How to Get out of Vanquis

craiga29

Can anybody help on here, my wife has a vanquis credit card which has gone past its limit, she is now struggling to pay it off and catch up due to the interest being added, how can we ask to have the account terminated so no further charges apply so we can pay it off and rid her of this noose,The debt help companys that call say that its not high enough debt for them to help, how do you do it on your own and in a language that will hopefully have them listen and respond. Any advice would be great.Thanks

[Deleted User]

You would need to default on the account, and in doing so, trash her credit rating. It would probably take some months of being chased for payment before they sell the account on to a DCA.

You may then be able to make a settlement offer.

A better solution would be to do everything you can - selling stuff, cost cutting - to get it back below the limit and paid off as quickly as you can.

eskbanker

Not familiar with this card personally but their website at http://www.vanquis.co.uk/credit-cards/vanquis-repayment-option-plan lists one avenue potentially worth exploring with them:

Account Freeze

Designed to act as a safety net you can freeze your account for up to 2 years in the event of difficult financial circumstances without incurring any interest or needing to make any payments. Although you won’t be able to use your card, your account will be reported to the credit bureaux as being up to date so your credit rating is protected. Terms and Conditions apply

Game_Over

eskbanker wrote: »

Not familiar with this card personally but their website at http://www.vanquis.co.uk/credit-cards/vanquis-repayment-option-plan lists one avenue potentially worth exploring with them:

You forgot this bit

You can opt-in to the Plan for a monthly fee

and

The Full Plan is charged at £1.29 per £100 (or 1.29% per month) of the monthly outstanding balance on your statement and the Standard Plan is charged at £1.19 per £100 (or 1.19% per month). So, as your balance changes, the monthly cost changes. The Plan Charges will be charged to your account and will reduce your available credit. This means you will have less credit available for other transactions.

eskbanker

Yes, didn't cut and paste the whole piece, but there are indeed charges, albeit likely to be significantly lower than interest payments. Not a brilliant deal but just an option worth considering since it's a standard offering rather than something needing to be negotiated....

john1002

You won't be able to get the account terminated but you can explain your having issues and negotiate a plan that helps get you back on track. You don't say how this situation has com about or how much is outstanding, as it's your wife's card could you not do a balance transfer to help. Vanquis specialise in helping people with little or no credit and bad credit problems in the past, hence there apr is high and they will peruse your wife to the bitter end to get there money back but saying all that if you speak to the. Early they will help, you need to at least stop charges been added because soon your debt will spiral.

As others have said cut back on everything and plough it all into reducing this debt

John