Vanquis Help

jools170

NOt sure if this is the right place to post but need some advice. I have a Vanquis credit card that is totally out of control £2600.....YES I KNOW NO excuses!!! anyway I can no longer afford minimum payments family bills are killing us and my credit rating has been hammered several years ago so I haven't got many options.Just wondered whats the best route togo??

Is there any chance Vanquis could freeze interest if I spoke to them?

Is it best to default the card and arrange payments if the debt gets handed over?

Do Vanquis have any set pattern on collecting credit card debt if I fail to make payment?

Just looking for some advice,experience really am at the end of the road with this debt been paying it for years £120+ a month but now its effecting our general living!

Thanks J

jools170

Hi anybody ever negotiated with Vanquis can these companies be flexable?

KingElvis

Expect them to be hard as nails until you default.

jools170

Thats what I thought I just don't see any solution for me I tried applying for other cards in the hope of a balance transfer but get rejected. Would you know how long it takes for these guys to issue a default. I know it messes me up for 6years but the stress I'm in because of it, its worth it!

nuttyp

I think as soon as you dont make the correct minimum payment, then that will start the default route. If you can only afford a small amount, then maybe just pay that. Have you wrote to them??

jools170

No not wrote to them, they seem harsh on the phone saying I must make payment etc etc I seem to have hit a brick wall with very little option

zaidy88

Was in the same situation and I went through a debt management firm, who gladly asked them (and 2 other creditors) to freeze interest and I pay a lowered amount each month. Problem was, I was paying the debt management firm the same amount I was clearing on ALL 3 CARDS. Yup, they took the same amount.
After graduating and getting a job, my finances improved, so I approached all 3 myself, including Vanquis, and they happily kept the same payment plan in place, and now I dont have to pay the debt management firm. Only one of the firms (Santander) didn't sort this out with me.
In my experience, probably the easiest to deal with out of the 3 I had, they had no hesitation to freeze the interest and I keep paying a lowered monthly amount to clear the debt.
In my experience, SOME companies, want their money back, they would rather you pay a lower amount than pay nothing at all.
Just give them a call and speak to someone about it, explain your situation and hopefully they are understanding and help you out.
Best of luck dude.

Anthorn

In the left-hand panel in eVanquis there is a new link to contact them if you're having difficulty paying. I think we can safely assume that they're only going to put that there if they're willing to talk. I should think that will be your first action if only to find out what they say about it.

How you deal with debts and whether you default depends on whether you own your own home or rent and whether you have other assets that can be seized if a court so decides.

Have a look at the following link, especially the top option "Informally negotiated arrangement with creditors".
http://www.nationaldebtline.co.uk/england_wales/page.php?page=35_options_for_dealing_with_your_debts#table2

jools170

Many thanks for advice and hopefully will get some sort of soultion from them