The Yes Card no credit check credit card

Roger_Moore_007

Hi there,
As someone currently in a debt management plan I can't get credit from conventional lenders, however I've built up a £1000 debt with Quick Quid. It will take me a few months to pay off the debt with the interest they charge so I'm wondering if the Yes Card credit card would be a good idea?

https://www.theyescard.co.uk

It claims to be a no credit check card with 100% acceptance and up to £2500 credit, the downside is the £30 application fee and the £15 month fee to use as well as a 15%APR rate. It would be slightly easier if I could transfer my debt to this card, but I don't know what the reputation of this company is?

Has anyone else had any dealings or information on this company?

Tixy

As part of your DMP you are required not to take on any more credit until your DMP is repaid so you should not apply for credit from yescard or anyone else.

I would suggest that rather than try to move the debt elsewhere that you instead arrange a repayment plan with quickquid.
I would cancel the CPA to them with your bank and then contact them to explain that you are unable to repay the loan in full and set out how much you can afford a month.

Quickquid are members of the CFA, and all members have agreed to a code of practice as well as the good practice customer charter where they will freeze interest after at the most 2 months if you arrange a repayment plan with them, see this extract

If you are having problems repaying your loan, we will:








Deal with cases of financial difficulty sympathetically and positively and do what we can to help you manage what you owe.




Freeze interest and charges if you make repayments under a reasonable repayment plan or after a maximum of 60 days of non-payment.


Tell you about free and independent debtcounselling organisations

Or you could cancel the CPA and explain to your DMP provider that you now owe this debt and ask if they will allow you to add it to your DMP (although some DMP providers - particularly the free charity providers will sometimes cancel your DMP if you have taken out more credit).

mrpsmith

I wouldn't touch it with yours.

You can only purchase products from their website/catalogue, probably at vastly over-inflated prices.

missluvalot

Hi there

I could be wrong, but isnt this a merchandise only credit card? As in you can only use it to buy goods as opposed to actually using the card in the way you need to?

SnowTiger

Roger_Moore_007 wrote: »

Hi there,
As someone currently in a debt management plan I can't get credit from conventional lenders, however I've built up a £1000 debt with Quick Quid. It will take me a few months to pay off the debt with the interest they charge so I'm wondering if the Yes Card credit card would be a good idea?

https://www.theyescard.co.uk

It claims to be a no credit check card with 100% acceptance and up to £2500 credit, the downside is the £30 application fee and the £15 month fee to use as well as a 15%APR rate. It would be slightly easier if I could transfer my debt to this card, but I don't know what the reputation of this company is?

Has anyone else had any dealings or information on this company?

LOL. Stop borrowing money!

You've already run up another £1,000 debt while being on a DMP.

Yes Card looks like a con to me. The website mentions a "catalogue card". And the small print at the bottom of the page contains this "...we are a credit broker and intermediary..."

"No application denied for bad credit..." Lots of other reasons can be found for denying an application after you've paid the fee. :rotfl:

Roger_Moore_007

Thanks for the advice, I was slightly confused by the Yes Card so it makes sense that it's for purchases from an affiliate rather than a conventional credit card.

I'll probably just swallow the interest and pay it off over the next three months. I pay it off in full each payday and then just take out what I need to cover the rent two weeks before the following payday, so the interest is not quite as severe as you would expect. Including the discount code I always apply it usually costs me between £45 & £65 per month in interest.

Tixy

I pay it off in full each payday and then just take out what I need to cover the rent two weeks before the following payday,

Once this is paid off in future if you have a financial emergency/problem then rather than taking out a payday loan it would be far better to contact your DMP provider and explain the issue and that you will be only able to make token payments for a month or 2.

Sinhanada

Roger_Moore_007 wrote: »

Hi there,
As someone currently in a debt management plan I can't get credit from conventional lenders, however I've built up a £1000 debt with Quick Quid. It will take me a few months to pay off the debt with the interest they charge so I'm wondering if the Yes Card credit card would be a good idea?

https://www.theyescard.co.uk

It claims to be a no credit check card with 100% acceptance and up to £2500 credit, the downside is the £30 application fee and the £15 month fee to use as well as a 15%APR rate. It would be slightly easier if I could transfer my debt to this card, but I don't know what the reputation of this company is?

Has anyone else had any dealings or information on this company?

Roger, you really need to stick to your DMP and not take out any more credit. The reason you are in the DMP is presumably due to not being able to budget correctly and you are spending more than earn.

Your DMP should be your route to understanding that giving money away (Which you are doing with Quickquid) each month is money which could be better utilized.

If it is indeed for Rent, why not speak to your landlord and ask if you can be two weeks late - I'm sure they would be understanding of the fact and it would help you out of this situation

Roger_Moore_007

Unfortunately my DMP is already a very small payment each month (£30). The only reason I'm able to reduce the amount I borrow from Quick Quid is due to my wife being self-employed and earning a few hundred each month that is independent from my DMP.

I've got out of debt with payday loan companies in the past albeit from £600 in debt rather than £1000, so I'll just have to be careful for a few months with spending. The reason for the debt is a combination of gambling and exceptional things like car repairs, a couple of months with no gambling and hopefully no major outgoings should fix the problem.

Tixy

Are you on a self-managed DMP or it is managed by a third party?

If you are only able to pay £30 a month towards it then are you sure it is still the right debt solution for you? It may be worth speaking to one of the debt charities to consider your options and whether something else would be more suitable.

Roger_Moore_007

Tixy wrote: »

Are you on a self-managed DMP or it is managed by a third party?

If you are only able to pay £30 a month towards it then are you sure it is still the right debt solution for you? It may be worth speaking to one of the debt charities to consider your options and whether something else would be more suitable.

It's done through Stepchange and I've had it for about four years now. It probably would have been better in hindsight to have declared bankrupt or taken out an IVA but I was advised to go with a DMP by citizens advice. The original debt was over £7000 and now it's around £5000 so until there is a change in our circumstances it's not going to be paid off in full. I could probably use more of my wife's money to increase payments once I've cleared the Quick Quid debt, but I've always intended to build up a lump sum to offer my creditors a settlement, unfortunately that hasn't happened yet!