Vanquish Credit Card Problem

WaynelleUK09

WaynelleUK09

WaynelleUK09

Associate
Joined
29 Nov 2009
Posts
612
Location
South Shields
Right where to start got one of these last year, i originally applied for a Argos card to get a few bits for our new flat but got declined not because i have bad credit but because i had got no credit history (just as bad) so argos offered me one of these cards with £200 so i took it as i thought it would help my credit file all been good making payments on time and they have upped it to £1250.

Now a couple month ago the Mrs lost her job and for the month she was looking for a new one this got hammered as my wage isn't great and we hit the limit, now since ive never had a credit card before all this interest and stuff goes over my head, the minimum payments have been about £35 paid it couple days later checked my balance was -£2 though eh wtf rang up went over my head, thought maybe cos the bill came before i had finished spending on the card so all will be good again next month as obviously i cant use the card now. Next bill minimum of £58 so i paid £65 week later i check my account balance now im -£45 so getting a bit worried now i know its only a little debt but i know how these things snowball.

so basically wondering if anyone can tell me wtf is going on in layman terms
 
Pull your head out of the sand first and read your statements.

It will tell you what you owe, where it was spent, what the minimum payment for that month is and how much interest you're going to pay.

Ignorance is no excuse at all.
 
Credit rating should be fine until you start missing payments. But the minimum amount is just that ; a minimum to keep the wolf from the door. But each month the interest on the outstanding balance will keep going up until you start paying off larger amounts.

If you are not likely to get a job soon then it would be worth speaking to the card provider and seeing if they can reduce the interest rate or put the interest on hold for a while - although this will certainly hurt your credit rating it may be better in the long run compared to a massive debt.

Good luck.

Edit: just realised it was your girlfriend and I assume you still have a job. So can you start making significant payments to start clearing this debt?
 
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If you are confused ring their help line, it's going to be more helpful than here. Also, keep an eye on your statements.
 
Sounds like you're covering the minimum payments, but not factoring in the interest. Vanquis usually start just shy of 40%, so in order to keep it down, you need to be paying a significant amount more off the card than the minimum payment.
 
Best to ring them up and ask what you need to pay to get below the credit limit then find a way to pay or it will keep snowballing. That means pay to get back into the black now then pay at least the minimum when the next statement arrives (two payments in one month).

It's probably because after you first went over the limit they are adding on charges that aren't factored into the minimum payment. Payment protection insurance could also be doing the same if you have it.
 
You got this all wrong.

The problem was having a vanquis credit card. I could tell that before entering the thread.

Sorry, not helpful I know, but there are serious undertones. Only being able to be accepted for a vanquis card is just another way of saying "you should not be getting a credit card from anyone".
 
Call them now - don't bury your head in the sand and claim you don't know what's going on.

The APR is horrific on these cards (39.9% usually)- the interest will rack up very quickly if your not careful. Get your statements - get on the phone to them and sort out your payments quickly before it gets any worse!!!

You spent the money - you need to pay it back - simple as that, call them and get it sorted.
 
booyaka said:
Call them now - don't bury your head in the sand and claim you don't know what's going on.

The APR is horrific on these cards (39.9% usually)- the interest will rack up very quickly if your not careful. Get your statements - get on the phone to them and sort out your payments quickly before it gets any worse!!!

You spent the money - you need to pay it back - simple as that, call them and get it sorted.
Click to expand...

I had a stupid moment many years ago and ended up with one with an APR of 59.9%!
 
You got some good advice. It's only been a couple of months, so the damage shouldn't be too bad. Try and pay it off (use savings if you have to because the interest rate will be horrendous) asap and throw away that card!
 
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