Vanquis Credit Card opportunity or trap?

by , 23 Feb 2012
Vanquis Credit Cards
Easy to get card with poor credit rating
Easy to get card with poor credit rating. Limit upped without asking.

My husband and I have both fallen into the trap of taking on a Vanquis Credit Card after several years of not having a credit card due to poor credit ratings. We were both approached separately to apply for these cards and as we were on the brink of paying off all our previous debt, we fell into the trap of submitting applications,. These were immediately accepted and we set up direct debits to pay of the minimum payment each month, with the intention of using them as little as possible and paying off extra each month to build our credit rating. However, because we are clearly rubbish with money, the balance slowly built and our limit was slowly raised (without any request from us). Now of course we are in a whole load of debt with them and because the interest is sky high, we have little hope of paying it off any time soon. Obviously we are adults and we should have known better than to apply for the cards in the first place, but it was done with good intention. What should not have happened is for our limit to be raised without our requesting it. Vanquis is great if you want to rebuild a bad credit rating and you are disciplined with money, but if you had such discipline you wouldn't need to use a card with such huge interest rates in the first place. I wish we had never heard of it.

Customer Service:
Average, could be better
Flexibility & Fairness:
Poor, could be greatly improved
Product Features:
Poor, could be greatly improved
Value For Money:
Terrible


Responses

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I have used them for some time and took a card with them following a financial crash not of my making. I have always found them helpful and when I was taken seriously ill they proved invaluable. As you say, you do need to be disciplined with your useage but aside from that, their customer service is better than Barclaycard, which I had subsequently taken out but now don't use !

by Chelgates, 23 Feb 2012

I was sorry to hear of pcruise demise with this card. Unfortunately so many people fall into the same trap. The idea of these cards is to fleece those who need fleecing the least due to problem debt. The best way out of debt is to arrange with the supplier of the debt to set up a direct debit for the amount you can afford to pay each month and reduce it that way and sorry to say struggle for a while and cope with less money in your pocket. Why else would a credit company give you a card with bad credit except to make money out of you.

by M2M, 23 Feb 2012

Thanks to Chelgates and M2M for their comments. I think I will contact Vanquis to see if there is a way we could pay a small amount every week extra on a separate direct debit. We are trying not to use the cards now but we are unwaged, on State Pension and Pension Credit and it is very tempting to use them when an unexpected expense crops up that we can't stretch to out of our pension.

by pcruise, 23 Feb 2012

It's all there in plain writing, if you are willing to pay 39.99% apr expect consquences. I got one as I went through a bankruptcy a few years back and it's been very handy to be honest. They act just as any other credit lenders no different. My big gripe with them however is the near impossibility to pay online, I try with every browser on my pc and my phone and I get the same message every time to enable cookies even though I've got them switched on. My understanding of this is so that the person gives up and doesn't bother paying it off and Vanquis continue reaping the apr off you, very crafty and needs to be addressed.

by hyperlogic, 12 Sep 2012

As far as I am concerned they are Pirates... grab the money regardless is there motto thye need bringing to book and fast... no wonder the staff is highly paid at our expense.. thre is one law for one one for another... Vanquis you have not heard the last...

by dragon4, 14 Apr 2013
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