We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Vanquis and Impact Collections - Urgent Hep please...
Options
nurse-money
Posts: 227 Forumite
in Credit cards
First confession: I am useless with money.
Secondly: I need to get out of a pickle.
I owe Vanquis Credit Card just under £1000, I have been issued with a default notice for not making payment for several months (my own stupid fault I know) although over the past 2 months I have made payment on time. However my account has now been passed over to Impact Collections on behalf of Vanquis and they are requesting the full outstanding balance to be paid off.
I have negotiated on the phone with them and they are willing to accept 50% of the money (£498) if I make payment with in the next week. Or I can set up a repayment plan over 6 months they have said, spreading out the £1000 to roughly £166 per month.
I don't have the £498, although I could get it with a payday loan and use this money to pay off Impact Collections?
What should I do? The interest on the credit card is killing me anyway approx 40-50 per month..
Secondly: I need to get out of a pickle.
I owe Vanquis Credit Card just under £1000, I have been issued with a default notice for not making payment for several months (my own stupid fault I know) although over the past 2 months I have made payment on time. However my account has now been passed over to Impact Collections on behalf of Vanquis and they are requesting the full outstanding balance to be paid off.
I have negotiated on the phone with them and they are willing to accept 50% of the money (£498) if I make payment with in the next week. Or I can set up a repayment plan over 6 months they have said, spreading out the £1000 to roughly £166 per month.
I don't have the £498, although I could get it with a payday loan and use this money to pay off Impact Collections?
What should I do? The interest on the credit card is killing me anyway approx 40-50 per month..
0
Comments
-
Do not take out a payday loan to clear vanquis because this will add to your problems and the interest on payday loans is higher than vanquis. I would not speak to them on the phone do everything in writing and if you do a settlement make sure its full and final not partial settlement.
Full and final settlement has to be done correctly or they will still chase you for the debt and remember that you should not leave yourself short of money to pay this debt.
I would also get them to agree in writing to update your credit file to say that the account is closed and settled. The Payments should be made by a third party which makes it more legally binding. The account can be settled anytime and make them wait because you are the one with money.0 -
Thanks...
If they offered £498 on the phone, should I offer less when I send it in writing?0 -
borrowing from payday loans is total madness
can you afford 166 per month for 6 months?
why are you useless with money... that's the real issue you need to address otherwise you will simply get into debt again0 -
nurse-money wrote: »Thanks...
If they offered £498 on the phone, should I offer less when I send it in writing?
Yeah I would offer less because they buy debts for little as a pound and make their money when they chase you for the debt.0 -
I would CCA them so it would allow you to have some breathing space...forget the payday loan, it will cost you very much & it is not the solution. CCA them and see what happens. Don't forget Impact Collections has probably bought the debt at a fraction of the price. So if you have to negotiate with them I would start at 25% (£250 for a full & final)0
-
This has now been absorbed into this thread - for updates please check here: http://forums.moneysavingexpert.com/showthread.html?t=1674391&page=52
2010 - year of the troll
Niddy - Over & Out :wave:
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards