Vanquis increases minimum payment

questricky8

I received a letter from Vanquis recently stating my monthly minimum payments will increase. I took a look at this months statement and its increased by almost £35 from the previous month.

I haven't used Vanquis credit card in many months. The interest rate has barely moved. I am struggling to pay off the debts has it is. I have just recently started a new job and not making that much money. Is there anything I can do about this minimum payment increase?

This my Statement of Affairs below in a nutshell:

Credit Limit £2500
Balance £1907.49
Available £592.51
Minimum payment £120.58


So within a month my minimum payment has increased significantly. Any help would be appreciated.

Willing2Learn

Hi,

First, read this article below:
New rules to protect those in debt mean your credit card may be suspended if you only make minimum repayments.


Secondly, if you are struggling then we need a full SOA for there to be any meaningful advice.


Please complete the form linked below, click on the 'format for MSE' at the bottom of the form, then post it up here.

http://www.stoozing.com/calculator/soa.php

CakeCrusader

You need a detailed list like this; https://forums.moneysavingexpert.com/discussion/5596864/statement-of-affairs


Have you looked into a balance transfer?? There may be another card with a lower interest rate that you can transfer the balance over to. It's worth checking this here; https://clubs.moneysavingexpert.com/creditclub/login

sourcrates

Short of the above advice, the next step would be to ask them to accept a lower monthly amount, maybe suspend interest for a while, as part of an arrangement, or enter some kind of debt management if it became a particular problem.