If you’ve paid more in interest, fees and charges than you have towards the amount you’ve borrowed over an 18-month period, the Financial Conduct Authority (FCA) considers your account to be in ‘persistent debt’.
This can happen if you’ve been making minimum or low monthly payments for a long time. And it means it could take several years – and cost you more in interest and charges – to repay what you’ve borrowed.
If your account is in persistent debt, we’ll get in touch to offer support and suggest increasing your payments if you can afford to.
We’ll send you a letter or email to tell you how you can repay your balance quicker – and avoid paying more in interest and fees.
It’s important to make your minimum payments to avoid fees and charges. But making only low repayments for a long time can be an expensive way to borrow.
We recommend that when you can, try to pay a bit more than your minimum payment – as long as it’s affordable.
By paying more than the minimum payment when you can afford to, you could save money and repay your balance faster.
Minimum Payment Due
Recommended payment
Fixed payment
Pay the minimum payment – £38.40 in the first month and decreasing
Pay the recommended payment of 7% of balance – £70 in the first month and decreasing
Pay £38.40 each month going forward
15 years, 2 months
5 years, 5 months
4 years, 1 month
£2,318
£627
£1,691
MPD
Pay the minimum payment – £38.40 in the first month and decreasing
15 years, 2 months
£2,318
N/A
Recommended payment
Pay the recommended payment of 7%* of balance – £70 in the first month and decreasing
5 years, 5 months
£627
£1,691
Fixed payment
Pay £38.40 each month going forward
4 years, 1 month
£844
£1,474
If you’d like a bit of help working out all your credit card costs, there’s a free online calculator at cardcosts.org.uk.
This is a fixed percentage of your statement balance – higher than your usual contractual minimum payment amount. To help avoid persistent debt in the future, try increasing your payments to this amount if you can.
You don’t have to pay this higher amount. But if you can afford it, you’ll pay less interest and reduce your balance quicker. The percentage we suggest for your Recommended Payment will depend on your APR – we’ll let you know what the percentage is when we contact you if you’re in persistent debt.
You can increase your monthly payment through the Vanquis app. Just make a payment and select a percentage of your balance or a specific amount. If you have a regular payment set up, you can also change the amount on the payments tab in our app.
If you think you may have a problem making your payments, please give us a call on 0330 099 3127*. Our friendly team are here to listen, not judge, and we’ll be sensitive to your individual situation.
The following organisations offer free impartial advice and support if you’re experiencing financial difficulties. They can recommend the most appropriate debt solution for your situation to help you get back in control of your finances.
You can also find more info and support at on our money worries page.
*Call charge information
Network charges may apply. Calls to 01 and 03 numbers from UK landlines and mobiles are normally included in free plan minutes if available; otherwise calls to 03 numbers cost the same as calls to 01/02 prefix numbers. Calls to 0800 or 0808 numbers are free from mobiles and landlines. Find opening times here.
Vanquis Bank Limited is registered in England & Wales with company number 02558509, with its registered office at No. 1 Godwin Street, Bradford, West Yorkshire, United Kingdom, BD1 2SU. VAT number 180555952. Vanquis Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered in the Financial Services Register under number 221156. Credit is subject to status, affordability, and credit checks. Credit is only available to UK residents aged 18 and over. Terms and conditions apply.
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