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  • FIRST POST
    • Clawingback
    • By Clawingback 16th May 17, 4:05 PM
    • 22Posts
    • 5Thanks
    Clawingback
    Credit cards please help
    • #1
    • 16th May 17, 4:05 PM
    Credit cards please help 16th May 17 at 4:05 PM
    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.
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 16th May 17, 4:12 PM
    • 4,679 Posts
    • 8,857 Thanks
    enthusiasticsaver
    • #2
    • 16th May 17, 4:12 PM
    • #2
    • 16th May 17, 4:12 PM
    Just ring them up and say you are having difficulty making payments.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • sourcrates
    • By sourcrates 16th May 17, 4:13 PM
    • 12,469 Posts
    • 11,861 Thanks
    sourcrates
    • #3
    • 16th May 17, 4:13 PM
    • #3
    • 16th May 17, 4:13 PM
    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
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Clawingback
    • By Clawingback 16th May 17, 4:15 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    • #4
    • 16th May 17, 4:15 PM
    • #4
    • 16th May 17, 4:15 PM
    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
    • By Clawingback 16th May 17, 8:34 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    • #5
    • 16th May 17, 8:34 PM
    • #5
    • 16th May 17, 8:34 PM
    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[b]
    Net Assets.............................. 0
    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using other browser.
    • Clawingback
    • By Clawingback 16th May 17, 8:35 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    • #6
    • 16th May 17, 8:35 PM
    • #6
    • 16th May 17, 8:35 PM
    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
    • By sourcrates 16th May 17, 9:50 PM
    • 12,469 Posts
    • 11,861 Thanks
    sourcrates
    • #7
    • 16th May 17, 9:50 PM
    • #7
    • 16th May 17, 9:50 PM
    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).
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Clawingback
    • By Clawingback 16th May 17, 10:14 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    • #8
    • 16th May 17, 10:14 PM
    • #8
    • 16th May 17, 10:14 PM
    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
    • By fatbelly 17th May 17, 7:12 AM
    • 11,536 Posts
    • 8,671 Thanks
    fatbelly
    • #9
    • 17th May 17, 7:12 AM
    • #9
    • 17th May 17, 7:12 AM
    Water is included in council tax.
    Originally posted by Clawingback
    Are you in Scotland?
    • Fireflyaway
    • By Fireflyaway 17th May 17, 7:28 AM
    • 1,300 Posts
    • 1,323 Thanks
    Fireflyaway
    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
    • By ada-or-ardor 17th May 17, 7:46 AM
    • 125 Posts
    • 528 Thanks
    ada-or-ardor
    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
    • Clawingback
    • By Clawingback 17th May 17, 8:09 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    Yes, I'm in Scotland.
    • Clawingback
    • By Clawingback 17th May 17, 8:16 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    Thank you for the advice.

    I will stick to letters. While you were back and forth with them to accept your payment plan did they keep adding interest on?

    I sent them a letter last month but I made the mistake of not sending it tracked and received no reply but I sent it again tracked on Monday.
    • Clawingback
    • By Clawingback 17th May 17, 8:18 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    The catalogue debts are old debts that I've just been paying off I haven't ordered anything in quite some time.
    • Anniee88
    • By Anniee88 17th May 17, 10:02 AM
    • 19 Posts
    • 37 Thanks
    Anniee88
    Is your partner able to work at all? If you are on a low income you could claim up to 70/80% costs of childcare back through tax credits and the extra income could help, just a possible thought. My friend works in care, evenings only and her husband has her two kids to avoid childcare costs.
    • EssexHebridean
    • By EssexHebridean 17th May 17, 10:14 AM
    • 8,147 Posts
    • 42,990 Thanks
    EssexHebridean
    You say that YOU have no costs for clothing - well if you never buy new pants then fair enough - but there are two other people on your SOA and one of those is a child - judging by the fact that your partner isn't currently working I'm guessing q young child? I'm afraid they have a habit of growing, sometimes quite fast, and so SOME new (or at least new-to-you) clothes are going to be required at some stage! Likewise - your partner never needs a haircut?

    There's a few imbalances on there - are nappies and baby stuff (if applicable) included in groceries? You're not showing anything for contents insurance which is a must - and will cost you well under £10 a month. It's a serious false economy not to have that in place.

    The £80 a month I assume is child benefit? It seems a bit low though - should it not be more than that? Have you checked you're not entitled to anything else too? On that income it occurs to me that you may well be?

    You say you're putting £50 a month to your emergency fund savings but no cash assets are shown? If that the figure you'd *like* to be putting away or are you actually doing this? You need to be very careful that a first draft of an SOA reflects your situation as it is - otherwise it's impossible to work out where you can make changes.

    I agree with Ada & Sourcrates - first step needs to be to get a working budget in place, and actually try and test it so you know it DOES work over a few months. It needs to be realistic though. If any form of increase in income can be found then better still - can your partner take on an Avon round or something? Easily done with kids, suits SAHM's (or dad's, come to that!) a treat, and can give a nice little boost to earnings once you get established.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£632.77 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Clawingback
    • By Clawingback 17th May 17, 10:18 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    My partner is able to work and has been trying to get a job.
    • smiley333
    • By smiley333 17th May 17, 10:19 AM
    • 22 Posts
    • 37 Thanks
    smiley333
    I'm assuming your 80 benefits is child benefit what about child tax credits surely you should get them? When my partner had the same income as you and I wasn't working I still roughly got £500 in child tax credits.
    I'd recommended trying to get the interest frozen on your credit cards and work out the interest rates and time left on all debts then work from there.
    I'd also recommended speaking to the catelogue companies too. I know for a fact studio has a horrendous Apr once 0% is over... I know... I was trying to pay it too.
    Gl.
    • Clawingback
    • By Clawingback 17th May 17, 10:30 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    You say that YOU have no costs for clothing - well if you never buy new pants then fair enough - but there are two other people on your SOA and one of those is a child - judging by the fact that your partner isn't currently working I'm guessing q young child? I'm afraid they have a habit of growing, sometimes quite fast, and so SOME new (or at least new-to-you) clothes are going to be required at some stage! Likewise - your partner never needs a haircut? my partner cuts her own hair. Clothes aren't an issue, my partner buys and sells(what's no longer needed) on eBay.

    There's a few imbalances on there - are nappies and baby stuff (if applicable) included in groceries? You're not showing anything for contents insurance which is a must - and will cost you well under £10 a month. It's a serious false economy not to have that in place. I don't have content insurance, never have. My child isn't in nappies.

    The £80 a month I assume is child benefit? It seems a bit low though - should it not be more than that? Have you checked you're not entitled to anything else too? On that income it occurs to me that you may well be?
    The 80 is child benefit, I wasn't sure of the exact amount and was slightly off. It is 20.70 per week. So £82.80pm. We were getting working tax credits but are no longer entitled to them. We get a little child tax credits but I'm unsure if that will continue/change so left it out for now.

    You say you're putting £50 a month to your emergency fund savings but no cash assets are shown? If that the figure you'd *like* to be putting away or are you actually doing this? You need to be very careful that a first draft of an SOA reflects your situation as it is - otherwise it's impossible to work out where you can make changes. this is what I'd like to put away for emergencies. I don't currently have an emergency fund

    I agree with Ada & Sourcrates - first step needs to be to get a working budget in place, and actually try and test it so you know it DOES work over a few months. It needs to be realistic though. If any form of increase in income can be found then better still - can your partner take on an Avon round or something? Easily done with kids, suits SAHM's (or dad's, come to that!) a treat, and can give a nice little boost to earnings once you get established. My partner is looking for work.
    • StopIt
    • By StopIt 17th May 17, 10:45 AM
    • 1,392 Posts
    • 1,184 Thanks
    StopIt
    You say that YOU have no costs for clothing - well if you never buy new pants then fair enough - but there are two other people on your SOA and one of those is a child - judging by the fact that your partner isn't currently working I'm guessing q young child? I'm afraid they have a habit of growing, sometimes quite fast, and so SOME new (or at least new-to-you) clothes are going to be required at some stage! Likewise - your partner never needs a haircut? my partner cuts her own hair. Clothes aren't an issue, my partner buys and sells(what's no longer needed) on eBay.

    There's a few imbalances on there - are nappies and baby stuff (if applicable) included in groceries? You're not showing anything for contents insurance which is a must - and will cost you well under £10 a month. It's a serious false economy not to have that in place. I don't have content insurance, never have. My child isn't in nappies.

    The £80 a month I assume is child benefit? It seems a bit low though - should it not be more than that? Have you checked you're not entitled to anything else too? On that income it occurs to me that you may well be?
    The 80 is child benefit, I wasn't sure of the exact amount and was slightly off. It is 20.70 per week. So £82.80pm. We were getting working tax credits but are no longer entitled to them. We get a little child tax credits but I'm unsure if that will continue/change so left it out for now.

    You say you're putting £50 a month to your emergency fund savings but no cash assets are shown? If that the figure you'd *like* to be putting away or are you actually doing this? You need to be very careful that a first draft of an SOA reflects your situation as it is - otherwise it's impossible to work out where you can make changes. this is what I'd like to put away for emergencies. I don't currently have an emergency fund

    I agree with Ada & Sourcrates - first step needs to be to get a working budget in place, and actually try and test it so you know it DOES work over a few months. It needs to be realistic though. If any form of increase in income can be found then better still - can your partner take on an Avon round or something? Easily done with kids, suits SAHM's (or dad's, come to that!) a treat, and can give a nice little boost to earnings once you get established. My partner is looking for work.
    Originally posted by Clawingback

    A few things:


    First: Child Benefit is weekly, so you need to calculate monthly amounts by multiplying the weekly amount by 52, and dividing by 12. So, £89.70 p/m. When calculating budgets around things like this and maternity pay etc it is crucial to be accurate otherwise you'll lose track easily.


    Get contents insurance ASAP. It might sound far fetched but wake up one day to a water based disaster for instance and you'll rue now having it.


    Same with an emergency fund. Once you've built up a fighting fund you'll be better prepared to deal with shocks that would otherwise have gone on the CC.


    Check your entitlement to Child Tax Credits again. You say it's due to go down? But on a sole income of approx. £23k pre tax you should have at least some entitlement.


    Also, while your partner is looking for work, check out the Boost Your Income boards here. There's lots that can earn a few pounds here and there that soon add up.


    Lastly, I think this is solvable with some snowballing, and making sure that money in your SOA actually is available to go towards debt so don't despair. Get a spending diary going, note ALL of your spending and eliminate things that are nice but not essential like trips to the coffee shop, cheeky Nandos and the like. The sooner you give up just for a while, the sooner the debt is gone and then you can be debt free.


    Edit: You didn't list your loan in your unsecured debts. How much is it and how long is the term and at what APR?
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