Advice needed for help with a high interest credit card

bdl23xx

Hello,
I'm trying to manage the debt spiral I'm in. I have 3 cards on 0%, and my problem card with Vanquis. It has £4355 balance, the interest is crazy. So I followed the advice about a debt shuffle  and called them to see if they could shift to 0% or freeze interest to allow me time to reduce it. They told me the interest was increased in April 2025 to 45.9%. They said I didn't have any 0% offers and they couldn't freeze the interest. I told them I am trying to be responsible and get help before it's out of control but they said there's nothing they can do. If I can afford the minimum payment it's OK (for them, not me) and if I can't pay the minimum they could default the account. 

I can't apply for any more 0% cards (all coming up as 0% approval) as my credit rating has plummeted in the last year. I'm stuck what to do to help myself.

Background: I'm 57, no longer able to work due to ill health. My daughter lives with me, she is at Uni (year 2) and a large proportion of the debt is due to this (not blaming, it's just a fact). Student Loans gave her a £4k+ overpayment when she switched courses so they reduce what they give her every term, so basically with high transport costs, she just doesn't have enough to live on and my Vanquis card has been covering her shortfalls for the last 2 years (again no blame, it was our only option). She hopes to get a job in the summer to help reduce the debt but last year couldn't find one, the job situation around here is dire and we have no transport to the out of town warehouses etc. So basically we are stuck right now with not being able to increase income. I am on UC.

Anyone know of any other solution for this high interest debt that I haven't thought of? The Vanquis statement I got today says next months interest will be £163.74. I fear I'm going to sink as I'm paying minimum on 3 other 0% cards as well. Any advice appreciated.

Isthisforreal99

Get over to the debt free wannabee board. However I think your only option is to default (on all your cards) and go into a debt management plan paying what you can afford, and if that's a token amount so be it.

fatbelly

Yes it sounds like you have reached the end of your debt juggling.

Over to debtfree wannabe to get out of the hole

ProcessMatters

It sounds like you’re at the point where juggling isn’t working any more — but defaulting isn’t something you need to decide today.

A couple of important things before you let it tip that way:

• Vanquis should be treating this as a vulnerability case (health + UC). That doesn’t guarantee interest freezes, but it does change how they’re expected to deal with you. If that hasn’t been formally recorded, it’s worth doing.

• If the interest is making the balance effectively unpayable, token payments backed by an affordability statement are very different from simply missing payments.

• Default is often where people end up, but letting it happen without first putting the right markers and evidence in place usually makes things messier than it needs to be.

Debt management plans can help, but they work best once the situation is clearly documented rather than rushed into out of fear. If nothing else, slowing this down properly can buy you time and stop it spiralling further.

You’re not doing anything wrong by asking for help before it breaks — that actually matters.