I'm new here, only found this site on Friday as recommended by a friend of mine who received some valuable help here last year. I have been reading and am gradually making my way through the wealth of information there is here but I have a question which I need to ask to hopefully help get me on my way to paying off two debts which are a huge concern to me. The amounts are not huge but I am on a low income due to disability and these debts worry the life out of me. I really just want to get them paid off as soon as possible. My question is this: Is there any way I can get the interest frozen on these two debts?
First one is Vanquis Bank (credit card), amount owed £1278.82. My monthly repayment on this at present is £57.54 and the interest charged per month is approx £47.86
The other is a Fifty Plus account, amount owed is £545.00 and I have an arrangement with them to pay this off at £26.00 per month (through Reliable Collections which I think is still Fifty Plus), but the interest per month on this is £15.50.
At this rate I am never going to get them paid off
I do have a couple of other debts with MBNA (Virgin Credit Card) which I pay £25 a month to and also Capital One, also a credit card which I pay £15 a month to, but with these two the interest stopped once I had the payment arrangements in place so at least what I pay is being offset against the money I owe.
Although I am in receipt of DLA, I am terrified that with the governments new PIP coming in at some point that I may lose some of my disability payment despite my medical condition, especially with some of the horror stories you read and hear about in the media with the way they are assessing people. I am desperate to pay off these debts as early as possible because the future is so uncertain.
Can anybody advise me if I can get the interest frozen on the Vanquis and Fifty Plus accounts please so that I can pay off the amounts I owe more quickly?
The Vanquis card is a real nightmare, if I pay the minimum payment then sometimes the interest added puts the card over it's limit so then I have overlimit charges too. This can really snowball if I don't have any extra money to throw at it so this account would really be my number one priority to pay off.