Transferring money from Vanquis card to bank account or alternative?

indy3050

After a very tough few years financially I am now in a much better position and the end is in sight. I have built my credit limit up on my Vanquis card over the last year or two from £250 to £1500 by paying back more than I needed too. My ccj has dropped off on my credit report and the final thing I need to do is pay off my payday loan and then continue to pay the credit card off each month which i can easily afford to do. However, the payday loan company do not accept credit cards for payment and I can't see a way to transfer the money from vanquis to the bank account. Can anyone suggest an alternative option? I appreciate vanquis are not the greatest with regards to interest but they were the only one who would give me a card at the time to help me rebuild my credit history (which has worked)
The only alternative I can think of is withdrawing the cash from the wall and depositing it into my bank but I'm not sure how much I will get charged for withdrawing £800. My plan when I took out the payday loan was simply to pay it off with my credit card and pay back £100 every month. I realise now that I should have double checked I could do this but it's a bit late now... ANY suggestions would be fantastic!

Thanks in advance

Tixy

The best option I can think of might be the slow stooze option.

Use your wages to pay off the payday loan - and then do all your month's spending on the credit card where possible. Whether that will free up enough to pay off the loan obviously depends on how much you earn a month, and how much of your essential spending cannot be paid for by card.

scootw1

The amount charged will be 3 pounds per 100 withdrawn but then you will be charged interest from the day you withdrew it until you pay it off.I've had emails before asking if I want to transfer direct from the card to my bank so might be worth you contacting vanquis to see if you can do this. Save you the fees but still get charged interest.

indy3050

Tixy wrote: »

The best option I can think of might be the slow stooze option.

Use your wages to pay off the payday loan - and then do all your month's spending on the credit card where possible. Whether that will free up enough to pay off the loan obviously depends on how much you earn a month, and how much of your essential spending cannot be paid for by card.

Problem with that is all my bills from rent to car insurance etc are set up by direct debit but thank you very much for taking the time to respond, I will give it some thought. It's so frustrating having the money in one account but needing it in the other!

indy3050

scootw1 wrote: »

The amount charged will be 3 pounds per 100 withdrawn but then you will be charged interest from the day you withdrew it until you pay it off.I've had emails before asking if I want to transfer direct from the card to my bank so might be worth you contacting vanquis to see if you can do this. Save you the fees but still get charged interest.

The £3 charge if I withdraw £800 over however many days it takes I can handle as that's £24. Do I pay more interest on money taken from a cash machine than I would for example paying £800 on a car repair etc? I know this might sound gung ho but all I want to do is pay back £100 per month for as long as it takes (as long as I'm not looking at ridiculous periods of time)

YorkshireBoy

indy3050 wrote: »

Do I pay more interest on money taken from a cash machine

Yes. Vanquis cash interest rates are up to 99.9% APR (on tier H). You need to check your own personal rate. See your statement/T&Cs.

How's your credit rating now? Do you have a reasonable income? If the answer to both is yes then you may wish to try for a Virgin/MBNA card. These offer 0% cash into your current account for a 4% fee. Don't bother if your file is a mess with late payments etc, but if these have all fallen off along with the CCJ and any defaults it might be worth a punt.

Tixy

The current payday loan on file could be enough on its own to mean you'll struggle to get an MBNA card for a money transfer.
There is currently a capital one card that offers 0% money transfers for 6months - which would be easier to get, but the limit might not be very high.

YorkshireBoy

Tixy wrote: »

The current payday loan on file could be enough on its own to mean you'll struggle to get an MBNA card for a money transfer.

I'd considered that Tixy, but thought there was nothing to lose in taking a punt.

izools

Call Vanquis, they can do a money transfer from your credit card in to your bank account. It will take several days to go across.

Whilst this is an incredibly expensive way to borrow it is cheaper than rolling a PDL over for another month.

In future don't leave yourself in a position where you need a PDL. Why did you use a PDL in the first place, when you had £1,500 available on your Vanquis card? Had you not worked out that it is vastly cheaper to borrow against even a Vanquis card than take out a PDL?

Well done for keeping your accounts up to date but I'd say you still have some way to go if you had to rely on a PDL...

Good luck!

indy3050

izools wrote: »

Call Vanquis, they can do a money transfer from your credit card in to your bank account. It will take several days to go across.

Whilst this is an incredibly expensive way to borrow it is cheaper than rolling a PDL over for another month.

In future don't leave yourself in a position where you need a PDL. Why did you use a PDL in the first place, when you had £1,500 available on your Vanquis card? Had you not worked out that it is vastly cheaper to borrow against even a Vanquis card than take out a PDL?

Well done for keeping your accounts up to date but I'd say you still have some way to go if you had to rely on a PDL...

Good luck!

I got a letter from vanquis informing me my credit limit was going up to £1500 which is the only reason I took a payday loan as like I said, my intention was to pay it off with the credit card and then pay that off monthly. My mistake was I didn't realise I couldn't pay the loan back via credit card.