Vanquis Visa Credit Card - Increased Credit Limit

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??

Comments

  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    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
    wsheena Posts: 13 Forumite
    edited 30 June 2010 at 7:58PM
    this may sound dim, but just because they raised the limit, why did you use it?
  • 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
    wsheena Posts: 13 Forumite
    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
    DizzleUK Posts: 569 Forumite
    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.
    Remember this: nothing worth doing is easy.

  • 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?
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards