Credit cards please help

Clawingback · 16 May 2017 at 4:05PM

I have quite a bit of debt, catalogues, credit union loans and credits cards. I am determined to claw my way out of this. Most of my debt is manageable except the credit cards esp vanquis.

I have 2 cards, Vanquis limit of 3.5k (it's over that now due to missed payments) and aqua 2.2k.

Has anyone any experience of vanquis? Would they accept a payment plan. I think realistically I can afford to pay them £225 a month (possibly extra on other months). I've no idea how I go about proposing this to them.

enthusiasticsaver · 16 May 2017 at 4:12PM

Just ring them up and say you are having difficulty making payments.

sourcrates · 16 May 2017 at 4:13PM

I think you may need a solution that encompasses all your unsecured borrowing, why not enquire about your options with one of the debt charities in my signiture ?

Whilst your at it post up an SOA then people can suggest other options as well :

http://www.stoozing.com/calculator/soa.php

Clawingback · 16 May 2017 at 4:15PM

I sent them a letter a couple of days ago asking them to freeze my account temporarily while I tried to get back on top of things. I'd prefer to do it via letter, I'm not very confident speaking on the phone and at least with letters I have proof of the back and forth.

Clawingback · 16 May 2017 at 8:34PM

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1580

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 235
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 5
Internet Services....................... 18
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Credit union loan ...................... 312
Total monthly expenses.................. 1194

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................3800......0.........39
Aqua...........................220.......70........0
Very...........................1500......90........0
Vanquis........................250.......25........0
Studio.........................300.......20........0
Argos..........................350.......15........0
Very...........................300.......15........0
Total unsecured debts..........6720......235.......-

Monthly Budget Summary
Total monthly income.................... 1,580
Expenses (including HP & secured debts). 1,194
Available for debt repayments........... 386
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 151

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,720
Net Assets.............................. 0
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Clawingback · 16 May 2017 at 8:35PM

If I shuffle things I could pay vanquis £200 per month (maybe more at times). I'm not sure how I go about trying to arrange a payment plan? Are they likely to accept it?

sourcrates · 16 May 2017 at 9:50PM

Well you don't have £200 a month to pay vanquis, in fact I could shave at least another £100 off the amount you say you have available for debt repayment, probably more, there's nothing for water, clothing, entertainment, haircuts !!

Do your budget properly you may well qualify for a debt relief order (DRO).

Clawingback · 16 May 2017 at 10:14PM

Water is included in council tax. I don't need money for haircuts, I do it myself. I wear a uniform 5/6 days a week.

I'm satisfied with the figures.

fatbelly · 17 May 2017 at 7:12AM

Clawingback wrote: »

Water is included in council tax.

Are you in Scotland?

Fireflyaway · 17 May 2017 at 7:28AM

I got into trouble with my vanquish card a few years back and found them rude and difficult to deal with. They kept calling despite me telling them I couldn't afford to pay and offering a payment plan. I remember them refusing my offer of a repayment plan, insisting it had to be higher. They wouldn't budge. Maybe things have improved, but my advice would be to be firm. Don't agree to something unaffordable as they will just use it against you and say you broke your agreement. Its always best to have a bit of spare money in your budget because something or other will come up.
I'd suggest doing it in writing. If they do keep phoning after you make an offer, tell them you will report them for harassment. Hope this doesn't put you off. I got there in the end and finally paying them off was the best because they were so horrid! Good luck.

ada-or-ardor · 17 May 2017 at 7:46AM

I agree with Sourcrates on your SOA. You say you don't need a budget for clothes, but the very fact you have catalogue debt suggests you are buying non-essential items with money you don't have, which means your budget is not working for you. If you dont identify why you spend more than you earn, even just to yourself, you will end up back at square one the next time things get tight.

Good luck with everything and with Vanquis!

Ada

Credit cards please help

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