Vanquis increases minimum payment

questricky8

I received a letter from Vanquis recently stating my monthly minimum payments will increase. I took a look at this months statement and its increased by almost £35 from the previous month.

I haven't used Vanquis credit card in many months. The interest rate has barely moved. I am struggling to pay off the debts has it is. I have just recently started a new job and not making that much money. Is there anything I can do about this minimum payment increase?

CakeCrusader

You say you haven't used it, but are you still carrying a balance and are you paying off the minimum every month? There's new rules that have come into force, all credit card companies are doing this. It's aimed at people who are only making the minimum payment, so it would help if you pay off as much as you can. Are you able to post your SOA (statement of affairs) on the debt free board so people there can help?

CakeCrusader

https://forums.moneysavingexpert.com/discussion/5876832/barclaycard-changing-their-minimum-payments Here you go. Different card, same thing so the replies will be relevant to you too.

questricky8

Thanks for your reply Cake Crusade. I thought it was only Vanquis that increased there montly payments. I will post my SOA on the Debt free wannabe forum.

[Deleted User]

Cut down on spending.

How much of a balance are you carrying on the card? Any other debts?

Post on the DFW board

A4445

I understand why credit card companies are increasing payments, but for whatever reason you can’t afford the increase. Do they then force you into default?