Vanquis Credit Card Debt

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Struggling with debt can cause a lot of financial difficulties and added financial pressure; knowing what to do about it can make all of the difference.

We will cover all there is to know about Vanquis credit card debt and help you find quality debt help services and plausible debt solutions. 

Keep reading this article to get advice on your next steps to get the relevant information to solve your Vanquis debt problem.

What Is A Vanquis Credit Card?

A Vanquis credit card is a card that was made for customers who have a bad credit score and are looking to build their score up.

With a Vanquis card, customers can stay in control of their money and keep on top of what they spend every month by using their app.

How Does A Vanquis Credit Card Work?

A Vanquis credit card has low credit limits to encourage its customers to use the card responsibly. They are a good first credit card for those with little credit history.

The main aim of a Vanquis credit card is to help people develop responsible borrowing habits to gain more credit over time.

Is Vanquis A Legit Company?

Vanquis is a legit company they have been around since 2003 by Provident Financial, and it became licensed for consumer credit in 2002.

It has become a well-known financial service company with customers in the UK. They are registered with the Financial Conduct Authority and the Prudential Regulation Authority Financial Services register.

Always make sure when dealing with credit card providers that they are regulated and authorised by the financial conduct authority.

Why Is Vanquis Contacting Me?

If you receive a call, letter, email or text from Vanquis, there could be many reasons why they could be contacting you.

One of the main reasons they would be contacting you would be due to a missed payment on your debts.

They could send debt collectors and bailiffs to your home and seize your belongings if you ignore them.

If a debt collector cannot reach you or doesn’t have your contact information, they are legally allowed to contact your family members; but they are limited on what they can say.

How Do I Stop Vanquis From Contacting me?

The best way to stop Vanquis from contacting you would be to get in touch with them as soon as you receive a letter, call, text or email from them.

If you respond to them as soon as possible, it will be easier to agree on a monthly repayment option plan.

The other option is to ask creditors to remove your contact details from their records. If you do this, however, it is still important you read letters and emails from your creditors.

Vanquis Contact Details

If you would like to contact Vanquis about your financial situation, you can either:

  • Call them on – 0330 099 3002
  • Write to them – Vanquis Visa Card Customer Services, PO Box 399, Chatham ME4 4WQ.
  • You can also send a letter to their register office – 1 Godwin Street Bradford West Yorkshire BD1 2SU.

They are open Monday – Friday 8:30-7:00 pm and Saturday 9:00 am-4:00 pm.

What Happens If I Ignore Vanquis?

If you have ignored Vanquis for a significant time, they may issue you with a county court judgement (CCJ). This is always a last resort if there has been no contact.

If Vanquis decides to go down this route and the court decides that you are liable for the debt owed, a CCJ will be issued.

Vanquis could also send bailiffs to your home if they deem it necessary, depending on the debt’s value.

How Will A CCJ Affect My Credit Record?

Unfortunately, a CCJ will negatively impact your credit record since it is evidence you have been unable to pay outstanding debt.

It can also affect your eligibility to get any future credit; however, the score can increase if you handle your credit correctly and make any future payments on time.

Will I Be Able To Remove A CCJ From My Credit Record?

Any CCJ you have been issued will be automatically removed after six years, regardless of your financial situation.

However, if you have paid the debt off in full within the first month of being issued the CCJ, you can apply for the debt to be removed from your record.

If you pay off the debt in full after the first month, you can apply to have it marked as satisfied on your report.

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How To Make A Payment To Vanquis?

The easiest way to make a payment to Vanquis would be through the Vanquis bank app or via their online banking service website. All you have to do on the mobile app is:

  1. Download the Vanquis Bank app.
  2. Go to the payments section and select make a payment.
  3. Then all you need to do is follow the instructions on the screen to complete your payment.

Similar to the mobile app, to make a payment via online banking, all you have to do is:

  1. Log in to your online banking.
  2. Select payments or make a payment on the account summary page.
  3. After this is done, your balance should update within two working days.

You can also make a payment by phone – 0330 099 3000. The line is available 24 hours a day, or you can make a payment in person by going to your bank or local post office.

What Do I Do If I Cannot Pay Vanquis?

If you miss a payment or cannot afford it that month, Vanquis encourages you to get in touch with them so you aren’t dealing with debt alone.

However, there are other ways you can pay off your debts, such as:

Debt Management Plan

A debt management plan is an affordable monthly payment plan you and your creditors agree upon through a direct debit.

DMPs are used when you can only afford to make small monthly payments or you have debt problems and will only be able to make repayments in a few months.

Debt Relief Order

A debt relief order is a simplified and quicker alternative to bankruptcy. You will not pay anything towards your debts for 12 months. In those 12 months, creditors cannot chase you for payment, relieving financial pressure.

One of the downsides to a debt relief order is that it will stay on your credit report for six years which may impact your credit rating.

Individual Voluntary Agreement (IVA)

An IVA is an agreement with your creditors to pay off all or part of your debt. This will give you more control over your assets.

To arrange an IVA, you need to get an insolvency practitioner since they can determine how much you can afford to repay and how long the IVA will last.

What Debt Collectors Does Vanquis Use?

Vanquis has its debt collectors called Vanquis Debt Recovery. Before they come to your home, they will send you a written letter to let you know you have missed a payment.

If you ignore the letter or cannot pay, they will come to your home and seize your belongings, equivalent to the amount you owe.

How Can I Manage My Vanquis Debt?

If your credit card debt with Vanquis is becoming too much for you, there are many ways you can manage it. Some of these include:

Working out your budget

Once you work out your budget, debt becomes much more manageable and relieves financial pressure.

It would also help to make a list of the debts in order of most important to least important, and then you can work out how much a month you can allocate to each one.

Seek debt advice

Seeking free debt advice from a professional can also help you out a lot since you can be advised on the best ways to repay debt at an affordable rate.

They can also help and advise you on the aftermath of dealing with debt and how not to let it affect your mental state by worrying about money.

What Happens If I Fall Into Persistent Debt With Vanquis?

If you fall into persistent debt with Vanquis, they will contact you immediately to ensure that they can guide you in the right direction.

To be classed as persistent debt, you will have to have paid more in interest and charges than you have paid in the amount borrowed in the past 18 months.

How Can I Avoid My Account Going Into Persistent debt?

To avoid going into persistent debt, Vanquis will encourage you to pay more towards the amount owed if you can afford to.

Doing this will reduce your balance much faster, and you will pay less interest. It can be done by setting up a direct debit for the amount you can afford.

Will Vanquis Debt Affect My Credit Score?

How much your total debt is could impact your credit score in a big way; 30% of your credit score is calculated by the amount of debt you owe.

So you must manage your debt carefully and pay it off if and when you can so it will not affect your future chances of getting a loan.

If you decide to file for bankruptcy as a way to deal with your debt, it can also significantly bring your credit score down and could negatively affect it for months.

Remember that credit is only available to UK residents aged 18 or over.

How Long Does Debt Stay On Your Credit Report?

Most debts, including credit card debt, will stay on your credit report for six years. After the six years is up, your debt will be wiped from your record even if it is left unpaid.

This may sound like you never have to pay your debt. However, you will be contacted many times within those six years, so it is always better to pay it off when possible.

How Do You Make A Balance Transfer With Vanquis?

To make a balance transfer with Vanquis, you would need to apply for a balance transfer credit card.

A balance transfer credit card will allow you to transfer balances to and from credit cards.

Having a balance transfer card could help you pay off your debts much faster since there is no interest attached to these cards for a fixed period.

How Can I Complain About Vanquis Bank?

If you need to make a complaint about Vanquis, you can do this in a way that is the most convenient for you. You can either contact them by:

Alternatively, you can contact the Financial Ombudsman Service. You can do this by :

Frequently Asked Questions

What Is Vanquis' Credit Limit?

If you are a new customer of Vanquis, you get a credit limit of between £250-£1200.

This is so you can get used to the idea of having a credit card and you can manage the account properly.

Can I Increase My Credit Limit With Vanquis?

A credit limit increase is possible with Vanquis however you cannot request one yourself. Vanquis has to be the one to assess your account and decide whether you are eligible.

Vanquis check your eligibility every four months, and once they have assessed your situation, they will let you know through the app, text or email.

Can I Go To Jail If I Don’t Pay My Debt?

If you don’t pay your debt, you cannot be sent to jail or be threatened with jail time by debt collectors.

If you have been threatened to be sent to jail by a debt collection company, it is classed as harassment, and they are in breach of legislation.

Summary

Falling into debt can always be a worrying time, especially when creditors begin chasing you for the amount you owe.

Starting with making the monthly minimum payment on your Vanquis debt that you and your creditors agreed on is the best way to get you back on track with your money.

If you need further advice, it would be best to reach out to a debt counsellor to get free professional advice.

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