Vanquis wanted my bank details before being accepted

almost_there

A few people on here seem to be having a real go at Vanquis!!

In my experience, if you follow the guidelines etc and pay on time and run the account correctly they are a great tool in helping improving your credit history.

High APR's Yeah, but people forget that they are a risk when applying to vanquis for a card.

I went from £250 to £2500 in 16 months, then was accepted for a Virgin card!

A great tool for helping rebuild credit history if used correctly!!


I think people on here who have had bad experiences, have forgot that they have to pay on time etc and the bad experiences have stemmed from that, the calls etc are only the company wanting their money as per the T&Cs etc that they agreed to.

Izzy123456

I called them up, and I've been accepted, so it all worked out in the end.

almost there, did you get a lot of junk mail and calls after becoming a Vanquis customer?

Oldfatgrumpy

Izzy123456 wrote: »

I called them up, and I've been accepted, so it all worked out in the end.

almost there, did you get a lot of junk mail and calls after becoming a Vanquis customer?

Just nosing in here to say, I was refused a Vanquis card but within days I was inundated with texts and emails ("Your cash loan is waiting to be paid into your bank account"...etc) from the dodgiest payday loan companies I've ever had the misfortune to need to Google! Also spam from ambulance-chasers, and worst of all, from online gambling websites.
In the end, having had no result from emailing Vanquis, I sent them a letter ordering them to stop prostituting my details to these scumsuckers, and to instruct the ones they'd already sold me to, to stop contacting me. They replied with a laughable letter to the gist of saying they would look into my enquiry and reply in their normal timeframe of a month. They never replied, I'm still getting spam emails nearly a year later. I stopped the texts in the end by changing my mobile number.

loony2012

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.

They need paying by DD. I had a mate who was "Conditional Accepted" and they phoned him, He said can i give you bank details in a few days as waiting for them from new bank. They said i'm sorry but we have to cancel the application.

Izzy123456

thanks oldfatgrumpy (!),

Yeah, it's bad isn't it. They make a lot of money from selling your details on to people. And once they've sold them on, that's it, the companies will contact you forever. Best thing is to change your email, and call any companies sending you post and tell them to stop. I have so much junk coming into my email already it's ridiculous.

nyc_451

I was also asked if I wanted to set up a direct debit, I said yeah sure, and it felt awkward when they asked for my bank details on the very first phone call but I took a risk. And they were quite nice to me, except when selling that insurance plan.....but whatever.

Someone mentioned that they do take any amount of money from your account any time they want -- my payment hasn't been due yet but I'll give them a chance, just like they've been the first company who gave ME a chance.

And no junk emails or texts have reached me so far.

If someone had a bad experience with XXX, doesn't mean you will also have the same. Well unless you'll be listening to all the negative replies nodding your head and then going to the XXX with that attitude...

Maestro.

loony2012 wrote: »

They need paying by DD. I had a mate who was "Conditional Accepted" and they phoned him, He said can i give you bank details in a few days as waiting for them from new bank. They said i'm sorry but we have to cancel the application.

That isn't right at all, there are a variety of ways to pay as with any CC company. Otherwise they wouldn't include a payment slip at the bottom of each bill they send you. Me thinks the CS rep on the other end of the phone was either having fun or had misunderstood the rules.

Simon7685

loony2012 wrote: »

They need paying by DD. I had a mate who was "Conditional Accepted" and they phoned him, He said can i give you bank details in a few days as waiting for them from new bank. They said i'm sorry but we have to cancel the application.

My acceptance was NOT conditional of paying by DD, neither have I ever paid by DD. I was advised I had been accepted for the card at the start of the call. As the call progressed I answered various questions regarding finances etc and was then advised of my starting limit (£250) and APR (49.9% Purchases and 59.9% Cash:eek:). I was then asked if I wanted to set up a DD for paying either the full amount or minimum payment. I opted for the min payment option as a safeguard against ever forgetting to pay my bill.

Paying by DD was never forced on me and they have never taken anything by DD as I pay in full within a day of my online statement being produced.

I agree with some of the more reasoned comments on here about Vanquis. They do take a risk on people who lets face it have probably screwed up financially before (myself included). For that risk you have to pay a hefty price in respect of their APR's. However if you use their cards sensibly and repay in full every month, then the APR isn't an issue. If you needed to make a big one off purchase that necessitated carrying a balance then that may be different. Although while such high APR's cost you money, if I needed to carry a balance I would but I would also pay every spare penny I had to get it paid off as quick as I could.

I have not received many emails or letters from them but they have on a couple of times tried to push their Repayment Option Plan on me. You just have to stand firm and say NO. I receive 2 or 3 texts a month, advising me how much I have to 'spend', how much I need to pay and when to pay it, all in all not too bad.

It takes a long time to rebuild your credit rating after it gets trashed and Vanquis do make that possible. I have had my card for 11 months now, have a £1k limit and have never paid Vanquis a single penny in interest. I honestly think that even when I can go mainstream again I will keep my Granite card, as a reminder of where I had to start and how long it took me to get a grip on my finances again.

If you use it responsibly Vanquis isn't as bad as it is made out to be and remember they give you a chance that mainstream lenders won't, so without them I certainly wouldn't have had credit cards in my wallet again.

nyc_451

Simon7685 wrote: »

It takes a long time to rebuild your credit rating after it gets trashed and Vanquis do make that possible.

Do you know if building credit from zero takes less time than rebuilding trashed credit?...

Izzy123456

blue_mango wrote: »

Someone mentioned that they do take any amount of money from your account any time they want -- .

Blue_mango, I don't think that Vanquis can take any amount of money from your account any time they want! They can take the amount you specified when you set up the direct debit - either the minimum monthly payment, or the full balance.