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Credit Card Repayment Agreement


I have a vanquids card and now am over the credit limit. With charges etc it hasnt improved the situation!

Vanquis offered a repayment scheme whereby the interest is frozen until i have paid off the over limit amount. They mentioned it may affect my credit rating.

Could anyone offer me some advice and wether my credit rating will be negatively affected if i take up this repayment offer



  • Tixy
    Tixy Posts: 31,455 Forumite
    They will probably issue you with a default for defaulting on the terms of your credit agreement. This will stay on your credit file for 6years affecting your ability to get future credit.

    If you cannot rectify the card and pay off enough to put you back under the limit then you will likely get a default whatever.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • langersp
    langersp Posts: 5 Forumite
    ok thanks.

    its strange they offer me the opportunity to get it back to the limit though if that is the case
  • Tixy
    Tixy Posts: 31,455 Forumite
    If you can get it back under the limit then they won't default you.
    If you cannot do that then you are likely to be defaulted.

    So if you cannot pay off enough to get it under the limit I would say you may as well go for the 0% offer.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    It will show as 'I's on your credit file(for an arrangement) not a default.
This discussion has been closed.
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