Vanquis Payments

Anouk

Spoke to Vanquis this morning. Had an extremely rude lady who told me that she has concerns I will not payoff the card and that I should "get my bearings together" before using my Vanquis card. This was because I was confused about how payments are made against the statement balance.

My statement balance as of 3rd October was £140 and my current balance from transactions since that statement was generated is £240. I made a payment of £20.00 on 6th Oct and then £24.86 on 4th Oct. I am making another payment on 17th Oct for £114 which should total £158 in total payments this month... which actually comes to more than my statement balance.

The lady said I need to pay the whole £148.07 statement balance in one payment as multiple payments throughout the month wont count and will only bring my current balance down. I have spent more than what i've paid back this month (since the statement was issued) so she said payments will pay that back rather than my statement balance.

Im really confused! Will those payments I mentioned actually pay-off the statement balance as it comes to £158 out of £148.07 altogether?? I have spent on the card since making the two £20 and £24 payments but this shouldnt matter as it goes on next months bill right?

[Deleted User]

Payments will go to statemented balance. The allocation of payments section will give the full details.

DUTR

It's all confusing, why are you paying in dribs and drabs here and there, get a statement, pay that and continue with the usual process.

Anouk

DUTR wrote: »

It's all confusing, why are you paying in dribs and drabs here and there, get a statement, pay that and continue with the usual process.

unfortunately i get paid in bits and bobs as i am self-employed so smaller jobs = money comes in the bank = paid to vanquis. they are getting £114 on tuesday all in one go so its not like the whole balance is being paid in scores (£20's.)

Anouk

Deleted_User wrote: »

Payments will go to statemented balance. The allocation of payments section will give the full details.

says something about allocating payments to the ones bearing the highest interest.

Carrot007

I believe if your first payment after stament is not the balance due then interest will be applied from the day(s) of using the card.

Thus it may not completely pay off the card.

Everything paid before the cut off point (few days before last payment date usually) will show o nthe next statement but you will get interest.

SnowTiger

Carrot007 wrote: »

I believe if your first payment after stament is not the balance due then interest will be applied from the day(s) of using the card.

Thus it may not completely pay off the card.

Everything paid before the cut off point (few days before last payment date usually) will show o nthe next statement but you will get interest.

Nonsense. Customers can pay their statement balance using as many payments as they want.

OP could pay the balance of £140 with 140 payments of £1 if they chose to.

Providing the balance is paid before the due date there won't be any interest to pay, unless, of course, the statement includes interest for the previous month.

Anouk

SnowTiger wrote: »

Nonsense. Customers can pay their statement balance using as many payments as they want.

OP could pay the balance of £140 with 140 payments of £1 if they chose to.

Providing the balance is paid before the due date there won't be any interest to pay, unless, of course, the statement includes interest for the previous month.

does this mean payments posted to a credit card are paid towards the statement balance always and not the balance youve accumulated so far this month?? the impression the lady on the phone gave me was that if you spent after your statement date..... any payments you make thereof are used to clear that debt rather than the statement balance... nonsense it sounds now but just wanted to check we are on the same page?

i have never had to pay interest so this doesnt include any interest or trailing interest etc.

PixelPound

You don't say how long the purchase debts have been on your card or if you normally pay in full.

As has been said, it doesn't matter whether you pay the amount in one lump sum or dribs and drabs. What matters is how long the debt has been on the card.

Credit cards give you "up to 56 days" (or similar) interest free. i.e. whatever you spend in one month will then be put on the next statement, so long as pay it off by the due date of that statement then no interest will be charged. If you don't pay it off then interest will be charged from the purchase date. If you then pay that spend off by the following month, interest will be charged at a daily rate until it is paid off.

If the £148.07 on the statement was from purchases in that previous month, and none carried forward from previous statements, then so long as you pay at least the £148.07 by the due date (even in dribs and drabs) then you won't have interest. If any of it was from previous statements that will have interest on it, but your dribs and drabs will have been paying them off first (so its better to do that than save it all up and pay just before the statement due date).

PixelPound

Anouk wrote: »

does this mean payments posted to a credit card are paid towards the statement balance always and not the balance youve accumulated so far this month?? the impression the lady on the phone gave me was that if you spent after your statement date..... any payments you make thereof are used to clear that debt rather than the statement balance... nonsense it sounds now but just wanted to check we are on the same page?

i have never had to pay interest so this doesnt include any interest or trailing interest etc.

You have one balance, and any payments are used to pay off highest interest first. If you pay in full, then so long as you have paid at least the statement balance then no interest will be charged on that, but if you had done interest baring stuff - e.g. cash withdrawal, it would pay that off first

bigadaj

OP if you have details of the call then you can make a complaint and might get a few quid as compensation.

You don't say when your date fro statement is but it looks like you are making all pay,mets within around two weeks of statement date, and so,should clear the balance before the payment date. This should mean you avoid interest, and just need to pay the next statement by the due date.

As others have said, it makes no difference how often you pay, you absolutely have to pay the minimum payment by the due date and should be clearing it really given its a vanquis card.

I'm not sure what interest rate is on your card but they typically run T 30-60% Apr, meaning that keeping a balance will be costing you 2.5-5% per month, pretty expensive if not payday loan levels.

The above assumes that you aren't making cash withdrawals or doing quasi cash like transactions like gambling, as with those you're charged interest from the date you make the payment.