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Vanquis

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Hey, so like a few others I have a vanquis card which is now being stopped. I usually pay the full balance every month, except for a couple times I needed to spread payment over 2 months. I owe £230 which will be taken soon. My car just failed mot and needs work, costing £200-£300, but I don't have it as I have to pay vanquis. Normally I'd pay them and put mot on card so I can pay it next month, but obviously can't do that now. Vanquis said they are wiping peoples outstanding balance and any info with credit reference agency. So my question is, though it's not definitely not a moral thing to do, what would happen if I made a payment for the minimum due, then cancelled my direct debit? Would they wipe the rest or ask me to pay it next month? I'm happy to pay next month, just need an extension really, but I'm worried about having a black mark from credit reference agency. Surely this wouldn't happen, because I've paid the minimum that's due and also because they said they are removing info from credit agencies. Any advice please?
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Comments

  • D3xt3r5L4b
    D3xt3r5L4b Posts: 1,852 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Ask Vanquis what they think about that “plan”. 
  • upsidedownpancake
    upsidedownpancake Posts: 43 Forumite
    10 Posts Name Dropper
    edited 1 September 2020 at 12:57AM
    I suspect your card has already been cancelled so your plan won't work.
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Cancelling any direct debit isn't a good idea.  Your 'plan' has no morals.
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    That doesn't sound like a plan to me. What are the specific details in relation to your account? What did the letter say exactly? If they said they were closing your account and clearing the balance - why is there a payment to be made?
  • Yes, I expect my card my has been cancelled already, but as I don't wish to use it it's not a problem. All I want is an extension on paying the money that is left owing but as the account will be closed 2 weeks after my next payment, it's not possible. Yes I want to cancel the direct debit for full balance, but I fully intend to pay the minimum amount due. Its always been my choice to pay the full balance by direct debit each month and normally I'd have the right to change this to paying the minimum if I wanted to. They aren't just closing my account, they are closing lots of peoples accounts. They said it is nothing I did wrong, that they didn't verify information correctly when the account was opened a year ago. They are choosing to close peoples accounts and wipe existing balances, I presume because they made a mistake. The only reason I don't have a balance to wipe is because I've mostly paid the balance in full every month except twice when I needed to spread the payment over 2 months. I just want to know, if I pay the minimum due, but cancel the direct debit that will take full amount, will I get a black mark with credit reference agencies, bearing in mind that they have said that they are removing all information about this and other's account, good or bad from credit reference agencies. If they ring and want me to pay next month, that's great because I got the months extension that I desperately need.
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    I’m confused - as you say they are wiping the balance and you’re still going on about making payments. Have you read their communication carefully? What does it say ‘exactly’ ? 
  • bradders1983
    bradders1983 Posts: 5,684 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 2 September 2020 at 2:04PM
    I imagine he is one of the few thousand who had the account approved by accident and as a result is having the account closed and the balance and history wiped. I really wouldnt advise spending on it, but as above its probably been stopped anyway.

    And if he has had that letter, I dont get why he is making a payment to it either. Use that money to pay for the MOT!
  • The accounts are closing on 29 September, my last payment is in a few days. I have my account set up to pay the full balance. People that didn't have accounts set up to pay full balance, who were paying the minimum every month, will have a balance after 29 September, which will be wiped. I will have no balance at that time to wipe. They are doing this I suppose because people who have a large balance can't afford to pay it quickly like that. Vanquis are doing this because they have made mistakes with accounts and don't want to get in trouble so are closing accounts fast.
  • If your last payment is in a few days, you need to cancel the direct debit immediately and pay the minimum manually. It is probably too late to change the amount to be taken on the dd.
    I came into this world with nothing and I've got most of it left.
  • bradders1983
    bradders1983 Posts: 5,684 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 2 September 2020 at 2:11PM
    I highly suspect the card will have been blocked from the moment the letter was sent, otherwise people would have just ran up big balances that then get wiped.  Go to the local shop and try and buy a Mars Bar on it and see if it goes through, or something.
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