vanquis question

hadahardyear

Hiya i am in the process of paying off Vanquis, and should have it cleared by the end of the month,
however next months minimum payment is £36.46 but the interest is £37.80

Does anyone have any idea why the minimum payment would be less than the actual interest

sharpy2010

Possibly its a plan to make more money out of you? Couldn't be certain, but its an option I suppose.

Russe11

the min payment won't take into account respending(cash withdrawal?) on the card until the next statement, so the min payment will be based on the previous statement, but the interest will be based on the balances at a guess?

SnowTiger

hadahardyear wrote: »

Hiya i am in the process of paying off Vanquis, and should have it cleared by the end of the month,
however next months minimum payment is £36.46 but the interest is £37.80

Does anyone have any idea why the minimum payment would be less than the actual interest

It's unusual for the minimum payment not to at least cover the interest. I may be wrong, but I think it's now a requirement that it does.

Are you sure you're not looking at the estimated interested for next month?

hadahardyear

hiya yeah im sure its next months statement.
Also once i pay it off at the end of this month, will there be any interest due in June or will that be it?

SnowTiger

hadahardyear wrote: »

hiya yeah im sure its next months statement.
Also once i pay it off at the end of this month, will there be any interest due in June or will that be it?

It can't be next month's statement. Statements cover the previous period; usually a month. A statement is a statement of how an account stands at the time it's produced.

If you paid your last statement in full and pay this one in full there shouldn't be any interest on your next statement, providing there aren't any cash advances on it.

hadahardyear

SnowTiger wrote: »

It can't be next month's statement. Statements cover the previous period; usually a month. A statement is a statement of how an account stands at the time it's produced.

If you paid your last statement in full and pay this one in full there shouldn't be any interest on your next statement, providing there aren't any cash advances on it.

heya no the last one wasnt paid in full, it has carried a balance for a while. It will be paid in full by the end of this month tho, will there still be interest in June?x

YorkshireBoy

hadahardyear wrote: »

heya no the last one wasnt paid in full, it has carried a balance for a while. It will be paid in full by the end of this month tho, will there still be interest in June?x

You need to pay two consecutive statements in full by their respective payment due dates to stop interest/residual interest UNLESS there have been some cash advances.

An alternative would be to overpay the first one slightly, which will also stop the interest accruing.