Vanquis - Repayment Option Plan

TopcatV3

Hi all,

I'm new here so if this is in the wrong place then let me know.

Backstory: I've been self employed for the past 8 weeks. I offer services and expertise in my chosen field normally contract based work. I am currently taking 3 - 4 weeks off my normal contract work to develop some software that I can sell. I break just over even with my work, and have NO savings as they have all been invested into my business.

I have a Vanquis Credit Card which I have started using to tie me over for 3 - 4 weeks worth of bills. Thing is I don't have any immediate income for potentially the next 5 - 6 weeks as invoices for contract work often take a while to come in and the software I'm making won't breakeven at launch (will do over time).

The Problem:
On my card I pay for the repayment option plan which states that I can freeze my credit card in financial difficulty to save hurting my credit score.

I will not be able to make my card payments for the next two maybe even 3 months - is it worth while freezing it instead of hurting my credit score?

Thanks,

TC.

grumbler

Read the T&C thoroughly and make your mind yourself.
For the T&C see this thread: vanquis ROP (repayment option plan)

I guess if you freeze the interest you have to freeze using the card as well.

OhhToria

TC, why wasn't building up capital from the contract work you do an option, rather than living off credit? Or, has the contract work dried up?

As per Grumbler's comment, I highly suspect a freeze on the actual account too.

jonesMUFCforever

My feeling is that you cannot afford to turn down work to develop this software.
Might not a salary be better for you with you doing the developing in your spare time?

Swhite1991_2

I have a vanquis card with rop and I'm pretty sure u have to have made at least 6 payments (been with them 6 months) before u can freeze the card

TopcatV3

Thank you for all your replies.

I'm going to go with the option of avoiding using the repayment plan. What changed my mind was reading grumbler's comment on the T&C thread he linked.

It's me who's borrowing and quite true I don't have the capital to continue with the software project. Going to do what OhhToria suggested and build up some more capital with contract work.

I guess it's the case of not borrowing what you can't afford to pay back.

The plan is to get a contract in before my next payment is due so I can pay it off.

Thank you all for helping make up my mind. Greatly appreciated.