What Next?

[Deleted User]

Looking for some advice as to how best go forward now.

1. I currently have a six-month 0% BT on Capital One which runs out next month. Paying that off in full is going to be fine. Limit is £1,000.

2. I have a Barclaycard I use for everyday stuff, that gets paid off in full every month. Have had that since May, and limit's £400.

3. I have a Vanquis, and here's my problem! I got that after bankruptcy in 2007, and paid it off every month. Moved in with my boyfriend who is useless with money, and he needed to purchase insurance for his job, the sum of which he didn't have. He couldn't work without it, so I bought it for him on that card, and said he could pay it off himself. He's been doing so, but with the debt currently standing at £2.2k and him paying £30 a week towards it, it's a drop in the ocean.

I'm really feeling the pressure this hanging over my head, especially after keeping well on top of things after BR. In an ideal world he'd be able to take that debt on himself but I don't see him successfully applying for a BT anywhere. He got a Vanquis very recently. He hasn't received it yet so I don't know what the limit on it is, but I seriously doubt it's high enough for him to transfer from mine anyhow.

So I may as well treat this as my own debt as who knows what's around the corner. What do I do?

Please, no nonsense from the trolls about being stupid. When people are in relationships, they try to help their partner if they can, so that's what I did.

[Deleted User]

Oh, that Vanquis debt has been the case since March, and no minimum payment dates/sums have been missed.

[Deleted User]

Vanquis won't allow a BT between two of their cards, so that idea is a non starter.

What's your credit report look like and what's your income?

CLAPTON

what are the APRs of your CCs

presumbly you can BT the vanquis debt to the one with the lowest APR which will help a little to pay off the debt more quickly

or of course try for a new 0% BT card


one does wonder what he will do about his insurance next year

[Deleted User]

My credit report was estimated 'fair' by Experian when I looked at it last November. At that time it was just Vanquis and Vodafone on it. Vanquis limit was £2.5k, paid off in full every month since some time in 2010. There were still a couple of defaults from 2007 on it, but I contacted the companies to have them removed. I've not checked to make sure it's been done though.

The only changes since then have been adding the Capital One (30.34%) and Barclaycard (29.9%) this year, and the Vanquis now nearly up to the hilt.

My income varies a great deal. I own a newish company and don't pay myself regularly. But for the sake of argument, let's say £10k.

[Deleted User]

As for his insurance next year, he's on his own!

JimmyTheWig

Deleted_User wrote: »

Vanquis won't allow a BT between two of their cards, so that idea is a non starter.

The partner could pay off the Capital One card with the Balance Transfer.
The OP could then pay £1000 off her Vanquis card with the money she would have used to pay the Capital One balance.

Then see if Capital One will do another deal on a Balance Transfer from the OP's Vanquis card. Not likely to be 0%, I'd guess, but should be better than what Vanquis is charging.

[Deleted User]

Hmm. I doubt his credit limit on his new Vanquis will be large enough to do that. I remember mine starting at £200. Great idea though.

I have contacted Capital One to ask about another deal. Have asked Barclaycard, too.

JimmyTheWig

Power_Kitten wrote: »

When people are in relationships, they try to help their partner if they can, so that's what I did.

Perfectly reasonable. But equally he needs to do his bit to pay it off for you. £30 a week will take around 2 years to pay it off.

Was there a plan for him to pay it off quicker than that? If so, what went wrong?

[Deleted User]

We never had a solid plan as such. He was starting this new job, for which he is actually self-employed, so we didn't know what the income was going to be as it's all dependent on what he's allocated. What I said at the time was make sure he gives me the money for at least the minimum, and give me more towards it when he can.

Now I've lived with him for a few months, I can see that he is terrible with money, and no other sums other than this weekly £30 have been offered. Also, a friend of his told me he owes him quite a lot and that I probably won't see it. Obviously this was not a good thing to hear!

JimmyTheWig

Then I think you two need to have a talk about money...