Capital One & Vanquis

Nickie63

Had both these cards for few years due to bad credit ratings, neither actually improved that and i still cant get a decent card thats not high interest, anyway , managed both these well, didnt have much on either, always paid them off, but recently my financial situation had declined severely, taking my income right down, i have gone down silly street and ended up running up £1500 & £2000 on these cards i am ashamed to admit, the monthly payments are crippling me, and im in 2 minds whether just to stop paying and let them take it to court, default ect, wouldnt make a terrific difference to my credit report as it was ruined for years by my ex , im paying minimum payments but the total isnt going down at all - any advice greatly received

salau2

You should seek advice from your local CAB, national debtline or CCCS. This will involve sending a financial statement to the creditors showing what you can afford and asking them to stop interest and charges. If you think you can do it yourself the templates are on the national debtline website. As these are non-priority debts the final step is County Court Action which will only make you pay what you can afford again based on a just financial statement.