Vanquis Cares!

Kate_fixing_it

Bit of a tongue in cheek post but I've just received a lovely text from vanquis reminding me I have £853 available to spend!

No mention that I would have to pay it back or the interest rate of course Certainly made me giggle! Wonder what they'll send me next week when I pay offthe rremaining £147 balance

Kate x

pickle_me

They know you're slipping out of their grasp

I enjoy the increasing number of letters that come through our door desperately offering us balance transfers, 0% interest on this and that, personal loans ... Barclaycard don't want to lose us - but they're going to

Kate_fixing_it

I wish they would send me a balance transfer offer but I don't think they care that much lol! I remember getting bombarded with letters, emails and texts just after my LBM when I stopped using the cards. They seemed to be triggered by the change in behaviour. Now I just get random letters telling me I'll save money by paying more than the minimum and then this came through.

You're right though, they're playing a sneaky defensive move because the last one didn't work (doubling my credit limit during half term and a week before payday)

Kate x

Monkeyballs

It's funny actually, knowing the way in which both Vanquis and Barclaycard reacted to my DMP when I become debt free (and assuming that I would always be able to repay the full balance each month) I would rather get a Vanquis card...

I know the interest rate is higher and perhaps their website isn't as swish as Barclaycard's but they were a hell of a lot more pleasant and immediately stopped charging interest and fees and contacted me to confirm acceptance of agreement - none of which Barclaycard did...

Ho hum, it's all academic anyway because as soon as I'm debt free they're both gone

MB

[Deleted User]

I never receive letters, telling me how much space there is on my CCs, nor that they are increasing the Credit Limit, for the simple reason that, I don't have any CCs.

I get the odd letter now and again, offering me a card.

I shred the application form, put a "NOT INTERESTED" sticker on the covering letter, put it in the return envelope, and pop it in the pillar-box.

Out of interest MB, what is the APR on the Vanquis card?

Kate_fixing_it

I think they know their days are numbered with me My eyes are wide open now! Just 5 months ago I'd have been booking a day off work and shopping until I dropped, things like this prove to me how much my attitude has changed, I realise now they aren't giving me licence to spend, they're simply inviting me to jump in a hole which they'll profit from.

The APR varies depending on which card it is but I think the lowest is around 29%

On a similar note I have been told I'm pre-approved for a Lumis (I think) with an APR of 59% :eek: that went straight into the shredder!

Every day I wish I'd had my LBM sooner but thank god it happened when it did or things could be so much worse.

Kate x

[Deleted User]

Around 29% :eek:

Monkeyballs

Bedsit_Bob wrote: »

I never receive letters, telling me how much space there is on my CCs, nor that they are increasing the Credit Limit, for the simple reason that, I don't have any CCs.

I get the odd letter now and again, offering me a card.

I shred the application form, put a "NOT INTERESTED" sticker on the covering letter, put it in the return envelope, and pop it in the pillar-box.

Out of interest MB, what is the APR on the Vanquis card?

I checked one of my old statements, it was 39.9%... But in theory if you always pay your balance then it's irrelevant blah blah blah... Don't worry, I've learned my lesson and I'm getting shot once I'm done with my DMP

MB

[Deleted User]

Monkeyballs wrote: »

I checked one of my old statements, it was 39.9%.

Yikes. :eek:

Just done a quick calculation, based on spending £1,000 and paying it back at 5% per month.

It comes out at 156 months, and £1,601 in interest.

Even at 10% per month, it'd take 54 months, and cost £417 in interest.

Monkeyballs

Bedsit_Bob wrote: »

Yikes. :eek:

Just done a quick calculation, based on spending £1,000 and paying it back at 5% per month.

It comes out at 156 months, and £1,601 in interest.

Even at 10% per month, it'd take 54 months, and cost £417 in interest.

Scary ain't it? Ironically I got the card after being discharged from bankruptcy because I was told it would help rebuild my credit profile LOL well, you live and learn

MB

[Deleted User]

Monkeyballs wrote: »

Scary ain't it?

That's an understatement, if I ever heard one.