Vanquis Card help

SuperSeagull

I am a pensioner living on state pension but have got myself in the credit card vicious circle and need advice.

I have 3 cards of about £1000 all to their limit but I am able to pay those each month and reduce them a little and use them occasionally for fuel etc. However my problem is one with Vanquis which is up to its limit of £2500 but the interest rate is so high that each month the minimum repayment is about £112.00 of which only £6 comes off of the debt hence with the next months interest it goes back above the limit which then incurs over limit charges. I am unable to pay off of a significant amount to reduce the balance outstanding and thus the interest and have been refused a new card with balance transfer facility. Any realistic advice as to what I can do would be welcome.

Ben8282

The best advice I can give would be to obtain a loan at the lowest interest rate possible to repay the total balances of all your credit cards.

After that, only use the cards for what you can repay in full each month. You will pay no interest and this can be a useful help to your cash flow. You probably don't need all 4 cards for this, so keep the best 1 (or perhaps 2) and cancel the others to avoid the temptation of getting into debt again.

KILL_BILL

cut up the cards

asyou appear to be going round and round and paying off the debt hardly but then bump it up by using it again you will never get out of the circle unless you get rid off

harveybobbles

Write to Vansquish explaining that you are a pensioner on a limited income and ask them if they would kindly freeze the interest for 6 months.

If they send out an I&E form, fill it in so it is in your favour.

Even though by law it is ONLY a Court that canrequest to see your I&E..

SuperSeagull

harveybobbles wrote: »

Write to Vansquish explaining that you are a pensioner on a limited income and ask them if they would kindly freeze the interest for 6 months.

If they send out an I&E form, fill it in so it is in your favour.

Even though by law it is ONLY a Court that canrequest to see your I&E..

I have written to them explaining my 2 choices, which are them reducing or freezing the interest and I pay them or I just ignore it and they take me to county court and I pay whatever the court decides, which will be less than I have offered each month I would think. It is now up to them to decide which route I take.

SuperSeagull

As suggested by harveybobbies I wrote to Vanquis but they took ages to reply and kept phoning until eventually I told one of their call centre people I am not talking to you as I have written and they have not replied. The caller told me they never write letters but within 20 minute another person phoned and said it was in response to my letter and that he needed to discuss it with me. I spoke with him and he said that they have reduced the interest down to 1.9% per month for the next 6 months provided I paid £60 with in 4 days, which I have done. The interesting thing he said was not to use my card until such time as I had paid a considerable amount off of it but that it wasn't cancelled. Thanks for the advice.

aimzrabbit

Super Seagull

if your on state pension and you have no intention of taking out further credit i would put the accounts in whats called an arrangment to pay

if your choices in life are having the heating on this winter and juggling with credit cards and keeping warm then for me at your time of life its close down the cards for good

you need to get all of your credit cards in arrangement to pay where the interest will be frozen permanantly the accounts may go into default and you will not be able to get a card again which is probably agood thing

contact payplan who are a fee free debt managment company for professional advice they will be able to negotiate for you a plan thats suitable for your income

here is a link

http://www.payplan.com/?gclid=CK_Ntdik1bICFYXJtAod4WcAOg



DO NOT use a debt managment company that charge fees