Vanquis

tmac1951

How can Vanquis send me huge monthly bills with the current statement showing £48.85 purchase interest when I have made no purchases.

[Deleted User]

What's your current balance and what transactions is your balance made up of?

CakeCrusader

It depends on when you made your payment as they charge interest by the day.

PRAISETHESUN

Interest on purchases is calculated at a daily rate and applied to your balance monthly. Unless you have paid off your balance in full the previous month, there will be purchases from previous months which are still accruing interest that you will have to pay - this is usually what happens if you elect only to make the minimum payment.

Without specifics we can't really help much, so please try to give us all the details at the start if you would like more input

[Deleted User]

I doubt we'll here from OP again

The majority of these post only appear once, and because they don't like or understand the answers they tend not to post back

T-G-C

Well it is clear that you have made purchases at some point and run up a balance, otherwise Vanquis would not be sending you a statement with £48.85 interest on it.

Assuming your interest rate is 59.9% APR and are being charged around £45 - £50 per month in interest, I assume your balance is somewhere between £1200 and £2000.

Interest is charged daily and therefore, even if you have cleared the balance in full last month, remaining interest would have been billed this month.

We cannot see your account nor make an accurate assumption from the two sentences you have provided to us, therefore please call Vanquis Bank and ask the agent for a breakdown of charges on your statement. It is clear that you have not fully understood how the system works.