Vanquis uncooperative Desparate Couple in need of advice.

ScottyRunner

Hi everyone,

I'm hoping someone can shed some light to a problem I have at the moment.

I have a vanquis credit card with a 3k limit and I'm at about £2,300 at the moment with 39.9% interest (they wont lower that either). I can't afford to make the payments back as I lost my job.

I have struggled "nicking" a few quid off my partner for the interest and a tiny bit more but it's making us really struggle to feed ourselves and pay the bills. also my partner has been doing crazy overtime on top of 12 hour normal shifts to give extra for the card.

In a sense we are better off now than 6 moths ago as my partner has a better job also. We have been working on a "6 year plan" in which we are aware that much of the bad debt we had surviving before moving to a new city, would get lost.

We have no problems with paying off our debt but are also working on a plan to build it back up from now over a 6 year period. this interest though is making it almost impossible.

We worry each month other bills are not being paid and giving us bad reports because the interet is so high on this card. I tried to call them they told me I wasn't defaulting yet so they wont help me.

I'm debating if it may be easier for my to default until it's sent to a debt collector then pay a smaller amount each month without the spiriling interest.
Afterall we are on a 6 year mission anyway so would we be better off than spending perhaps over 3 years barely getting by and spending £1000s on interest?

I feel it's the right option at the moment but I need some assurances from you all.

jonesMUFCforever

This is going to be tough for you to take but one must ask what did you spend it on?
Have you got something that you do not need to sell to reduce the debt?

I feel you need to go to the debt free wanabe board and prepare a statement of affairs detailing exactly what you have coming in and where the money goes.

ScottyRunner

Nope we do not have a thing. We don't even have a television. We just have an old PC for entertainment with a virgin net only deal and live in a small studio. Neither of us have any smart phones or anything. At the time it was accessible money in a bad situation which we used for food. In which we would spend maybe £40 a week on food for the both of us. I have a budget planner which we use to look at everything and see where cuts can be made. Can't see any right now. neither of us use busses or cars or trains. We cycle everywhere or run or walk. We don't drink or smoke and we don't buy new clothes (or haven't for a good year).

jonesMUFCforever

Then I suggest you contact a debt charity. They may be able to contact the credit card company and come up with an arrangement to pay.
This will ruin your credit rating as long as you don't mind this go for it.

Bad_website

Have a look at your statements and see if you have been paying ROP, most likely you have because vanquis try to put everyone on it. If you have just phone them up and tell them to activate your ROP as that will freeze you interest and payments for 2years, ROP means repayment option plan. It will not affect your credit rating, and six months down the line if either of you are working try and get yourself a 0% balance transfer card and put the balance on that, because once the ROP finishes they will start charges again.

Cameron1590_2

It may be worth looking at shifting the debt to 0% balance transfer card at least then you wont be paying all that interest.

jonesMUFCforever

Reading between the lines I don't think they have a great credit rating otherwise they would not have ended up with Vanquis in the first place.