Vanquis - Cowboys to be avoided!

thecleverbit

_Andy_ wrote: »

"Do you think it is reasonable to virtually DOUBLE the interest rate on a well managed account over a 3 year period?"

Doesn't matter what I or you think. The lender doesn't need to justify it, nor does any service or product provider.

_Andy_ the Ombudsman took a different view when I called them, using the phrase "unreasonable" and suggested that it wasnt on.

Yes, anyone CAN charge what they like within reason, but the letter they sent me as a response to the complaint suggests they price things up using "Risk Based Pricing". I cannot see how a person who is 4 years down the road from bankruptcy, with a stable income, well managed credit accounts, no defaults and on the electoral roll is a worse risk than someone 2 years post bankruptcy who has been out of the country and has only recently got a fixed address...

What I am trying to say is that they are not being reasonable. I suggest they have either made a mistake or two managing my account, or are unreasonable and are chancing it, thinking that I cannot or will not go elsewhere.

JuicyJesus

thecleverbit wrote: »

_Andy_ the Ombudsman took a different view when I called them, using the phrase "unreasonable" and suggested that it wasnt on.

The Ombudsman Service's frontline operators will agree with everything you say when accepting a complaint for you, but that doesn't mean the adjudicator or (eventually) an ombudsman will.

Their telephone teams are trained to not refuse or offer an opinion on any complaint unless it is obviously and totally outside of their jurisdiction. You could phone up and say "I want to complain because the carpets in my bank's branch are purple" and they'd still say "Very well Mr Bit, I agree, it's a bit gaudy."

So I wouldn't read too much into it. Likely when an adjudicator looks at the complaint, they will come back with the response that it is a commercial decision which the FOS cannot interfere with. Which is the case.

You also had the option of closing the card down to new spending but keeping it at the same interest rate. Quite why you didn't take this option when it was offered I don't know, since it would have solved all your problems. The adjudicator will probably bring this up too.

All that said, Vanquis' service besides the interest rate rise, which they're entitled to do (and do not have to disclose their reasoning for since it is commercially sensitive) does seem poor in this case. They are not allowed to refuse to accept a complaint, for one thing.

thecleverbit

JuicyJesus wrote: »

The Ombudsman Service's frontline operators will agree with everything you say when accepting a complaint for you, but that doesn't mean the adjudicator or (eventually) an ombudsman will.

Their telephone teams are trained to not refuse or offer an opinion on any complaint unless it is obviously and totally outside of their jurisdiction. You could phone up and say "I want to complain because the carpets in my bank's branch are purple" and they'd still say "Very well Mr Bit, I agree, it's a bit gaudy."

So I wouldn't read too much into it. Likely when an adjudicator looks at the complaint, they will come back with the response that it is a commercial decision which the FOS cannot interfere with. Which is the case.

You also had the option of closing the card down to new spending but keeping it at the same interest rate. Quite why you didn't take this option when it was offered I don't know, since it would have solved all your problems. The adjudicator will probably bring this up too.

All that said, Vanquis' service besides the interest rate rise, which they're entitled to do (and do not have to disclose their reasoning for since it is commercially sensitive) does seem poor in this case. They are not allowed to refuse to accept a complaint, for one thing.

As I said in the last line of my email, the card has a ZERO balance. Is often paid off and does not run overlimit or overdue.

The balance is currently £0 owing. So whats your point?

Yes, its a commercial decision. However are you unable to see that what I am saying is that they are an UNREASONABLE FIRM TO DEAL WITH.

JuicyJesus

thecleverbit wrote: »

As I said in the last line of my email, the card has a ZERO balance. Is often paid off and does not run overlimit or overdue.

The balance is currently £0 owing. So whats your point?

So close it and you'll never get any texts ever again. Why are you maintaining an account with a firm you're calling unreasonable?

I'm not sure your hostile tone is necessary. I've been perfectly polite.

Yes, its a commercial decision. However are you unable to see that what I am saying is that they are an UNREASONABLE FIRM TO DEAL WITH.

Probably, yes. Their actions surrounding your complaint, excluding the rate increase which they're allowed to do and gave you a way out of, are poor. Complain about those. Refusing to accept a complaint verbally, like I say, is a big no-no.

Personally I've never had an issue with them. They are what they are; a credit card lender of last resort for people with poor credit ratings, and as such they tend to be extortionate.

Deadbeat

'...have DEMANDED that I respond to the letter...'

Very odd thing for them to demand. I don't think they can really demand that. But I'm not an expert.

BTW, if you pay it off every month, and don't withdraw cash, or use it for gambling or buying foreign currency (not saying you do), then no rate of interest they can charge will cost you anything. It might be worth reminding them of that.

Or you could just get shot of them instead. I wouldn't have anything to do with them.

kayester

thecleverbit wrote: »

Kayester, just be careful, if you do not pay if off and they start to hike the rate, you might be racking up lots of interest. Most borrowing seems to start off with good intentions...

i am being careful and just adding my food shopping to it and putitng the money aside.
i am not bothered about the APR as i am paying off in full every month so interest free

JuicyJesus

Deadbeat wrote: »

'...have DEMANDED that I respond to the letter...'

Very odd thing for them to demand. I don't think they can really demand that. But I'm not an expert.

It depends how it was worded. They're required to say that the next step is the FOS. But the OP hasn't posted the actual wording of the letter, so we don't know what they actually said.

Dabooka

kayester wrote: »

i am not bothered about the APR as i am paying off in full every month so interest free

thecleverbit wrote: »

Is often paid off and does not run overlimit or overdue.

So which is it, paid off and not bothered about the APR, or usually paid off? If it's the second then your stance is a lot more understandable, otherwise who cares if they charge 1000% on a fully cleared balance? [EDIT] Just realised the change in poster there; must pay more attention!

Regrading the customer service, I'd be livid, but thankfully I don't need to go anywhere near them. Just don't expect much of an outcome form your complaints. I'd shop around now anyway, you might have more joy elsewhere after this length of time.

Finally, your tone to some of the comments are a tad aggressive, antagonistic at least. Lighten up

John1993_2

thecleverbit wrote: »

_Andy_ I do understand the concept of a variable rate, I think you misunderstand my point. Do you think it is reasonable to virtually DOUBLE the interest rate on a well managed account over a 3 year period?

59.9 is not double 39.9, it's 50% higher.

79.8 would be a doubling...

Steven_Elliott

Just close the account its done its job,

Who minds about an sms or a call just say no thanks and thats it lol.
also u can change this detail on your online account , plus interest can be changed at any time even if you a good customer they do it sometimes if u never pay them any interest so they hope u miss one time and get you for 4% ish for that month