Vanquis Visa Credit Card - Increased Credit Limit

NewYorkNewYork

Please can someone help me. I have a Vanquis Visa card over the past year and they have increased my limit from £500 to £2500. I am now really struggling with the huge interest fees on the card, can anyone please give me some advice on the best way to pay this off ASAP??

BugsyBrowne

Depending how your credit report is ,apply for a lower balance transfer card and cut the vanquis up,if that fails well i ain't got a clue..

wsheena

this may sound dim, but just because they raised the limit, why did you use it?

NewYorkNewYork

I knew someone was going to ask. I used the £500, then the interest was adding the balance. Rooky mistake, I'm not looking to place blame elsewhere from myself, but the important thing to focus on is I am asking for help now. Past is the past and I made a mistake and now unfortunately it is stressing me out.

wsheena

if you can, try for a balance transfer - there are some 15 and 16 mth interest free balance transfers around at the moment.
or an authorised o/d at a push?
if they are who i think they are - the 30% interest rate - anyone would be better than them.

DizzleUK

NewYorkNewYork wrote: »

I knew someone was going to ask. I used the £500, then the interest was adding the balance. Rooky mistake, I'm not looking to place blame elsewhere from myself, but the important thing to focus on is I am asking for help now. Past is the past and I made a mistake and now unfortunately it is stressing me out.

As mentioned, it depends on your creditworthiness and what other finance you can get. Is there a family member that could help you out?

The average interest per month on a Vanquis card with a £2500 limit is £100, so if you can't get credit elsewhere you really want to be looking at paying £250 a month minimum which would clear it in around 18 months (give or take).

Your final choice is to default it and wait for them to pass it to a DCA (which with Vanquis has been known to take up to a year to do, all the while adding interest and charges) which would screw your credit report up royally. Once with the DCA you can pay them a monthly amount with no further interest from that point.

Sorry, but you're stuck between a rock and a hard place.

telecomengineer

If your credit file is OK on Equifax then apply for a Sygma Card (see the thread on here) they have a new Creation Card that offers Balance Transfers and seem to be more sympathetic than the more mainstream lenders?