Vanquis credit card 59.9% APR - Proposal

MancDan

hi there


I’m attempting to rebuild my credit rating and also get out of the Wonga loop! I have no CCJ’s but I have a poorly managed credit history (many collection departments and debt collection agencies, which I’ve managed to pay off). It started many years ago whilst at University. Since then, as I could not get credit I could not rebuild my rating, now many years later I am in a position to afford credit and mature enough to manage it correctly.

I managed to get accepted for a Vanquis bank card!

Whlist all my other unsecrued debts are paid off, I’m currently in the Wonga loop! Paying 2 thirds of my salary back a month then retaking out a loan to cover my outgoings. This happened due to certain circumstances that aren’t worth going into but I find myself in this position non the less. I’m paying an extortionate amount in interest and fee’s a month with Wonga and its not always guaranteed that a Wonga loan is accepted. I’ve always paid off the loans on time (8 in total), but on payday I’m a nervous wreck worrying if my request for another loan will be accepted.

My proposal is this, to shift the entire balance across from Wonga on to the Vanquis card. I will then start to pay more than the minimum monthly repayment required on the card. I worked out I will pay the vanquis bank card off in 2 years paying double the minimum required monthly payment.

What does everyone think of this proposal? I’m certain this is more secure than relying on Wonga every month and cheaper too and best of all by meeting the montly obligations on the vanquis card will also improve my credit rating!

Comments?

izools

Does your Vanquis have enough of a limit to cover the whole PDL balance?

KingElvis

I think the only way you could do this with a Vanquis card would be to withdraw the cash and pay off the loan. Vanquis will charge an eye watering amount to take out cash and then you have that hideous interest rate to add on each month.

You'd be lucky to clear it.

To transfer direct to a bank account from a credit card, you need a super balance transfer card which Vanquis most certainly is not.

Good luck.

MancDan

izools wrote: »

Does your Vanquis have enough of a limit to cover the whole PDL balance?

Yes it does. The PDL is around £700. I have a limit of a £1,000.

KingElvis wrote: »

I think the only way you could do this with a Vanquis card would be to withdraw the cash and pay off the loan. Vanquis will charge an eye watering amount to take out cash and then you have that hideous interest rate to add on each month.

You'd be lucky to clear it.

To transfer direct to a bank account from a credit card, you need a super balance transfer card which Vanquis most certainly is not.

Good luck.

I will pay off the Wonga loan with the card, not sure why I would need to draw cash out. Something which I would never do on card such as this or ever on a credit card again.

gizmo111

Can you pay wonga by credit card? I thought it was only debit card they accepted.

MancDan

I've just relaised this!.

Doh! Idiotic.

Any other suggestions?

MancDan

I suppose what I could do is, let the Wonga loan debit my debit account normally then use the Vanquis card to cover my outgoings?

I still have enough money when the Wonga loan goes out to cover the majority but not all of the essentials.

I'm really trying to avoid my Wonga loan reaching the full extent of my salary every month.

KingElvis

gizmo111 wrote: »

Can you pay wonga by credit card? I thought it was only debit card they accepted.

Hence my post above.

spikescot2005

You could then pay the vanquis card balance in full each month spending less on the card each month which will reduce the amount you are spending. Also you won't pay interest to Vanquis then .

fozmcfc

MancDan wrote: »

I suppose what I could do is, let the Wonga loan debit my debit account normally then use the Vanquis card to cover my outgoings?

I still have enough money when the Wonga loan goes out to cover the majority but not all of the essentials.

I'm really trying to avoid my Wonga loan reaching the full extent of my salary every month.

Definately your best bet, if you are 100% certain you definately won't get accepted for a lesser APR credit card.

What you should do though, is pay Wonga off, then live like a monk as they say for a couple of months, no nights outs, no takeaways, don't even buy bottles of coke etc, it all adds up. Make your own sandwiches, use diluted drinks and/or tap water and eat cheap pasta meals or beans on toast etc.

You will probably be amazed at how much you save, £10, £20 maybe even upto £50 - £100.

In addition get selling anything you don't use, phones, games, dvd's laptops, old pc bits and pieces etc...

If you are serious about getting yourself sorted, you need to get completely serious and that means cut all overspending, sell unecessary items, it really is about changing lifestyle.

Bosie

KingElvis wrote: »

I think the only way you could do this with a Vanquis card would be to withdraw the cash and pay off the loan. Vanquis will charge an eye watering amount to take out cash and then you have that hideous interest rate to add on each month.

You'd be lucky to clear it.

To transfer direct to a bank account from a credit card, you need a super balance transfer card which Vanquis most certainly is not.

Good luck.

Vanquis have sent me a few letters offering me a super balance transfer, so they do actually do them. I've fully paid off my Vanquis as the interest rate makes me feel faint. On the other hand they did help me build up my credit files! My limit with Vanquis is £3000, so maybe you have to on a certain credit limit to receive the offer of a super balance transfer. Give them a call.

PS: Remember the cheques they used to send out, think that as been stopped?