Freezing account

silentkiller

I have somehow agreed to a CCP on my vanquis card (which I'm not too fussed about) but I'm wondering if I can freeze my account (and not pay interest or a lowered amount of interest or whatever the CCP does) and then once its to a lower amount, or cleared can I regain use of the card and account?

[Deleted User]

CCP is Credit Card Protection in the event you lose your cards. Nothing to do with freezing interest. Unless you're using a different meaning of CCP?

silentkiller

Cred Card Premium. That is the definition that I was given on the phone.

[Deleted User]

What cover does it offer you? I'm not sure it will do anything in terms of reducing interest - unless it is a form of PPI that stops interest as well as making min payments for you?

silentkiller

Well I rang up because I saw the charge of the Credit Card Premium on my account and the woman referred to it as a PPI and then a CCP and passed me through. The guy on the products line said she was confused that it wasnt a PPI and he said that if I were to enter into financial difficulty it would freeze the interest and allow me to pay off just the min payments as he said I have entered a vicious circle.

balmk

The Vanquis card protection allows you to freeze your account should you become ill or unemployed (provided that you meet the terms of the agreement).

You cannot use your card whilst it is frozen, and the balance becomes repayable once you are back to health/re-employed.

silentkiller

Oh for f***s sake. I will be ringing up to cancel that then since I will not be unemployed in the long term since I work for my parents.

sharpy2010

silentkiller wrote: »

Oh for f***s sake. I will be ringing up to cancel that then since I will not be unemployed in the long term since I work for my parents.

So working for your parents automatically means that you'll never become ill and need to claim for that instance happening then, does it?