Me: 2, Vanquis Bank: 0.

Armadillo · #1 21st January 2016, 10:27

I took out a credit card with a limit of 500 a few years ago, and have always used it sensibly. However my income went down and so I tried to activate a payment arrangement with interest frozen that I have been paying for incase I needed it (PPI I guess but with a different name). I sent then the evidence they needed, and they never received it. I sent it a 2nd time via recorded delivery which was signed for but they still said they never received it. In anger I cancelled all future payments and contacted via email telling them that they can either activate the plan and allow me to pay off the balance without further interested and charges, or take it to a debt collector. They began harassing me on the phone (I hung up every time or ignored) and then eventually sent me an offer to accept the monthly payment I had suggested (£30 a month is very reasonable I think, would have been much less had it gone to a debt collector) and freeze interest. I responded that I would only accept this if they also took off all charges since I first tried to activate the plan and there were no further charges. I refused to discuss it, telling them plainly that was their only option - and I have just had confirmation that this has now been agreed

The moral of the story is, banks know that if they sell your debt to an agency they will only get a small percentage back, and it is in their best interest to deal with the debt themselves. They will try to tell you they can't take off or stop charges, they will try to remain in control, but if you stick to your guns and show that you are willing to pay off the debt ON YOUR TERMS they will eventually comply. Feeling pretty smug atm, especially as since this all started my balance went from £400 (within limit) to almost £1000 with charges that have now been taken off.

Sun Wukong · #2 21st January 2016, 10:40

Hope you get yourself a nice treat with some of that hard won money!

Armadillo · #3 21st January 2016, 10:45

lol nope unfortunately I wont get it, it is just taken off the balance I owe - would be nice though!

umm · #4 21st January 2016, 13:19

Quote:

Originally Posted by Armadillo

I took out a credit card with a limit of 500 a few years ago, and have always used it sensibly. However my income went down and so I tried to activate a payment arrangement with interest frozen that I have been paying for incase I needed it (PPI I guess but with a different name). I sent then the evidence they needed, and they never received it. I sent it a 2nd time via recorded delivery which was signed for but they still said they never received it. In anger I cancelled all future payments and contacted via email telling them that they can either activate the plan and allow me to pay off the balance without further interested and charges, or take it to a debt collector. They began harassing me on the phone (I hung up every time or ignored) and then eventually sent me an offer to accept the monthly payment I had suggested (£30 a month is very reasonable I think, would have been much less had it gone to a debt collector) and freeze interest. I responded that I would only accept this if they also took off all charges since I first tried to activate the plan and there were no further charges. I refused to discuss it, telling them plainly that was their only option - and I have just had confirmation that this has now been agreed

The moral of the story is, banks know that if they sell your debt to an agency they will only get a small percentage back, and it is in their best interest to deal with the debt themselves. They will try to tell you they can't take off or stop charges, they will try to remain in control, but if you stick to your guns and show that you are willing to pay off the debt ON YOUR TERMS they will eventually comply. Feeling pretty smug atm, especially as since this all started my balance went from £400 (within limit) to almost £1000 with charges that have now been taken off.

Go Armadillo! Stick it to the man!

On a related note, the same can be done with credit agencies, or anything really, because these aren't laws, they are contracts, which can be negotiated.