Vanquis error when I applied

sweetpea9680

Hi I'm new to the forum and need some advice please. I've had a vanquis credit card for almost 12 months now. This is my first credit card and yesterday they wrote to me stating they made an error with my income when I applied so they are now cancelling my account as of 21st of Sept this year and refunding all the interest and charges I was ever charged plus writing off the 500 I owe. Is this right?? Apparently its in the terms of the contract and because it was their fault thats why they are writing the lot off plus removing all trace from my credit file. Dont get me wrong im overjoyed but ive never heard of this before and I'm just cautious as I can still use my card till 21st of August so does that mean if I max my card by then they will still wipe whats owed??please anyone with advice would be greatly appreciated, thanks

jimbo26

There are a few posts about similar activity by Vanquis. Would seem they have had a wholesale review of accounts, and seem to be closing quite a few. Not sure about maxing out the card before the 21st though.

[Deleted User]

Only they can tell you for sure.  But I would expect your card to be blocked and any additional spend from the date of the letter to be your responsibility to repay.

cymruchris

It's an interesting development - to pay all your previous interest and your current balance - and you're not the first to report such a letter. This must be costing them an arm and a leg - so not sure why they're voluntarily doing this. I wonder if there's some behind the scenes pressure from the regulatory body where they've agreed to take certain actions to avoid penalties. 

As mentioned on another thread though - if your account is in good standing, now might be the time to check the eligibility checker for an Aqua/Capital one style card, as once the record is removed from your credit file - the positive information about you managing the account goes with it. 

adamp87

cymruchris said:

It's an interesting development - to pay all your previous interest and your current balance - and you're not the first to report such a letter. This must be costing them an arm and a leg - so not sure why they're voluntarily doing this. I wonder if there's some behind the scenes pressure from the regulatory body where they've agreed to take certain actions to avoid penalties. 

As mentioned on another thread though - if your account is in good standing, now might be the time to check the eligibility checker for an Aqua/Capital one style card, as once the record is removed from your credit file - the positive information about you managing the account goes with it. 

It suggest something massively wrong has occurred in accepting the application if they’ve wiped off the debt owed as well as charges & such.

Almost as if they’ve had a common history of lending to those they shouldn’t and now have been caught perhaps.

sweetpea9680

I've seen that im clearly not the only person this has happened too....i only had the card to improve my rating as was advised by the score app I use. I've now applied for another card with much better interest rate and other benefits so that once vanquis remove whatever I created with them I can start again. I'd love to know exactly why they are doing this.....definitely appears they have no choice in the matter tbh. Thanks those who have replied 🙂 

cymruchris

sweetpea9680 said:

I've seen that im clearly not the only person this has happened too....i only had the card to improve my rating as was advised by the score app I use. I've now applied for another card with much better interest rate and other benefits so that once vanquis remove whatever I created with them I can start again. I'd love to know exactly why they are doing this.....definitely appears they have no choice in the matter tbh. Thanks those who have replied 🙂 

Did you get approved on the other card out of interest ? (Doesn’t matter if you didn’t - but curious to know - as I would think the positive payment history would have contributed to a ‘yes’) 

RubyTuesday10

Hi, I've also received this letter, and have in fact posted on here about it. Unfortunately for me, I have mine set up to pay the full balance every month by DD, so I won't have anything on there to get written. It's a shame as I'd just put £350 on it, days before getting the letter. I wonder if they'll let me change my payments to paying the minimum.... .

I'm just curious to know if your income is particularly low, because I can't understand what information they didn't verify with my income, that would make them refuse to lend to me, other than the fact that I have a low income. 

I think I will also try elsewhere and hope that whatever their issue at Vanquis is, doesn't stop me from getting an acceptance from a different company.

Grumpy_chap

I am not sure that I understand the OP's position.

If I read it correctly, I could get a card by incorrectly stating my income, spend on it for a while, build up some debt and then have the whole lot written off and be repaid anything I already paid.

Where do I apply?

Anywhere else, I would have expected a fraud marker.

Shakin_Steve

Grumpy_chap said:

I am not sure that I understand the OP's position.

If I read it correctly, I could get a card by incorrectly stating my income, spend on it for a while, build up some debt and then have the whole lot written off and be repaid anything I already paid.

Where do I apply?

Anywhere else, I would have expected a fraud marker.

There was no mention, that I could see, of the OP incorrectly stating their income. They state that the error was on the part of Vanquis.

sweetpea9680

When applied i put in my joint income yearly with my husband although my income alone is very low. I didn't quite understand what was what tbh as was first time applying. Needless to say I always paid on time and above the odds to bring it down. I've now applied for a mbna card the same way and been approved instantly..card en route. Im still just shocked but clearly I'm not alone in this with vanquis....thanks people for your advice etc xx