Can't cope with C/C interest/charges :-(

A question about : Can't cope with C/C interest/charges :-(

I work around 30 hours per week, rent privately, live alone and take home around Ј920 a month after tax. There is no overtime at work to bring in more money. I don't claim any benefits (I was told by working tax credit people I am not entitled). I have run up my Vanquis credit card to its Ј3500 limit over the past year whilst in a relationship (which has now ended) and now I am in a situation that is making me feel sick with worry. I am paying as much as I possibly each month to Vanquis (Ј200-Ј300 each month by selling things on Ebay, living on Ј10 for food each week and not having my heating on over the winter to make these payments). The charges each month are about Ј150 so I am using Ј300 a month to reduce my debt by just Ј150. I have bad credit so I can't get a balance transfer (I tried the 'soft search' and 21 cards gave me 0% chance of being accepted). I don't have anyone who can get a loan on my behalf so I could then repay them instead of the card. I am so sick with worry and stress over this, I don't know what to do to get out of this. Please can someone advise me. Thank you.

Best answers:

• If you have cut your budget as low as possible and there is no other way of gaining extra income, all you can do is keep doing what you are doing and paying off large chunks until the debt is paid off. There is no easy solution to it.
  Out of the Ј3.5k spent, is there anything of value you could sell?
  Based on this it should take you 15 months to clear.
• Thanks for replying, and for your comments Candyapple.
  I suppose I will just have to continue living in virtual poverty to get the debt down and learn a hard lesson as a result!
  There's nothing of value to sell - I don't have a car or any modern appliances (my TV is nearly 10 years old, I don't own a smartphone etc). I don't own any jewellery, watches, expensive clothes etc. Just keep having a clear out of old coats, clothes, shoes etc to try and raise an extra Ј50 a month if possible towards my monthly c/card payment as paying Ј300 from a Ј920 wage when my basic essential outgoings are Ј650 is far from ideal!!!
  I'm already on single person's council tax and water tariffs and don't use much electric, so I don't believe I can cut costs any further without resorting to shoplifting or prostitution!!
• As you already know, the Vanquis card with its 40% interest rate isn't for credit spending and should only be used for credit building.
  The time to address the cause would of been when you realised that you were using it for credit spending.
  You may be able to address the effect by getting a lower interest card, try applying for 1 to see if you get declined assuming you havent missed a payment and are on the electrol roll, as it won't do you any harm. Try your own bank, but I wouldn't apply for any more. Maybe Capital One if they offer a balance transfer option.
  Luckily your debt is only Ј3500, a lot of folk come on here with the same story only they have another zero on the end of the debt.
  Good luck and keep selling stuff and living as cheap as you can.
• If you are only doing 30 hours a week then you have enough time to try and find a second part time job. It won't be easy running two jobs, but even another 10 hours a week to bring you up to 40 hours would mean a larger chunk of money to throw at the debt.
• Sorry for asking personal questions, but do you have no family that could get a 0% credit card on your behalf? It may feel humiliating to admit to family about debt, but it's going to clear your debts much faster, and you'll feel the pressure on your shoulders ease off.
  If you're doing 30 hours a week, could you not spend the other 10 doing odd-jobs for neighbours, maybe take an evening cleaning job to pay down your debts? I was part time a few years ago (25 hours a week) in a shop and did evenings cleaning a school until I was taken on by the shop full time a year later.
• Whilst you are making overpayments like you are then there is going to be little incentive for any credit card company to help you.
  You could reach out to a debt charity like Step Change but realistically it is going to come down to if you prefer to do what you are doing and get it paid off and preserve your credit history or allow your credit history to be wrecked and then creditors will be more open to negotiating freezing interest etc
• Do have a look at the Debt Free Wannabe board:
  https://forums.moneysavingexpert.com/...aysprune=&f=76
  This would be a good place to start:
  https://forums.moneysavingexpert.com/....php?t=4895819
• Could you maybe get a part time job?
• I think unfortunately your only real option is to look for another job that'll offer you more money or more hours.
• I'd try and apply for the capital one card https://www.capitalone.co.uk/creditcards/balance-lpo.jsf you've got nothing to lose if they reject you and any amount on 0% would really help you at the minute.
  Secondly I'd look for any second job.
  And thirdly, if you're too young to claim tax credits you're too young to be living alone, shared accommodation would save you a lot of money.
• You talk about charges- are you getting hit by default charges? If so, you really are at the point where you need to speak to Vanquis about this - either directly or via a charity such as Stepchange (who you can deal with online). It may impact your credit rating if you make an arrangement to repay but if you are getting hit for late charges anyway you may not have much to lose, and it may be possible to negotiate an interest freeze or similar. I would start my talking to Stepchange or Pay Plan..
• Depending on how bad your credit rating is, you could look at switching some current accounts for incentives... Look over at the bank and budgeting board for some suggestions, but I've got Ј225 in the past couple of months just by opening, switching and closing accounts.
  You may not be accepted if your credit is so bad, but easier to get than a 0% CC, especially as you don't have to take any overdraft or credit to get the incentive.
  It's only a short term fix, but will give you a little more to throw at the total balance
• Try the eligibility check on Capital One.
  May be lucky