Vanquis Visa

I have decided to try and clear my debts since reading this website I have realised what an idiot I am. So tonight I have been going through my statements etc...I have a vanquis visa card and I am being charged 47.890% interest per year and i am horrified that I have gotten into this. I am not blaming anyone by the way. On this months statement I owe £2637.47, I paid £166.00 in payments this month and the interest I have been charged this month is £101.69. So in reality I have only actually paid £65.00 off my debt this month. Can anyone offer me any advice on what to do to clear this please? I do not have the best credit history in the world but if I keep paying charges like this I will never clear the debt. I have also cut up the credit card. Thank you
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Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Obviously the best thing to do is to try to increase your payments each month - are you likely to be able to do this?

    You could try getting another form of credit with a lower apr to pay this off but it depends on your credit history and financial situation as to whether you would be likely to be able to.
    If you could get a new card with a much lower APR and a big enough credit limit this would be better in terms of interest paid or another alternative might be to see if you could get an overdraft to pay this off. But it all depends on what you might be able to get if any.

    When you say you don;t have the best credit history - what is on your file?
    Is this your only debt? Are you employed? how much do you earn?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Atom
    Atom Posts: 295 Forumite
    Thats crazy - my APR is the same but spent at most £50 in a month on this card - good for you cutting it up make sure you call them and close the account too i will be doing the same soon, in regards to your outstanding balance can you not get the funds from family or friends to clear them off - at the rate your on you would be paying them for a long time.
    The only real security that a man can have in this world is a reserve of knowledge, experience and ability.
  • babyemily
    babyemily Posts: 421 Forumite
    Thank you for your replies.
    Tixy: I cannot increase my payments any further. I have trouble with getting any account as I do not have a passport or driving licence. No this is not my only debt and I am self employed earning very little.
    Atom: I did not know I could close the account so Thank you for that. I have also just noticed a debit for £59.95 for Valuesaver in Stafford....I have absolutely no idea what this is so will need to chase that up with them first. Also the only family I have are my three children and they are only young.
  • Tixy
    Tixy Posts: 31,455 Forumite
    If you are struggling to meet your minimum repayments across your debts then you might want to consider seeking debt advice and possibly considering a debt management plan - if you did enter a DMP then this would seriously damage your credit file for years but it would mean you could pay lower payments to your creditors and might mean that your creditors would agree to freeze interest.

    it might be worth going over to the debt free wannabe board here on MSE and posting up a statement of affairs and seeing what people advise and whether a DMP might be suitable for you.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Atom
    Atom Posts: 295 Forumite
    Call them and cancel the card emily if you don't know what this is and save yourself more hassles - could well be your card details are in the hands of fraudsters, is getting any other line of credit out of the question ? if i win the lottery al pay it for you.

    lol
    The only real security that a man can have in this world is a reserve of knowledge, experience and ability.
  • SnowTiger
    SnowTiger Posts: 4,458
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    babyemily wrote: »
    I have also just noticed a debit for £59.95 for Valuesaver in Stafford....I have absolutely no idea what this is so will need to chase that up with them first. Also the only family I have are my three children and they are only young.

    Is it this lot: http://remembertosave.co.uk/Default.aspx?

    I paid £1 for a diary at the beginning of the year which does the same thing. :T
  • babyemily
    babyemily Posts: 421 Forumite
    Snow tiger I have never ever heard of that company, I have never even seen that before How very very strange??? What do I do now? Do I just ring them up and ask for my money back???
  • archer7
    archer7 Posts: 67 Forumite
    babyemily wrote: »
    Snow tiger I have never ever heard of that company, I have never even seen that before How very very strange??? What do I do now? Do I just ring them up and ask for my money back???

    It's probably not that company if you've never heard of them, it was just possible given that it had the same name.
  • SnowTiger
    SnowTiger Posts: 4,458
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    archer7 wrote: »
    It's probably not that company if you've never heard of them, it was just possible given that it had the same name.

    Same name and they're also based in Stafford. Quite a big coincidence, http://remembertosave.co.uk/terms.aspx:
    The term ‘Remember to Save from Valuesaver’ or ‘us’ or ‘we’ refers to the owner of the website whose registered office is 16 Parker Court Staffordshire Technology Park, Stafford, Staffordshire. UK. ST18 0WP . Our company registration number is 04091557. The term ‘you’ refers to the user or viewer of our website.

    It seems like a lot of money for old rope. OP, yes I would contact them if I were you and at least try to establish how you were signed up to their service. It may have been via a free offer of some sort or in conjunction with another product or service you've purchased.
  • I've also had problems with Vanquis recently! I've closed my account and cut up my card and tried to sort out paying off more than the minimum a month (as thats basically the interest!) and apparently, I can only pay off the minimum or the full amount in one go! Is this really how it works?? I've only got £300 on there but paying it off in one go is not really a possibility.

    Kicking myself for ever bothering with this card! Goodness knows what possessed me!
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