Vanquis Bank's Repayment Option Plan (ROP) for its credit cards is being investigated by the regulator, the Financial Conduct Authority (FCA). This was announced by Provident, who own Vanquis, on 22nd August 2017. If you currently have this, should you cancel it? And can you claim a refund? I'll look at what is known about this investigation and who may get compensation because of it. I also … [Read more...]
Articles about credit cards
Credit cards can be really useful but they can also be dangerous - if you just hand over that piece of plastic it can be too easy to run up bills which will take you many years to clear. So how can you make the best use of them? The articles here look at
make sure you get the benefits - practical steps you can take so that the banks don't make huge profits from you;
what's new and whats changing with credit cards in Britain?
too much credit card debt - how can you tackle it fast?
A level day 2017 – off to uni? Plan your finances!
You have the A level grades and there is a few weeks to get organised for uni in September 2017. What should your top priorities be for managing your money? And what should you avoid? Managing on a student loan is hard First, there isn't a lot of money. And the system expects many people's parents to be able to give you just more than they can afford. But even if there was more money, it … [Read more...]
Persistent credit card debt – lenders must do more to help
The Financial Conduct Authority (FCA) is proposing a definition of persistent credit card debt and a set of actions credit card lenders will have to take with people who are in persistent credit card debt for 18 months or more. Recent news highlights why the FCA is worried about credit card debt. In June 2017, £67billion is owed on credit cards in Britain and that is increasing at 9% per year. … [Read more...]
Is your credit card getting close to the danger point?
Here is a simple way to think of your credit cards and catalogue accounts using the traffic light colours. It's meant as a warning signal that you may have problems in the future. If you are in difficulty with bills or debts now, it's too late for this early warning to help... have a look at your possible options and get some debt help now! Red - Amber - Green First you need to compare the … [Read more...]
What to do if you can’t pay a debt this month
Are you facing a debt crisis this month? If you realise that you can't pay all your bills and debts this month, what should you do? In 2017 even more people are having debt problems because credit card, loan and catalogue debt has been rising fast. Debt is going up faster than most people's incomes, so more people are having difficulty repaying it. Here is a practical list - starting with … [Read more...]
Can you get interest refunds from catalogues & credit cards?
Have you had a catalogue or a credit card where you were given a high credit limit? So high that the minimum repayments were hard to manage without borrowing more? Many people were originally given sensible limits, but the lender kept increasing them. Thousands of people got refunds from payday loan complaints in 2016, see How to get a payday loan refund for more information. Some people have … [Read more...]
Will 2 credit cards improve my credit score faster?
A reader asked: "I've seen advice to improve my credit rating after a Debt Management Plan by getting a "bad credit card" and repaying it in full every month. Would it be a good idea to get two of these cards? I don't want to borrow any money, just to get a better credit score." This is a good question! Let's start off by looking at why getting a bad credit card such as Vanquis is often … [Read more...]
0% credit card deals in September 2017
In September 2017, you can get a 40 month 0% balance transfer deal if you pay a fee. Or you can get a 29 month deal with no fee at all! This is a great time to refinance your credit card debt - grab a deal as soon as you can because the really good ones may not be around in a few months! Why is this urgent? For a long period, the 0% offers were improving each month with lenders competing to … [Read more...]
“Bad credit” cards & how to use them wisely
There are several "bad credit" cards in Britain, including Vanquis, Aqua, and Luma. The cards are aimed at people who get turned down for a normal credit card. They promise access to credit you can't otherwise get, but many people want them not because they want to borrow but to help them improve their credit score. In July 2016, the FCA (the credit card regulator) published research showing … [Read more...]
4 reasons to fix credit cards payments
If you are making the minimum payment to a credit card it will probably feel as though you are only paying interest and the balance isn't going down. You aren't alone - in July 2016 new research found that over 1.4 million people in Britain have been making minimum payments for three years or more. If you are caught in this minimum payment trap, what can you do? Of course it would be best to … [Read more...]