want to pay the minimum off by direct debit each month, I want to pay the whole blimmin' lot off! I wont be buying anything I don't already have the cash in my bank account for!

Shall I ring Vanquis and cancel this direct debit? This feels like a ploy to get me to pay the minimum each month and allow them to turn me into a cash cow, paying them loads of interest!

Or should I leave direct debit and pay the off the difference after it goes out?

Advice from your wise heads much appreciated please.

stclair

Alls you need to do it contact them and advise them you would like to change the direct debit arrangement to the full balance.

PNPSUKNET

just leave the dd, and pay the remainder when you get the statment = zero bal and no intrest

Saints2011

Pete_M_B wrote: »

Hi guys,

I got approved for the Vanquis card today. I did some reading here before applying, and intend to use this card to rebuild my credit score and before finally applying for a lower interest rate credit card in 12 - 18 months.

My plan is to buy something every month with the card, then pay in full on receipt of the bill. However following the phone call with Vanquis when we set everything up over the phone, I realised I'd agreed to pay the minimum amount every month by direct debit - as the lady on the phone proposed. At the time I thought I was doing the right thing.

Thinking now, this concerns me considerably because I don't want to pay the minimum off by direct debit each month, I want to pay the whole blimmin' lot off! I wont be buying anything I don't already have the cash in my bank account for!

Shall I ring Vanquis and cancel this direct debit? This feels like a ploy to get me to pay the minimum each month and allow them to turn me into a cash cow, paying them loads of interest!

Or should I leave direct debit and pay the off the difference after it goes out?

Advice from your wise heads much appreciated please.

Call Vanquis ask them to amend DD to pay the full outstanding balance each month, job done!