vanquis bank credit card

burbs_2

Hi

i run a car business and got approached earlier this afternoon by a couple who wanted to pay me a deposit on a cheaper car that i was selling. It was in total £5500 and the deposit was £550. We talked etc and when we got to the payment of the deposit the lady handed me a Vanquis Visa Card.

I had never seen one, or heard of one for that matter and was quite taken aback. I have been selling for 5 years now. I really thought it was a fake or something like that. It was such a basic card. I got 1 of the workers in the office to quickly run a check on the net to see what this card was. It comes from provident and the interest rate is 59.9%!!!!??!!!

I would expect this couple to settle the rest of nearly £5000 within the week. Am i being a bit nasty, or even unfair if i refuse to deal with them? i know that there is every chance they will settle but i always think of people using these types of cards to be on the bread line and i dont need the hassle as i can sell the car with ease to somebody else. has anybody had dealings with these cards before?

boogiemaster

The vanquis credit card is from the company Provident who lend money via door step lending.
They lend people money and charge massive interest rates as well.
They give you a credit limit of £500 and dont tell you its like a loan, if you dont pay back the full ammount? they will treat the money owed as one of their loans and charge a massive amount of interest.
I would ring the person up and ask if they can pay the balance? if they cannot? then sell the car.
I doubt they have any money but i could be wrong, i hope for your sake they do have the money and buy the car, if they do have the money they will be paying back provident for a very very long time.

Fatboy_NSS

I would imagine you're breaking the terms of your merchant agreement if you refuse to accept a certain provider's card. Also remember that at least she has been approved for some credit - I'd imagine you would have been happy to accept cash or a bankers draft but anyone can get hold of these regardless of their financial situation.

BenL

Do all the cards have £500 limit or was that just a guess??

The deposit is £550 that's all.

Are your deposits refundable??? If they can't pay a free £550 for you.

I'm sure your careful when it comes to the balance of the money and if they pay up and its real all well and good.

Why not talk to them about finance from you?? If you offer it.

Ben

boogiemaster

You dont understand, Provident love people to get into debt, If they have a vanquis card? then they have a really low credit score, and i doubt they can get credit else where.
They may get the money from their parents and the card was just to hold the car for them.
The limit is on the form that gets posted to people, normally £500.
Also they do that visa electron card that nobodys likes.
I hope they come with the money and buy the car, good luck anyway.

burbs_2

loads of good points cheers.

First fatboy_nss, it was not their form of payment that i was thinking about rejecting it was them as a risk. perhaps harsh but money talks not unneccesary risks.

BenL - come on, they can only get finance that is at 59.9% interest, i think me, them, my car finance house and bargepole come into mind.

i will be speaking to them in the morning and informing them that i would be willing to do business but on my terms only. see what happens.

thePhilster69

Fatboy_NSS wrote:

I would imagine you're breaking the terms of your merchant agreement if you refuse to accept a certain provider's card. Also remember that at least she has been approved for some credit - I'd imagine you would have been happy to accept cash or a bankers draft but anyone can get hold of these regardless of their financial situation.

Possibly, but he can quite legally refuse to sell them the car. I think the way it works is that a shop invites you to buy from them, but they are under no obligation whatsoever to sell anything to you... That's if my memory of my Saturday job 10 years ago is correct!!

lswwong

Yes, agree it is a risk thing but an implied impression of it. It would be quite harsh though, don't you think, if one was unlucky enough to have to resort to taking out such a card and still get turned down by vendors by presenting one for payment?? Then again, you don't know if the cardholder is really broke, or not. It is just a guess. He/she could jolly well have gotten the card anyway and actually have the means to pay.

Then again, it is a hard world .... just my tuppence's worth :-)

burbs_2

well i have taken a deposit of £550 in cash today for the car and i will be expecting the balance settled by the end of next week which gives them a bit of time to find the cash. if not they are well aware and have signed that they will lose their deposit.

they were by no means a push over through, a reduction of £300 on total cost of the car so hopefully everyone ends up happy.