Vanquis advice please

mikerobertson_uk

Hi ive just done a balanace transfer of £1979.93 from my Vanquis card & put the balance on my wifes(yes she knows it was her idea) John Lewis CC as its 0% the interest is much better than the 40%+ im paying at present.Today i have a letter from Vanquis asking to contact there security dept as they want to discuss the origin of the payment & to confim it was authorised by me.Telling my the AC has been frozen etc.Has anyone else had this sort of messing around from them? & what do they want to talk about & why? we've never had this happen before & it seems very strange indeed.
Mike

chanz4

it will be due to such a large payment hitting the account, to prevent fraud etc

mikerobertson_uk

The funny thing was i had a good bouns this month & payed nearly the same to my Captital One card so i can close it down & i never heard a thing of them.They just put the balance to zero ive got to wait a month then shut it down.

drewwhonumba2

Hi Mike, before you shut your credit card accounts down, remember that as long as you are paying them off each month you wont incur any interest and you will be building up a credit history, i would keep the longest standing card open...unless you have other of course

mikerobertson_uk

Hi i have the Vanquis gold card & the Capital one ive had the Capital One card for an age but am in a postion to pay that one off & transferr the Vanquis to a 0% deal thanks to my wife.How much impact would it have closing them as im on a debt plan anyway so my rating is not to good anyway.

MichaelCR

mikerobertson_uk wrote: »

Hi ive just done a balanace transfer of £1979.93 from my Vanquis card & put the balance on my wifes(yes she knows it was her idea) John Lewis CC as its 0% the interest is much better than the 40%+ im paying at present.Today i have a letter from Vanquis asking to contact there security dept as they want to discuss the origin of the payment & to confim it was authorised by me.Telling my the AC has been frozen etc.Has anyone else had this sort of messing around from them? & what do they want to talk about & why? we've never had this happen before & it seems very strange indeed.
Mike

They're not happy because they where making 40% APR off you on nearly £2K, And now you've cleared it, and they won't make anything from you. Thats why

drewwhonumba2

mikerobertson_uk wrote: »

Hi i have the Vanquis gold card & the Capital one ive had the Capital One card for an age but am in a postion to pay that one off & transferr the Vanquis to a 0% deal thanks to my wife.How much impact would it have closing them as im on a debt plan anyway so my rating is not to good anyway.

Well mike, the thing is when you come off your debt plan you will want it to show a history of good payments rather than nothing at all.

So yes you definitely want to get the money away from that high interest, but maybe you should keep them but set up a direct debit on both to pay in full each month and only use them for things that you would usually buy anyway....groceries, petrol etc

A lot of people on these forums are desperate to get any kind of credit after debt plans, iva's, bankrupsy etc so that they can start to prove they can handle credit....and the credit companies will want to see this as well

hope that helps

drewwhonumba2

mikerobertson_uk wrote: »

Hi i have the Vanquis gold card & the Capital one ive had the Capital One card for an age but am in a postion to pay that one off & transferr the Vanquis to a 0% deal thanks to my wife.How much impact would it have closing them as im on a debt plan anyway so my rating is not to good anyway.

Then again, without trying to sound condesending or disrespectful....if you think you will go spend crazy again, then cut them up

mikerobertson_uk

drewwhonumba2 wrote: »

Then again, without trying to sound condesending or disrespectful....if you think you will go spend crazy again, then cut them up

I think i could go spend crazy thats why i wanted to get shot of them if i am honest.:p

mikerobertson_uk

MichaelCR wrote: »

They're not happy because they where making 40% APR off you on nearly £2K, And now you've cleared it, and they won't make anything from you. Thats why

Thats true i think

drewwhonumba2

mikerobertson_uk wrote: »

I think i could go spend crazy thats why i wanted to get shot of them if i am honest.:p

I can tell you a technique that you can use to avoid this but still keep the credit line open

1.ask for your balance to be reduced
2.use your credit card to pay a monthly recurring fee (Not usually reccomended to do monthly payment on CC because you have less control)...ie your internet or mobile phone
3.set CC to pay balance in full each month
4.cut up card so you cant use it

This is a managable way to run a credit card, but i dont want to talk you into keeping i if you dont want it, just that i know how hard it is to get any credit after having problems