vanquis card help

gaz06

hi,
ive decied its time to get out of debt now...im trying to sort eveyrthing out ive paid all my bilsl this month and i have £413 left for 5 weeks until next payday i owe £280 on a vanquis card...however if i pay this off i will be unable to get to work for the month as my car drinks petrol as if it was water...haha...just wondering if heres anyway to set up a payment plan with vanquish and say pay £80 off this week and then for the next couple of months pay a fixed amount untill it was all gone...anyone ideas or suggestions welcome?

SwissLe

It's such a small amount I wouldn't enter into any 'arrangement to pay' with them as it will trash your credit file.

What is your interest rate and what is your credit file like, would you now qualify for a lower rate card such as Virgin?

Batchy

Pay off the vanquis card in full and spend everything on the vanquis card and keep doing it gradually reducing your spend... in fact dont even bother just keep doing it for the rest of your life... you will never be charged interest. :-)

Brian1966

Given the amount £280 I certainly wouldn't bother with arrangements to pay..Pay off what you can and carry a balance over or alternatively do as another poster suggested pay off then use card for fuel etc.
You owe 280 so assuming you have at least the £500 limit, or are you on £250 and over limit.
If the latter then pay enough to bring card back under taking into account any further charges..£12 fees and interest on next statement.
Hope this helps.

gaz06

yeh i am on £250 limit and over that unfortunatly im only 19 and finding another card was impossible when i tried...im just trying to get everything clear now as i want to start saving..

Brian1966

gaz06 wrote: »

yeh i am on £250 limit and over that unfortunatly im only 19 and finding another card was impossible when i tried...im just trying to get everything clear now as i want to start saving..

First thing to do is to pay enough to bring account back into line or the charges will cripple you.
If you can afford to pay the £80 then do so asap to avoid further charges racking up. Next mont your balance depending on int rate will probably be £220-230 so again just pay what you can. Once paid you do have the option to use it again for small purchases but try to avoid if possible, just try to throw as much money as you can into it the put it away for emergencies.
Hopefully you will not have been hassled too much by their collections team yet.
I love Vanquis personally but have heard some horror stories regarding phone calls at every hour of the day if you dont keep to terms and conditions.
Good luck with it :beer:

gaz06

dont get me wrong there a very good company and im finding the service very good...i just want to get out of it and have the card in teh safe in case of a emergency...i recently paid of a argos card of £300 in one go...so will and try get do the same with this in the next 2-3 months cheers for your help