Persistent debt Clause Samples

Persistent debt. 20.20.1 Persistent debt is where you have been paying more in interest, fees and charges than you have on paying down your credit card balance, for example because you have only been making the minimum monthly payment for a long period of time. When this happens we will contact you at regular intervals to offer support and ask you to increase how much you are paying each month. 20.20.2 If your account has been in persistent debt for 36 months, we must take certain steps to help you. This may include: • if you tell us that you can afford to, by increasing the minimum monthly payment on your account to the calculation set out in condition 2.2 of this agreement. This will mean that your minimum payment will be set at a level which will ensure that your balance is repaid in 4 years and that any future transactions will not fall into persistent debt; and/or • if you are unable to pay off your Persistent Debt Balance within four years at your standard interest rate, by stopping you from being able to use your credit card, either temporarily or permanently, in order to prevent you from getting into further debt.

Persistent debt. We can also refuse to carry out transactions or stop you using your card or its security details temporarily or permanently if: • you’ve been in ‘persistent debt’ for a period of 36 months. This means you’ve paid more interest, fees and charges than the amount you’ve repaid, and • during that time the amount you owe us has always been more than £200; and • we’ve contacted you with options to increase the amount you’re repaying so you can repay what you owe more quickly, and you haven’t got back to us. It may be that we refuse to carry out a balance transfer or money transfer (including if we restrict or suspend the procedures for making money transfers through the Vanquis App), or we put a permanent or temporary stop on your card. If so, we’ll try to tell you before we do this (including why we’re refusing) unless it would compromise our reasonable security measures or it’s unlawful to do so. If we’re unable to tell you or make information available to you in advance, we’ll tell you immediately afterwards. For other types of transactions, you’ll know we’ve refused a transaction if a retailer asks you to pay by another way because the payment is declined, or a cash machine will not give you any cash. You can contact us to ask us why. We’ll tell you the reasons if the law allows us to. B18 What happens if your card is lost or stolen or misused? You must call us straightaway if you’re concerned about the security of your card or account, for example if: • you think someone else knows your PIN, personal security details for logging into Vanquis Online Banking or the Vanquis App, or has access to your device if you’re using Apple Pay or Google Pay • you or an additional cardholder lose the card or think it’s been stolen, or • you think someone has carried out transactions on your account which you or an additional cardholder haven’t authorised, or they may try to (we call these unauthorised transactions). Report theft, loss or misuse of your card to us immediately by calling us on: ▇▇▇▇ ▇▇▇ ▇▇▇▇ or +▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇ if you’re calling from outside the UK. You can also send us a secure message in the Vanquis App. If we become aware of any fraud or security threats that have happened or we think may happen, we’ll try to contact you using the telephone number we have for you, or by sending you a text message, email or message on the Vanquis App. We’ll tell you the details about the fraud or security threats if the law allows us to.