Vanquis credit card 59.9% APR - Proposal

SCO

Bosie wrote: »

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

Think the law was changed so they dont send them out anymore, you need to request them.

however normally cheques attract similar APR to cash .

lvm

During my acceptance phonecall with Vanquis I was offered the chance of having money sent to my bank account so they will do it.

Doing as has been said above is definitely the right way to go but also might be worthwhile heading over to the DFW board and posting an SOA (Statement of Affairs) to see if anyone can bring your outgoings down...

sbgriseum

New to this but just a thought.
Get some one you know with a small business , they raise invoice you pay by card, they get there money(they can also add on their fees for the card processing so not out of pocket accounts wise)
They can then give you a cheque or bacs settlement to your bank account, fully traceable for them.

You can then use this to pay wonga.

You still have the money to pay, it is just a sides ways move.....
Most small businesses if they are friends would be able to process a invoice quite legally for this, you have to think around the problem,

MancDan

Udpate
I've asked for my credit limit to start out a £250 not £1000.

I figured I have enough for rent out of my salary after Wonga goes out and a few other things. I would then usually need to borrow from Wonga to cover the rest of my bills which equate to approx £250. I would then also loan a bit more as spending money.

I will pay all my bills/neccesary outgoings onto the credit card (not including my rent). I will then sit tight and have a quiet month with no going out and no other expendidture etc so I will not need to take out another Wonga loan.

Next month I will be Wonga free! :A

I will then start to pay at least double more than the required amount to pay off the credit card everymonth.

I worked out that a £250 credit card balance at the said 60% apr, the minum payment monthly would be around £11.00 (4.5% min) which I would never clear off, but if I paid an extra £40.00 a month I would pay off the entire balance in 7 months?

What does everyone think?

chanz4

make sure you allow room for intrest

MancDan

I used this.

www,whatsthecost,com/creditCard,aspx

MancDan

???

Is this a relaible site? ^^

fozmcfc

MancDan wrote: »

Udpate
I've asked for my credit limit to start out a £250 not £1000.

I figured I have enough for rent out of my salary after Wonga goes out and a few other things. I would then usually need to borrow from Wonga to cover the rest of my bills which equate to approx £250. I would then also loan a bit more as spending money.

I will pay all my bills/neccesary outgoings onto the credit card (not including my rent). I will then sit tight and have a quiet month with no going out and no other expendidture etc so I will not need to take out another Wonga loan.

Next month I will be Wonga free! :A

I will then start to pay at least double more than the required amount to pay off the credit card everymonth.

I worked out that a £250 credit card balance at the said 60% apr, the minum payment monthly would be around £11.00 (4.5% min) which I would never clear off, but if I paid an extra £40.00 a month I would pay off the entire balance in 7 months?

What does everyone think?

If you stick to your plans and make the big change, of having a quiet month or two, by the third month, you should be able to start living a little again.

Just don't be tempted to take out a Wonga or other payday loan and end up with Vanquis and a payday loan to pay back.

I found when I had debts, it was nice to keep a record on my signature on these forums and update it every time I paid something off or back. So in your case Vanquis £250, then hopefully £230, £200 etc...

Make it a plan to update the thread at least once a month to give a progress update.

You updating people, give others stuck with payday loans, the encouragement they can break free from them and start to live a debt free life.

Ok so your starting on £250, not £20,500, but that doesn't matter, debt is debt.

fozmcfc

MancDan wrote: »

???

Is this a relaible site? ^^

Yes, it is a recommended site by many on the forums, particularly those with multiple debts. Using the snowball calculator, they can work out whether it's cheaper for instance to pay off the £5k on the CC with 16.9% APR or the £10k on the credit card with 5.9% APR first and how much they should allocate towards each individual debt each month.

MancDan

fozmcfc wrote: »

If you stick to your plans and make the big change, of having a quiet month or two, by the third month, you should be able to start living a little again.

Just don't be tempted to take out a Wonga or other payday loan and end up with Vanquis and a payday loan to pay back.

I found when I had debts, it was nice to keep a record on my signature on these forums and update it every time I paid something off or back. So in your case Vanquis £250, then hopefully £230, £200 etc...

Make it a plan to update the thread at least once a month to give a progress update.

You updating people, give others stuck with payday loans, the encouragement they can break free from them and start to live a debt free life.

Ok so your starting on £250, not £20,500, but that doesn't matter, debt is debt.

It is a relatively small debt I have in relation to some of the people on here. But you right debt is debt.

The Wonga loan was paid out on payday no problem. I then had enough left over to pay my rent so I paid this. Instead of taking another Wonga loan out to pay for my bills etc, I have paid all of my bills onto the Vanquis credit card.

I have not taken another Wonga loan

Question: Initially Vanquis set up a direct debit to pay of the full balance every month. As I am using the card to gradually pay of debt over the coming months I have cancelled the direct debit and I will make payments manually. I will meet the minimum payment and then pay extra on top of that. Vanquis won't have a problem with this will they?