Vanquis wanted my bank details before being accepted

Izzy123456

I just had a weird experience with Vanquis credit card.

I applied for their card, and then got a missed call from them, so I called back.

The man on the phone confirmed all my name, date of birth address, then he asked for my salary, and asked how often it came in.

Then he said he recommended a direct debit, and I said I'd set one up for the full amount each month.

He then asked for my bank details.

I said, so does this mean I've been accepted for a Vanquis card?

He said, no, it will just help your application.

I said I wouldn't normally set up a direct direct with a card I don't have yet, so I'll wait thank you.

He then really pressurised me, two more times, to give him my bank details, and I declined each time.

Then he rung off pretty quickly, saying, so you don't want to set up a direct debit with us then.

This seems so strange - is this normal practice for Vanquis?

thank you,
Izzy

hackedoffwithmyex

HI,

Im afraid Vanquis are probably one of the most unsrupulous card companies I have ever had the misfortune of dealing with. Personally, I would not recomend you taking out a card with them because from my own experience they are complete !!!!!hawks!

If you miss a payment or get behind, the phone calls start and go on and on and on and on ...ad infinitum! Day and Night until they get their payment. If you DO decide to go with them, DO NOT under any circumstance set up a DD with them. They will take what they want, WHEN they want! I know this from personal experience.

This company and its parent debt collecting company IMPACT COLLECTIONS have no morals. When you are under pressure, they keep turning the thumbscrews.

My best advice to you is to steer WELL clear of them. Be warned.

Izzy123456

thanks a lot, hacked off!

So do you think I should steer clear even if I set up a direct debit for the full amount each month? I will never owe anything to them, I just want the card for building a good credit report.

I'm thinking of cancelling even if I'm accepted, just because that phone call left a bad taste in my mouth. I don't think I trust them with my bank details.

Izzy

loony2012

Izzy123456 wrote: »

thanks a lot, hacked off!

So do you think I should steer clear even if I set up a direct debit for the full amount each month? I will never owe anything to them, I just want the card for building a good credit report.

I'm thinking of cancelling even if I'm accepted, just because that phone call left a bad taste in my mouth. I don't think I trust them with my bank details.

Izzy

They need details before acceptance because if not they don't want you. It's common practice with them, I also had to give details, If they phone you anyway generally you are accepted providing you give bank details. If they don't phone you your not accepted.. Not sure what the crying is about. It's like applying to a contract phone or sky. they take DD details before a decision..

Simon7685

They rang me following my application (Granite), I think they obviously prefer people to have DD set up for payment. I also think they use bank details as part of the verification of identity process, which a few companies seem to do nowadays. The bottom line is if you pay in full every month, Vanquis are as good as any other card and to be fair they give you a chance where other companies won't.

I didn't see it as such a bad thing either as it is like having a safeguard if you do it for the min payment, if you forget to make your payment at least the minimum will still be paid, so no late or missed payments to worry about. If you make payment in full, which I do as soon as the statement is issued, then they don't ever take anything.

SnowTiger

hackedoffwithmyex wrote: »

Im afraid Vanquis are probably one of the most unsrupulous card companies I have ever had the misfortune of dealing with.

If you miss a payment or get behind, the phone calls start and go on and on and on and on ...ad infinitum! Day and Night until they get their payment. If you DO decide to go with them, DO NOT under any circumstance set up a DD with them. They will take what they want, WHEN they want! I know this from personal experience.

Presumably Vanquis don't think too highly of you either.

Presumably, again, your bank refunded the DDs after you made claims under the direct debit guarantee?

Most lenders get a bit cross if you break your agreement with them by refusing to make repayments.

zfr

I wouldn't worry, it's normal practise for Vanquis.

In my experience, Vanquis are fine... providing you always pay in full every month.

If you're likely to build up debt or miss payments etc, then stay away at all costs!

If you are struggling financially and are at risk of getting deeper into debt - then also stay away!!

Vanquis cards are however useful if you wish to improve/repair your credit score. They must be managed correctly though (i.e. pay the full balance on time and never pay interest).

Izzy123456

Simon7685 wrote: »

They rang me following my application (Granite), I think they obviously prefer people to have DD set up for payment. I also think they use bank details as part of the verification of identity process, which a few companies seem to do nowadays. The bottom line is if you pay in full every month, Vanquis are as good as any other card and to be fair they give you a chance where other companies won't.

I didn't see it as such a bad thing either as it is like having a safeguard if you do it for the min payment, if you forget to make your payment at least the minimum will still be paid, so no late or missed payments to worry about. If you make payment in full, which I do as soon as the statement is issued, then they don't ever take anything.

Ah I see, thanks.

I think I've made a mistake then, in not giving my direct debit details, I think they might reject me now because of that.

I'm not sure if I should call up again to give direct debit details, or if I should just wait for the (probable) rejection letter in the post.

Izzy

reallyAnnoyed_2

hmm did you call their customer services number or returned the call to the number call came from?

If you have changed your mind about giving your bank details, you can still call them back on their customer services number and enquire if Vanquis tried to contact you. You can also claim that you got spooked, when someone asked for your bank details, hence calling the customer services number directly. :rotfl:

Maestro.

Judging by some posts here there seems to be a bit of a misunderstanding about how Vanquis works. That's understandable as they do operate a bit differently from a lot of card companies, which is why they're so successful.

Asking for how much you earn etc. Is all part of the underwriting process. If they decide they are going to accept you, they ring you up and the answers you give during the call go to decide what your credit limit and APR will be, usually. Its an interactive acceptance process that Vanquis claims is unique to them. I have to say though, I was never asked to set up a DD on the original call. I called them back later to do it.

Going from what I know about the collections process, it is supposed to be aggressive, as the company are trying hard to get their money and keep its customers on the straight and narrow. They claim their directness and persistence for collections pays off and many people do end up back making regular on-time payments.

To be honest the only complaint I really have about them is every time you phone them they try to sell you the repayment option plan... Other than that though they aren't too bad a company, if you've got the common sense to see through the sales guff.

KingElvis

I wouldn't worry too much about be rejected by Vanqswiz, they've done you a favour.