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  • FIRST POST
    • dtj1990
    • By dtj1990 8th May 18, 11:21 AM
    • 4Posts
    • 0Thanks
    dtj1990
    Close Vanquis card?
    • #1
    • 8th May 18, 11:21 AM
    Close Vanquis card? 8th May 18 at 11:21 AM
    Morning all,

    first time poster here, i was just wondering as i have a vanquis card with a low limit that i foolishly let get on top of me and it was passed to Moorcroft however it still shows on my credit file as an Active Vanquis card and my payment arrangement amounts go down on my credit file as I make payments, once I complete the last payment should I cancel the card completely or leave it as is?

    I am thinking that as it has been passed to Moorcroft I would not be able to use it (sensibly as I am managing my finances rather than having my head in the sand) and I should just close it down.

    Any thoughts would be appreciated.
Page 1
    • Candyapple
    • By Candyapple 8th May 18, 11:23 AM
    • 2,966 Posts
    • 2,337 Thanks
    Candyapple
    • #2
    • 8th May 18, 11:23 AM
    • #2
    • 8th May 18, 11:23 AM
    If it's gone to debt collectors then chances are your account has already been terminated so once the debt has been paid off it should go into your closed accounts section. If not, then yes contact Vanquis/Moorcroft to close the account.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • T-G-C
    • By T-G-C 17th May 18, 11:29 PM
    • 477 Posts
    • 226 Thanks
    T-G-C
    • #3
    • 17th May 18, 11:29 PM
    • #3
    • 17th May 18, 11:29 PM
    Morning all,

    first time poster here, i was just wondering as i have a vanquis card with a low limit that i foolishly let get on top of me and it was passed to Moorcroft however it still shows on my credit file as an Active Vanquis card and my payment arrangement amounts go down on my credit file as I make payments, once I complete the last payment should I cancel the card completely or leave it as is?

    I am thinking that as it has been passed to Moorcroft I would not be able to use it (sensibly as I am managing my finances rather than having my head in the sand) and I should just close it down.

    Any thoughts would be appreciated.
    Originally posted by dtj1990
    How did a Vanquis card with a low limit (assuming under £500) cause a debt collection referral?

    The minimum payment per month is peanut dust. Did you forget to make the monthly payment, couldn't afford anything or did not intend to clear the debt?

    The account can't be marked as closed until the debt is resolved. Once you've settled with the collections agency, it can lay to rest in your closed section.

    Assuming you are quite young, based on the subprime and low limit, it is not a great start to building a credit file at all. Learn from this and keep on the ball in future. I am 18 and still manage to balance 3 credit cards (£1900), 2 loans (£1700) and 2 catalogs (£590) spread each month on a low student's income.

    You can always meet the minimum repayment, as long as the balance isn't high enough to make it a ridiculously expensive amount.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
    • Madasa85
    • By Madasa85 18th May 18, 1:00 AM
    • 9 Posts
    • 1 Thanks
    Madasa85
    • #4
    • 18th May 18, 1:00 AM
    • #4
    • 18th May 18, 1:00 AM
    “Learn from this and keep on the ball in future”
    If only there was a salute emoji.

    The snooty op above appears to have a lot of personal experience in maxing out subprime, low limit cards, namely Vanquis. Even going overlimit with Uber transactions. Great job servicing your payday loans from Satsuma with your low student’s income by the way. If we could learn from anyone, it’s probably you.
    • T-G-C
    • By T-G-C 18th May 18, 8:08 AM
    • 477 Posts
    • 226 Thanks
    T-G-C
    • #5
    • 18th May 18, 8:08 AM
    • #5
    • 18th May 18, 8:08 AM
    !!!8220;Learn from this and keep on the ball in future!!!8221;
    If only there was a salute emoji.

    The snooty op above appears to have a lot of personal experience in maxing out subprime, low limit cards, namely Vanquis. Even going overlimit with Uber transactions. Great job servicing your payday loans from Satsuma with your low student!!!8217;s income by the way. If we could learn from anyone, it!!!8217;s probably you.
    Originally posted by Madasa85
    Let me pick you up on a few things sweetheart:

    1. The Uber transaction was an isolated error, in which the merchant authorized more than what I agreed. Capital One immediately refunded the fee and didn't report it to the CRAs. This was January and has not happened since.

    2. Satsuma Loans is not considered an "Advance Against Income" like Wonga and other providers which offer one-time repayment loans. Even if it was, this is none of your business. My advice isn't less credible based on what debt I have, the fact is, I've never once missed a payment or had a bad mark recorded on my credit file. If other people have, it's fine, as long as they learn from their mistake in the future.

    3. My Vanquis isn't low limit, my monthly maxing out (which was always paid in full rewarded me with a boost to £1000 which can only benefit my credit availability ratio. As for Capital One, they were 0% which I have now paid off and consolidated. As for Aqua, they were also 0% which I am in the process of paying off. You should check your facts more thoroughly before making sassy remarks across my posts.
    Last edited by T-G-C; 18-05-2018 at 8:11 AM.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
    • Madasa85
    • By Madasa85 19th May 18, 9:23 PM
    • 9 Posts
    • 1 Thanks
    Madasa85
    • #6
    • 19th May 18, 9:23 PM
    • #6
    • 19th May 18, 9:23 PM
    Satsuma Loans, still subprime matey. Whats the APR on those?
    Vanquis is low limit. £1000? And whats the APR on that? Subprime again.

    Pipe down sonna
    • nic_c
    • By nic_c 20th May 18, 7:47 PM
    • 1,840 Posts
    • 961 Thanks
    nic_c
    • #7
    • 20th May 18, 7:47 PM
    • #7
    • 20th May 18, 7:47 PM
    Any account that has been passed to debt collectors, is no longer an active account, it will have defaulted and either debt collectors are working on behalf of vanquis or vanquis have sold it on.
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