Issue with Closing Account (Vanquis)

DaveSaikred

Hello all
My wife has a Vanquis Credit Card, today she paid off the remaining balance directly (all recent transactions included, nothing outstanding).

She then asked to close her account, at which time the advisor on the phone told her that she'd have to wait until next months statement to do so.

That doesn't sound right? Can I get some advice?

Thanks in advance.

Paully232000

could there be some trailing interest that will not be applied until the next statement? therefore you will still have, possibly small, an amount to pay next month

DaveSaikred

That was my first thought too, the balance was a few thousand, and her last payment was last week (it credited her account on Friday 27th), so I guess there'd be about a weeks worth of interest.

Would the issue then not be that next month, when that interest is applied, there'd be interest on that balance too?

Sorry I'm not 100% savvy on this stuff.
It struck me as odd however that the person she spoke to could not say why she couldn't close the account.

jimmy*c

Same story my end, though after waiting for the next statement the balance was still zero... it's got to be some kind of stalling tactic.

[Deleted User]

DaveSaikred wrote: »

Would the issue then not be that next month, when that interest is applied, there'd be interest on that balance too?

No - interest will stop if she pays two consecutive payments in full (otherwise it would go on forever).

awolo1

I too closed my account recently and they told me the same thing
It's the process
I can understand to a point why they do it to ensure any residual interest is paid.
I found Vanquis to be the worst company to deal with, on the bonus side, it improved my credit rating.

lynz68

I closed my Vanquis account a couple of years ago and it was the same then. Just wait the month pay any interest due ring up and close I had no problems with them on ringing up and closing simple straightforward and no trying to make you stay.

SamGR

when i paid my parents Vanquis off, i advised them we are looking to close the account. Vanquis advised me to call in 3 days to allow time for the pmt to clear and all trailing intrest would be cancelled.

DaveSaikred

Further development.
Despite being told the payment would be clear and she'd be able to see what interest was left to be paid by today, they are now saying it won't show as payment being made until Friday

Starting to aggravate me somewhat now, is there anything I can do? (Bearing in mind it's not actually my card, it's the wifes)

[Deleted User]

Nothing you can do if the payment hasn't cleared.

cats2012

There isn't really anything you can do. Can I ask why you need to close it so urgently? I have recently gone to close two cards that I don't even pay interest on and both said it's their policy to close after the next £0 statement. Mildly frustrating as I have to remember to check it but not exactly a big problem?