Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • blondie_rh
    • By blondie_rh 13th Feb 18, 1:10 PM
    • 5Posts
    • 3Thanks
    I want to pay off my Vanquis card
    • #1
    • 13th Feb 18, 1:10 PM
    I want to pay off my Vanquis card 13th Feb 18 at 1:10 PM
    Hi all,

    Little bit of background, I currently have 4 credit cards in default (totalling about 5k) that I've been paying back via debt collection agencies for 2/3 years. I only pay back 20 to each card per month which is all I've been able to afford realistically... so they've been going down incredibly slowly.

    I also stupidly got accepted for a Vanquis credit card in Aug 2016 and since then I've completely abused it, I won't lie, and I've racked it up to 2k. I have started to make larger payments per month but I'm not getting anywhere as the interest is about 34%. I simply cannot keep paying and going nowhere!

    I want to pay off all my debts within a year so I can be in a position to rebuild my credit, so I can apply for a mortgage in 1-2 years.

    I don't want to do any partial settlements as this will affect my credit, especially when applying for a mortgage.

    Does anyone have any advice? Do Vanquis offer a plan where maybe I can close the account and just pay back the balance of what it is without any more interest being added? Is there some form of bad credit balance transfer at 0%?! I feel completely trapped and of course broke.

    Please help!

    *edit - if there is even a loans company that could do the whole lot in one over 1-2 years that could also be an option but my Clearscore rating is only at 289 so I'm probably stuffed there too!
    Last edited by blondie_rh; 13-02-2018 at 1:13 PM. Reason: adding more info
Page 1
    • zx81
    • By zx81 13th Feb 18, 1:21 PM
    • 16,462 Posts
    • 17,515 Thanks
    • #2
    • 13th Feb 18, 1:21 PM
    • #2
    • 13th Feb 18, 1:21 PM
    To avoid interest, you would need to default on the Vanquis card as well.

    You won't get a BT offer in your situation.

    You'll need to do this the old fashioned way - cut your outgoings and pay as much as you can to the debt. The DFW board will help.
    • blondie_rh
    • By blondie_rh 13th Feb 18, 5:04 PM
    • 5 Posts
    • 3 Thanks
    • #3
    • 13th Feb 18, 5:04 PM
    • #3
    • 13th Feb 18, 5:04 PM
    Thanks very much... I would have thought as much to be honest!
    • venison
    • By venison 13th Feb 18, 8:34 PM
    • 1,941 Posts
    • 2,075 Thanks
    • #4
    • 13th Feb 18, 8:34 PM
    • #4
    • 13th Feb 18, 8:34 PM
    With 4 CC's in default your chances of a mortgage are extremely low for a few years. sorry
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of
    • T-G-C
    • By T-G-C 13th Feb 18, 11:09 PM
    • 129 Posts
    • 57 Thanks
    • #5
    • 13th Feb 18, 11:09 PM
    • #5
    • 13th Feb 18, 11:09 PM
    As Venison has said, with all due respect, a partial settlement affecting your credit file is the least of your worries in this predicament.

    You demonstrate from your description a loose-cannon approach to using credit cards, which, on a low income, is a cocktail for disaster. Whilst I could question Vanquis' decision to grant you credit and to such an extent, it is your ultimate responsibility to tame yourself from spending too much.

    You would be fortunate to even be considered for any balance transfer, therefore a 0% one would be almost impossible to obtain, as most, if not all, lenders offering those promo rates will run a mile. In fairness, after defaulting on 4 credit accounts within the space of 6 years, I cannot blame them.

    As for getting a mortgage, I think the prospect is unrealistic at this stage. Until the defaulted accounts are paid in full, stopped abusing credit and demonstrate financial stability, there is little to no chance of even being considered for let alone be accepted for one. You need to focus on clearing your debt, even if it meant a partial settlement, before bothering with credit products like a mortgage. It is going to take more than 24 months to completely reverse this damage - even when the debt is paid, lenders can still see the defaults on your file for 6 years.

    If you can, consider your employment opportunities to expand income, as this will boost your ability to clear the debt. Being realistic, paying 20 on each account for 5000 will take forever and a day.

    It is never nice to be in a predicament like that and I wish you the best of luck with everything and hope that things work out. My overall advice > clear the debt, live within your means, steer clear of future debt issues and then begin to prepare for mortgage options.

    For more situation-based advice, visit the DFW board, where everyone has experience and would love to provide you with support on this.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

102Posts Today

1,357Users online

Martin's Twitter