Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Old_Codger
    • By Old_Codger 8th Aug 18, 9:49 AM
    • 9Posts
    • 1Thanks
    Old_Codger
    New minimum payment scam?
    • #1
    • 8th Aug 18, 9:49 AM
    New minimum payment scam? 8th Aug 18 at 9:49 AM
    Hi, I have a Vanquis card that I make minimum payment plus a bit more every month. This month due to my wifes hospitalisation I overlooked the payment date.
    I have been in a text conversation with an 'advisor' who says she is trying to 'help' me as I was late in paying, only a day and payed extra. During the course of the conversation she informed me that my minimum payment from now on would be 91 a month, its currently 68 and reducing every month as I clear the amount owing.
    Is this even legal ? and will make budgeting every month difficult, allegedly it is to reduce the amount owing more quickly, Barclaycard do the same thing but balance never seems to come down.
Page 2
    • SnowTiger
    • By SnowTiger 9th Aug 18, 1:10 PM
    • 3,490 Posts
    • 2,456 Thanks
    SnowTiger
    Hi, I have a Vanquis card that I make minimum payment plus a bit more every month. This month due to my wifes hospitalisation I overlooked the payment date.
    I have been in a text conversation with an 'advisor' who says she is trying to 'help' me as I was late in paying, only a day and payed extra. During the course of the conversation she informed me that my minimum payment from now on would be 91 a month, its currently 68 and reducing every month as I clear the amount owing.
    Is this even legal ? and will make budgeting every month difficult, allegedly it is to reduce the amount owing more quickly, Barclaycard do the same thing but balance never seems to come down.
    Originally posted by Old_Codger
    Vanquis customers should see their minimum payment lower following a recent change to Vanquis' T&Cs. See my post to this thread.

    However, credit card companies are now required to encourage customers who continually make minimum payments to pay off their balance quicker.

    Barclaycard's minimum payment is 2.5% of the outstanding balance.

    One problem with only making minimum payments is that most of it is interest.

    A recent email I received from Vaquis contained this:

    Instalment Plans

    We may in the future offer you the ability to transfer any part of your balance to an Instalment Plan. This is a plan which enables you to repay part of your account balance, at a fixed rate of interest by fixed monthly payments over a set period. We will not transfer any part of your balance to an Instalment Plan without first telling you what the terms of the Instalment Plan would be and you then telling us to make the transfer.

    Please refer to section 'B14', (see also A5, A7, B3, B15)
    Perhaps your balance has been moved to an Installment Plan.

    Vanquis' new T&Cs are here.
    • foxy-stoat
    • By foxy-stoat 9th Aug 18, 2:08 PM
    • 3,220 Posts
    • 1,821 Thanks
    foxy-stoat
    So its not a minimum payment scam?

    NEXT !
    • sonuenjoys
    • By sonuenjoys 19th Aug 18, 11:43 PM
    • 35 Posts
    • 19 Thanks
    sonuenjoys
    To seek assistance on Barclaycard debt, you can approach Barclaycard directly for :

    1. Minimum payment reduction through collections team (affects your credit file once on a payment plan)

    2. Interest reduction through Superserver team (doesnt affect credit file) but your account should have an offer. This team will check for an offer if your account is not closed or suspended.

    Thanks
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

242Posts Today

1,632Users online

Martin's Twitter
  • The responses to this thread are no question the best of british! https://t.co/jv5Q2ErQQC

  • RT @SMinihane87: @MartinSLewis After she received the title she addressed it in literally the first episode of the next season of the appre?

  • RT @WhichUK: ??CHRISTMAS WARNING TO PARENTS?? Don't buy any of these slimes for your kids ? they all contain potentially unsafe levels of?

  • Follow Martin