guarantor - Vanquis

kjalfrazie

Hi , I'm sorry if there is another post discussing this but i am in need of some advice.

My partner was a guarantor of her ex-husbands credit card to Vanquis.

They recently got in contact with her regarding his card, which was of course maxed out and he has since vanished.

My partner pays a fee of about £20 monthly to freeze the account i believe as well as of course the interest on these horrible cards.

On the recent statement we noticed after the min payment is made, it doesn't actually cover the £20 fee also - so month on month she has unknowingly pick up a £12 overdrawn fee also.

Why does the minimum not increase to cover these fees? She has basically been paying £80 a month which in fact does nothing to the balance.

We have a baby due in Feb' and I have recently just received a bonus greater than the money owed.

does anyone know if Vanquis are open to compromise agreements with regards to all these fees if we offer to clear the balance?

I will begrudgingly pay this other persons debt off - but wondered if there was a way of doing it a bit cheaper - to pay all those fees on top will live a sour taste in my mouth.

card tarting is not an option.

Thank you for any replies given.

Calfuray

I assume you mean £20 weekly? I'm thinking that must freeze the interest, but not the fees for possibly being over the max limit?

It would be best to speak to them, tell them you were under the impression it stopped fees and interest, and see what they do, yeah, wouldn't be any harm in it

InsideInsurance

Personally in the first instance I would be looking at how to stop being a guarantor and if you can cancel the card or if the card owner has to do this. I suspect by you withdrawing support it does cause a process to start that results in the card being shut down if no other guarantor is put forward but I dont know.

All things are always negotiable, they may offer a reduced amount for a one off settlement but if things are up to date or they believe you can afford to pay in full then there is little incentive for them to negotiate. Make sure you sort the point above out first though, no point paying off and the ex can then run it all back up again.

Minimum payments are defined by the contract, normally something like 3% of the balance with a minimium £5 or such. This does mean that the "minimum" isnt always the true minimium required (Natwest is the same)

kjalfrazie

Thank you for your replies, when the partner did a runner - they contacted my partner and transferred the name on to hers.

So the card is now totally in her name.

Is there anything we could say or ask to make a difference to the balance?

McClane54

Just pay it all off mate, she's going to have to and for a easyier life just get rid of it! if you plan to stay with this women long time