Published on October 31st, 2014 | by FinanceLoophole2
Can’t Pay Vanquis Credit Card
Vanquis Bank is owned by Provident Financial Group. Vanquis offer credit card to customers who have no or bad credit history. They promote the Vanquis credit card as a way to rebuild a damaged credit rating if the card is used and the credit is paid off regularly. The advertised APR is currently 39.9% which is almost double many of the mainstream credit cards interest rates. You can find better options out there if you look. We have collected together the top advice we can find to help you if you can’t pay Vanquis credit card debt.
Vanquis Bank offer two main credit building cards, the Vanquis Card which has a representative APR varying from 39.9% to 59.9% depending on the credit circumstances of the applicant, and the Aquis card, which has a representative APR of 29.8%. Both are licensed under VISA.
Vanquis admit themselves that they are targeting those on a low income or who are retired. People who have run into difficulties and been left with bad credit or poor credit history. Or who have no credit history. Vanquis will assess your current personal situation rather than just turning you away based on the past credit history. Vanquis also say that responsible use of their credit cards can help people with bad credit to rebuild their credit rating. So far we have already helped over 1.8 million people get the credit they deserve. However judging by reports they don’t do this effectively enough and will often lumber their customers with more debt than they can handle – especially given the extremely high interest rates that they are charging.
We are receiving increased reports from people visiting this site that are say things like “I can’t pay my Vanquis card” and “I can’t afford to pay Vanquis”. If you are having problems with a Vanquis credit card we can help you – just fill in this form with your details and we will get back to you.
As with any credit card, customers will usually have repayment problems when they reach the end of their credit limit and are then left with nothing except the high monthly interest charges. If the person is then unable to make the minimum repayment of the debt, the amount owed will only increases further. Once behind with their payments, we know that many of our customers receive ongoing phone calls and letters chasing for payment, which makes their situation even worse and increasingly stressful.
I Am Having Problems Paying My Vanquis Credit Card What Can I do?
We’ve been dealing with companies like Vanquis Bank for many years. If you’re struggling to repay your debt with them and would like us to deal with Vanquis Bank on your behalf, fill in our simple form on the right or click on our DebtPlus partners logo at the top of this page and we’ll call you back to see if we can help.
Your initial consultation with one of our debt advisors is free of charge and you will only ever pay a fee if you enter into one of our credit debt solutions.
To find out more general information if you can’t pay a credit card debt.
Just to let you know, you can find out more about managing your money and getting free debt advice from the Money Advice Service. Click here to find out more.
Vanquis Bank had not been short of controversy
Vanquis has received criticism on credit consumer forums such as Money Saving Expert for the high interest charged on their product cards and charges levied on defaulted payments.
Provident Financial their parent company, have also been scrutinised on its doorstep lending policy and even received negative comments from its own collectors. In 2011 Peter Crook was asked to give evidence before Parliament with other adverse credit lenders on a hearing about debt management.
UK Charity Barnados (The children’s Charity) has also claimed that adverse credit companies such as Vanquis are “cashing in” during the recession.
The official response on the Vanquis website is that responsible use of the card products builds credit and assist users in improving their credit rating, which means they may be able to apply for more affordable forms of credit in future.
More About Vanquis Bank
We’ve collected some information about Vanquis Bank Credit Cards below. Please note that this information may not be up to date and was accurate at the last time we updated it (October 2014).
Company Name – Vanquis Bank
Vanquis Visa Card
PO Box 399
Provident Financial Ltd
Vanquis Bank Registered Address
No. 1 Godwin Street, Bradford, West Yorkshire BD1 2SU. Registered number 02558509 England.
Vanquis Bank Customer ServicesTelephone Numbers
0330 099 3000 (generally included in standard call package, otherwise charged at 9p per minute from BT landline)
0871 770 5555 (7p per minute from BT landline)
Average customer calls last 9 minutes
Vanquis Bank Limited Regulated
Vanquis Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 221156).
Vanquis Bank Complaints Data
The Financial Conduct Authority (FCA) now requires all companies regulated by them to publish their high level complaints information. The information is published twice a year for the period 1 January to 30 June and 1 July to 31 December and includes the number of complaints opened and closed, the percentage of complaints closed within eight weeks of being received and the percentage of complaints upheld by the firm. Vanquis also publish the number of complaints per thousand accounts, which, for the period 1 January to 30 June 2014 was on average 1.34 complaints per thousand accounts per month.
The FCA also requires firms to break down the nature of their complaints into product categories. Currently all complaints received by Vanquis Bank relate to its banking products.
Complaints publication report
Firm name: Vanquis Bank Limited
Group: (if applicable): N/A.
Other firms included in this report (if any): N/A
Period covered in this report:1 January 2014 – 30 June 2014
Brands/trading names covered:Alpha Card, Aquis, Aquis Bank, Aquis Card, Aquis Classic, Aquis Gold, Aquis Platinum, Aquis Deposits, Aquis Loan(s), Aquis Repayment Option Plan, Aquis Savings, Argos, Argos Credit Card, Avant, Avant Programme, Black Diamond, Cashmax, Chrome, Chrome Card, Freemans, Granite, Grattan, High Yield Account, Impact Collection Services, Kaleidoscope, Oneminuteresponse.co.uk, Real Personal Finance, Real Personal Finance Loans, Satsuma, Vanquis, Vanquis Bank, Vanquis Bank High Yield, Vanquis Card, Vanquis Classic, Vanquis Gold, Vanquis Platinum, Vanquis Deposits, Vanquis Insurance, Vanquis Loan(s), Vanquis Repayment Option Plan, Vanquis Savings, Vanquis Visa Shopping Card.
- Number of complaints in report period 9194
- Number of complaints closed within 8 weeks
- % of complaints upheld 11%
- For the period 1 January 2014 – 30 June 2014 Vanquis Bank received on average 1.34 complaints per thousand accounts per month.
Submit your review
I had a problem with my Vanquis repayments recently where I was not able to pay back the money that I owed them. My debts were quite complex so I worked with a debt management company that helped me out a lot. I found Vanquis were OK when I contacted them directly but they were much more accommodating once I contacted a debt management company who set up an affordable repayment plan for me. It cost a bit of money but it was worth it to get rid if the hassle.