Credit Card Help!

AdamBA_2

Hi there,

I've currently got 2 credit cards (Capital One & Vanquis- horrible providers) and I have a few queries.

I'll be making a very big move soon and would not like to carry the debt of these with me.

The APR is about 40%+ on both cards, recently Vanquis sent me a letter to advise me that theres was increasing to something like 44%.

I tried to apply for a Virgin 0% and transfer the balance, but my rubbish credit rating (age etc.) did not help and I have been rejected, which again is not going to help matters!

My debt totals about £640 across the 2 cards. Although this many not sound a huge amount, I have VERY little spare money at the moment, on very basic wage and just cannot pay it off. I have been making dents here and there but the APR cripples me and I am back to minimum payments.

I was meaning to ring the companies mentioned and try to discuss something with them. I DO NOT want these cards. Am I able to say, 'cancel' the cards, not accept Vanquis APPALLING APR and just say, pay them off as I go without the option of spending more on the card, or am I not able to do this?

I would love them to be paid off my Feb but that is very unlikely.

Many thanks for ANY advice you may be able to provide!

Adam. :money:

happy_bunny_2

When they raise the APR, they have to offer you the option to opt out, i.e. reject the rate rise and pay off the balance at the existing rate before the rise.

You will no longer be able to use the card though.
How did they tell you about the rise as it should have been in the letter/email. It should also tell you how long you have to opt out, i think its 3 months.