Vanquis Payment

caroline231

Hi All, I have question that I would love an answer to!

My Vanquis credit card statement is due on 20/2, however, I do not think I will have enough to cover the interest payment that they apply to the account (I expect this to be around £100). I will be able to make a large payment to cover the interest, monthly payment and a bit extra on the 21/2 (I am planning on paying around £500)... what is my best option here, I have tried calling them but went round in circles trying to get an answer.
So I guess my questions are:
1. Will I get penalised, and how badly, for going overdrawn for 1 day?
2. Will this show on my credit file?

Many thanks
:-)

molerat

1. You will probably get a late payment charge of £12
2. Maybe but possibly not for one day.

Next thing is to get yourself over to the DFW board for help and advice. Paying that amount of interest on a non prime credit card means your finances need a good looking at. http://forums.moneysavingexpert.com/forumdisplay.php?f=76

caroline231

Thanks for that, I'll certainly look at the other thread!

CakeCrusader

Did you sign up to their additional cover plan? https://www.vanquis.co.uk/credit-cards/vanquis-repayment-option-plan

"Payment Holiday

Taking a Payment Holiday once a year means you can miss your monthly payment in a month of your choice, providing you with extra breathing space if you’re having an expensive month. We will report your account to the credit bureaux as being up to date. You will need to have had your account for 6 months before you can take a Payment Holiday and not have used a Lifeline or Payment Holiday in the last two months. Interest will continue to be added to your account during a Payment Holiday.

Lifeline

Once a year, if you forget to make your monthly payment we will forgive you the late payment fee and report your account to the credit bureaux as being up to date. Your account will be suspended and you won’t be able to use your card until the payment is made. You must make the missed payment before your next payment is due - the sooner you make it, the sooner you can use your card again. You will need to have had your account for 6 months before we can activate your Lifeline and not have used a Payment Holiday or Lifeline in the last two months. Late payments will affect your eligibility for a credit limit increase. Interest will continue to be added to your account while a Lifeline is activated. "

caroline231

Unfortunately i don't have that cover, the cost of having it massively outweighs the benefit - I usually can make payments well ahead of time. Unfortunately due to student finance mess up my next pg loan instalment has been delayed :-(

christiem94

It's probably better to dip into your overdraft for a day just to make the minimum payment on 20th and then pay the rest the next day. Although you'll probably be charged for use of an unplanned overdraft (depends on who you bank with), this would likely be less than the £12 missed payment fee from Vanquis, as long as you come out of the overdraft the next day.

Whether you choose to dip into an unplanned overdraft or miss the card payment, this could show on your credit file. However I'd say being in your overdraft for a day looks "better" than missing a credit card payment.

caroline231

I finally got through to someone talking sense earlier - if I go over my credit limit (which is likely to happen) because there is not enough to cover the monthly interest in the account then I will get a £12.00 over limit charge on my account but nothing will be reported to Credit File. According to Jamie at Vanquis - only missed payments are reported, this is going over my credit limit, not a missed payment I'll have no problem making the payment by the time it is due (17th March)

Than you all for your help!

boo_star

caroline231 wrote: »

I finally got through to someone talking sense earlier - if I go over my credit limit (which is likely to happen) because there is not enough to cover the monthly interest in the account then I will get a £12.00 over limit charge on my account but nothing will be reported to Credit File. According to Jamie at Vanquis - only missed payments are reported, this is going over my credit limit, not a missed payment I'll have no problem making the payment by the time it is due (17th March)

Than you all for your help!

I suspect he's wrong, but I guess we'll find out.