Setting your monthly payments

Sheriffsam

I wonder if any of you guys have come up against this too.

I recently read the minimum payment article on the main site and decided as a result to call Vanquis and set my monthly payment to an exact amount so that I would pay this off quicker.

However, i was shocked to be told by the incredibly rude customer services adviser that this was not possible and i either had to pay of the full amount each month or it was set to minimum payments. I could set up an arrangement to pay the card back monthly and i could set the payment then, but surely setting up an arrangement looks very bad on your credit score.

Has anyone else encountered this and is it legal for them to refuse to allow you to pay an exact amount each month?

[Deleted User]

You can pay whatever amount you want (above the minimum). the issue is around their systems not allowing a variety of options.

You could always set up a standing order.

aleph_0

I think two things are being confused. I guess you are paying by direct debit, and vanquis only offers the option to set up a direct debit to pay the full balance, or the minimum payment off each month. There is nothing illegal here (they don't even have to offer direct debit).

However, you can also pay any amount by other methods. The FAQ lists details http://www.vanquis.co.uk/faq - you can pay by bank transfer from your own bank, or debit card, for example. I'd suggest keeping the direct debit at the minimum payment, then making extra payments yourself each month (either manually, or as zx81 suggests, you can set up a standing order).

Sheriffsam

Fair enough, thanks for the advice guys. I just wanted to make sure they were not doing anything untoward. Im hoping to balance transfer away from them anyway as if i have to talk to one of their CS idiots again i think im going to pull all my hair out!

chattychappy

Sheriffsam wrote: »

i was shocked

Oh dear... I fear there could be other shockers awaiting you...

1) being charged a late payment fee despite being only one day late
2) having your interest rate hiked
3) getting a CC declined overseas (even more shocking if you told them in advance)
4) not receiving a statement, therefore not paying anything, therefore being charged a penalty
5) getting a credit score of 999 and then being told here it means nothing
6) learning that the CC issuers are just "in it for the money"
7) not being able to pay the minimum due, phoning the CC for help and finding out they are not helpful.

:D:D

mrchiggles

It does seem to vary, the (very good) barclaycard site lets you set the payment you want but MBNA don't. I just set up my own standing order which has the same effect but make sure you don't pay *before* the bill date by accident or they'll think you haven't paid!

Gromitt

mrchiggles wrote: »

It does seem to vary, the (very good) barclaycard site lets you set the payment you want but MBNA don't. I just set up my own standing order which has the same effect but make sure you don't pay *before* the bill date by accident or they'll think you haven't paid!

When I was paying off a 0% purchase card, I setup a direct debit for the minimum (so I always paid) and then setup my own SO to pay off the balance, in which case, it doesn't really matter when the SO is paid.