Thanks Vanquis / Provident for the Credit Card - Much Appreciated

grumbler

lifechanges wrote: »

I know they have huge apr, but if you pay in full then there is no APR to pay, only money i have given vanquis is the £3's every time i withdraw cash, Much cheaper than payday loans

Although it is cheaper than payday loans, you do pay fee+interest on your withdrawals even if you pay in full.

lifechanges

grumbler wrote: »

Although it is cheaper than payday loans, you do pay fee+interest on your withdrawals even if you pay in full.

Good point, but for me personally it's minimal, If i do take a cash advance its normally 2/3 days before my statment due date and then its paid off in full.... my wife scoops more money out my pockets when she does the washing

grumbler

Well, as the payment is normally due more than 20 days after the statement, you pay interest for almost a month and the representative monthly rate is 3.43%, i.e, the interest on £100 is likely to be more than £3 fee. And your actual interest can be higher than the representative one.

BTW, paying £6 p.m. (fee+interest) for £100 is 101%:eek: APR.

izools

Well I think you've approached things admirably.

Sorry some other posters have been poo pooing on your insights, you've done everything the right way, and clearly have built your credit rating back up.

Of course there's little point withdrawing cash on a credit card - as you say you only put on it what you can afford to clear at the end of each month so you'd be better off using your debit card - but then that's your choice. You're doing it with eyes wide open and accepting the charges.

The amount of people that come on here to complain about charges that were rightfully incurred, just because they didn't bother reading the terms of their account, I'm just glad you aren't one of them

Good work! :beer:

Willing2Learn

lifechanges wrote: »

Didn't say I do it ALL the time, just said thats the only money vanqis makes from me as i pay no APR

Didn't mean to sound patronising in my post and apologies to you if I did come across that way.

But I don't understand.

Why do it at all?
If you are paying the balance in full every month then you are obviously budgeting for all your expenses.
Why pay to withdraw money when you can access your funds for free?
You grafted for every pound of income, why give Vanquis a penny of it?

SCO

lifechanges wrote: »

and I am debt free!.

Thats only because you made your lenders pay for your 50k of debt.

At least you pay your debt now though.

lifechanges

Willing2Learn wrote: »

Didn't mean to sound patronising in my post and apologies to you if I did come across that way.

But I don't understand.

Why do it at all?
If you are paying the balance in full every month then you are obviously budgeting for all your expenses.
Why pay to withdraw money when you can access your funds for free?
You grafted for every pound of income, why give Vanquis a penny of it?

Its not like I do it all the time lol, I've had 4 cash advances since having the card. My debit card stays at home in the safe and I live on the card and change in my pocket, I then use my debit card to clear my balance each month.

lets be honest we all get caught out now and again

Most places accept cards but sometimes you will visit somewhere that doesnt, or the merchant account is down and all you have on you is a credit card.

How i look at it... If I was in an arcade or club and wanted to use a cashpoint I would expect to pay £2.50 for the convinence of the ATM. Vanquis is providing a service, cant expect it to be for free all the time

lifechanges

SCO wrote: »

Thats only because you made your lenders pay for your 50k of debt.

At least you pay your debt now though.

Oh well, no tears here!

Their fault at the end of the day for pushing debt on somebody that had no way of paying, no job and no security.

Its a risk they took and lost.

At least they had an insurance policy to claim on after 6 years, underwritten by the big banks, who also became debt free thanks to a bailout from us.

If there was a real loss to anyone they would of taken me to court and claimed for losses and the debt, not sell it on for 5% of the value to a doorstep collector

Its only numbers at the end of the, not like it had any real value.

SammenForLivet2

Thank you for sharing with us.
I think that your trying to say that although some people critize Vanquis and say that it is outrageous, for their charges e.c.t, they can be useful to try and rebuild your credit rating, and that your thankful, that they gave you a second chance, providing you with credit (albeit very small) and that you could see them as a life-line to rebuild your rating/score.

I have never been in your situation - but I thinkat you have learned the lesson of miss using credit the hard way (although you did not pay any of the debt you spent off?)

CreditCrunchie

I thank you for your post too. I also had debt from my teens which I'm just now beginning to repair my credit from, starting with the Vanquis and Aqua cards. Thanks for sharing and well done on your progress