It’s not regulated once its open though, the customer service adviser on the phone has probably been told it cannot accept Monzo.
Once you’re in and into your account online, their systems just view the account number and sort code as the same as any other account.
It is madness though.
I had the same, I prefer to pay everything manually anyway when I get paid, it keeps me in control. But the reality is Vanquis is a credit card for bad credit. Which means they have to have some assurances that they’re going to get paid whatever they lend to you. A direct debit is the best they can put in place I guess!
Thank you to everyone who replied. I have also flagged this within the app to customer services since it just does not make sense to me.
and I wanted the direct debit. and I was going to have it for full payment every month.
But alas, they think my bank is not appropriate or whatever.
I guess in the meantime you’ll just have to manually pay them from Monzo each month. Set up a reminder
I would, but they refused to set up the account without a DD in place.
Best thing about Vanquis was the large ROP repayment I got a few months ago.
Have you tried capital one? They’re also ‘subprime’ credit and roughly the same interest rate
Have you considered another credit-building card? There is a tool online that will give you an idea of how likely you are to be accepted for different ones, without affecting your credit rating: https://www.moneysupermarket.com/credit-cards/credit-builder/
This is strange as when I got mine in December, when talking to them I asked about setting up a direct debit on the phone and was told to wait for the card and setup up on the online account
I would recommend a 2nd current account though, not just relying on Monzo, or any one bank nowadays.
As mentioned above email acceptance@monzo.com
Maybe use a family members sort code and account number , and change it in app for a quick workaround.
Yep Starling is just as easy to set up.
Just tell them you’re going to get a proper credit card instead?
Aqua also do credit building credit cards in the same way as Vanquis if you want to try another provider. Same insane rates, but as long as you pay in full each month that doesn’t matter.
why dont you sign up to credit karma and there got a tool on there that helps you look for a credit card u would be accepeted for
Can someone confirm this 100%? having the same problem and brought this up on the phone, the guy said it wouldnt work which was strange
referring to trying to open the account on a different direct debit then swapping it over to monzo