First time posting.. I need help please!

ScotGirl1408

Hey everyone, I just registered today, but have read a lot of posts on here through querying my own debts via the google search bar so thought I'd give it a go.

Basically I have gotten myself into an awful pickle via BNPL's on Very.
I owe £2000 between 3 accounts.. I know that doesn't seem a lot but we were in a better situation when these were taken out.

One BNPL is over in 2 days, I can not pay the full balance of £400 before then, and on that account I will end up over my credit limit when interest is whacked on at an estimate of £250. (Credit limit is £400) Which I will get extra charges for.

I do not know what to do, if they charge me monthly for going over my credit limit, my balance will just keep increasing and I'll only be paying interest every month and never making a dent in these amounts.. The 2nd BNPL is due in February, balance of £200.. We just do not get enough money to cover this..

Sorry if I haven't explained very well my head feels fuzzy with it all.. I feel sick.

sourcrates

Hi,
Know exactly what you mean, been there myself.
I will tell you how I addressed this problem, my debt was with Littlewoods, but they are all part of shop direct group.
They are, unfortunately, quiet difficult to deal with, where payment arrangements are concerned.


Be aware, if you cant afford the repayment they are asking for, you will have to default on it, before any help will be offered to you.


Your best course of action is to write to them explaining your circumstances, although they can take a while to respond, if you are confident enough to negotiate over the phone, then by all means do so, see if you can work out a repayment plan with them.


In my case they were asking for far too much money, this may not be the case with you.
I had to allow the debt collection process to go through its motions, and then, after the debt was sold on, made fresh offers to the DCA that picked it up, this took about a year, if your not too bothered about your credit rating, wait it out, and deal with the DCA that buys it, but you should first try to come to an arrangement with Very, but its important you keep them informed of your financial circumstances to avoid stupid extra interest and charges.

dancingfairy

I suspect your best option is to default on these debts. I did wonder whether you could get a small loan from a credit union or such and pay it off monthly but I doubt from what you've said you could pay it before February when the next one becomes due so it sounds like it would just prolong the inevitable.
Do you have any direct debits set up with these BNPL people? If so you will need to make sure you cancel them so they can't just take the money and leave you overdrawn.
I would suggest you do as sourcrates has suggested. Draw up a budget (for yourselves only - I probably wouldn't share it with your creditors) and offer a repayment plan. They will huff and puff and not be very keen from what sourcrates has said but they should eventually make some progress.
df

beanielou

Hope that you can find a solution that works for you.