Vanquis - Will I be charged?

TheRoversLad

Good morning all,

I recently got my first credit card a few months ago with the sole intention of using it and paying it off in full every month to help me build a credit profile,

This month my minimum payment had to reach Vanquis by the 6th Feb, around £20, and my new statement produced on the 12th.

I have a direct debit set up for minimum payment but I usually pay the full balance prior to this.

However, I wasn't due to be paid until the 7th so at the end of January I paid around £30 to cover the minimum and planned on paying the remainder on the 7th when I was paid.

I logged onto eVanquis on the 7th to do so and noticed that they had took direct debit for minimum payment on the 6th. I was under the impression that this wouldn't be taken as I had already paid over this amount and eVanquis showed minimum payment due £0. As I didn't realise they would still take this amount on the 6th, I hadn't left any money in this particular account and didn't notice it until the 7th it was too late to do anything.

Will I receive a charge from Vanquis for the payment bouncing back in addition to the charge from my bank?

I was clearly naive in my thinking as I've never had a credit card and when the direct debit says for minimum payment; and minimum payment states £0.00 didn't think this would happen.

Any help appreciated,

Shakin_Steve

Once your monthly statement is produced, showing the minimum payment for the following month, that payment will be taken no matter what else you pay.
But, as you've already paid at least the minimum payment before the due date, I reckon you could argue the point with vanquis.
As for your bank, you could ring and explain the situation and hope they see it from your point of view.


You have to decide, based on the day you get paid, whether the direct debit is going to work for you. You could ask vanquis to move your payment day, or cancel the direct debit and set up a standing order, or even just do a manual payment.
As far as I can see, this shouldn't show as a missed payment.

cooltt

Dear oh dear, another one fallen for a rookie mistake.

The amount you pay off before the minimum payment is collected means Jack S*it, unless it's the entire balance.

Yes you'll be charged a bounced payment by Vanquis and a missed payment on your credit file plus the bounced payment from your bank.

Over and over it's been said here Read the goddamn terms and conditions of your card!

Anyway we all make mistakes so, call Vanquis explain the error of your way and ask to remove the missed payment marker at the very least.

TheRoversLad

Thanks for both the replies.

I did read the terms but the wording isn't great with regards to minimum payment and the direct debit.

I've just spoken to a nice lady at Vanquis (albeit not given a definitive answer). She said that she doesn't think I'll be given a charge as payment was made on time but couldn't be sure until the statement is produced. I've cancelled the direct debit so I can simply make manual payment.

We live and learn I suppose.

cooltt

TheRoversLad wrote: »

Thanks for both the replies.

I did read the terms but the wording isn't great with regards to minimum payment and the direct debit.

I've just spoken to a nice lady at Vanquis (albeit not given a definitive answer). She said that she doesn't think I'll be given a charge as payment was made on time but couldn't be sure until the statement is produced. I've cancelled the direct debit so I can simply make manual payment.

We live and learn I suppose.

If she said it was made on time then your in the clear.

Also, never cancel the DD it can be a life saver when you forget to pay manually. The bank will generally pay a DD (if it's not a ridiculous amount) and then just bill you £12 if you have no overdraft facility.

Shakin_Steve

Contractually, you have made the minimum payment, so I would argue the toss if vanquis tried to put a missed payment marker on your file. Despite a lot of opinions to the contrary, CC companies will usually try to help. Try to get that DD moved to a more suitable date.

MallyGirl

some cards take into account any payments that reach the account prior to the DD (if there is enough time between the 2) and some will take the DD regardless on any payment you have made (or any refunds that have gone back onto the card). Get to know your individual T&Cs.

Candyapple

TheRoversLad wrote: »

Good morning all,

I recently got my first credit card a few months ago with the sole intention of using it and paying it off in full every month to help me build a credit profile,

This month my minimum payment had to reach Vanquis by the 6th Feb, around £20, and my new statement produced on the 12th.

I have a direct debit set up for minimum payment but I usually pay the full balance prior to this.

However, I wasn't due to be paid until the 7th so at the end of January I paid around £30 to cover the minimum and planned on paying the remainder on the 7th when I was paid.

I logged onto eVanquis on the 7th to do so and noticed that they had took direct debit for minimum payment on the 6th. I was under the impression that this wouldn't be taken as I had already paid over this amount and eVanquis showed minimum payment due £0. As I didn't realise they would still take this amount on the 6th, I hadn't left any money in this particular account and didn't notice it until the 7th it was too late to do anything.

Will I receive a charge from Vanquis for the payment bouncing back in addition to the charge from my bank?

I was clearly naive in my thinking as I've never had a credit card and when the direct debit says for minimum payment; and minimum payment states £0.00 didn't think this would happen.

Any help appreciated,

Another vote here for don't cancel the DD. You don't want to fall in the trap of using your card and then clearing the balance manually yourself - only to find that nothing gets reported back to the credit reference agencies or a bunch of 'U's = account not used/unknown status because you've cleared the balance before the statement has been produced.

It's far easier to ask Vanquis to change the statement date/DD date and then make sure you have a buffer of at least £50 in your bank account to prevent any bounced DDs or going into unauthorised overdrafts.

molerat

1. What date did you make this payment ? If done too close to the DD date it may be too late to stop it, CC DDs are like an oil tanker, they need plenty of notice to stop.
2. What exactly does your statement state about what will happen if you make manual payments ? Some, like MBNA, will take the payment unless the full balance is paid off, others like Cap One, Santander and TSB will reduce the payment by what has been paid as long as it reaches them in time.

cooltt

I love the way people simply have to have their 2 pennies worth on here. I think it's safe to say this query has been resolved.

Next!

TheRoversLad

Thanks again for all the replies. Very helpful.

I'll ask for the Direct Debit to be moved to a more suitable date. Change of jobs meant a change of pay date.

Molerat - I made the manual payment on the 26th Jan.

Can't find what it states about what happens with manual payments on statement sorry.