Paying off my Vanquis card

A4445

How long have you had the vanquis card? It seems quite a high limit £3500. When they increased your limit how did they advise you....post,email, or text? :-)

Florence_J

Just came across this and thought I'd have a read as I too have a Vanquis card (slightly further away from being able to pay it off in full though). It was good to read this so I know what to expect when I am in a position to pay off mine in full, thank you for posting the original question, i'm glad you got your answer.

AgentSpike

Hi A4445,


I'd had my Vanquis since around 2012, starting limit of £750, if I remember rightly. I think because I was managing the account in their favour (usually just paying minimum amount every month) I got increases on limit around every 6 months. to £1200, £1750, £2500 etc....


And before you know it, you have a credit limit of £3500, you have raked up that amount and you have a minimum payment of £160!!


Ouch!


Therefore I took the decision I did.


As I say, I'm not knocking Vanquis, they helped me out when I had poor credit.

AgentSpike

They always advised me of an increase to my credit limit by post

A4445

I've opened an account in March by I've always paid in full they won't get a penny out of me :rotfl::rotfl:

Their new TV advert says the max in now £4K

howie94

Hi there

I have had my Vanquis account for 6 years and the current credit limit is £3000 i owe £25 yes £25 lol, i want too close it down, however i have been told that a 6 year old account is great for future creditors if need be, and its £3000 if an emergency ever arised.

But i am sceptical on wether just too close the account or not due to the APR rate of 35% ??

Thanks in advance.

Howie:)

londonTiger

well done for getting your finances in order. WHy would vanquis offer to take £500 less than what the borrower is offering - its madness.

Anthorn

AgentSpike wrote: »

Hello, I'm looking for some advice.


I am now in a position where I can my off my Vanquis card in full.


After speaking to an advisor at Vanquis, I can pay in full or they are offering me a discount of around £500, however apparently this will show as partially settled on my Credit report.


I have always managed my account correctly, have never missed a payment or been in arrears.


Of course it is very tempting to pay £500 less but I want to know what impact this will have on my credit report.


I hope you can help / advise?

You say you can pay it off but yet you are considering partial payment. I'm also highly surprised that any credit card company should offer partial payment when offered repayment in full. "Incredulous" describes my view.

It will show on your credit report as partial payment in partial settlement which most lenders will view as an agreement to pay part of the debt because you can't repay the full amount. Partial payment does not remove the debt and you can be chased for the remainder of the debt. That will likely adversely affect future credit applications.

The advantage of partial payment is that you can repay the balance later when you can afford it without having to continue regular payments and usually avoiding the addition of interest depending on the agreement to partially settle which will differ from lender to lender

KxMx

howie94 wrote: »

Hi there

I have had my Vanquis account for 6 years and the current credit limit is £3000 i owe £25 yes £25 lol, i want too close it down, however i have been told that a 6 year old account is great for future creditors if need be, and its £3000 if an emergency ever arised.

But i am sceptical on wether just too close the account or not due to the APR rate of 35% ??

Thanks in advance.

Howie:)

I'd pay the £25 and keep it open.

Any future spending can be kept to what you can afford to pay off in full every month, therefore the APR would not apply.

dazzaofdagenham

A4445 wrote: »

£3500 on vanquis card! Ouch.....the interest must be crippling

I had about 3k outstanding in card....paying over 100 a month in interest....
Managed to get my barclaycard initial limit increased to 2500 and have a offer of 12 months at 0%.....
Certainly a relief when I closed the vanquis down.