paying off a very account

nathorn

I'm looking at my finances again and have been doing research on balance transfer cards. HOWEVER.... the credit I want shifting is on my online Very account.

I'm wondering if there's any options for transferring this sort of balance?! I've well and truly fallen into the "buy now pay later" trap, as well as their "take 3" payment option. I'm aware some of this is interest free.... but ideally would like to get rid of Very all together.

Red_Athena

Look for cards that allow a money transfer - go to the ‘cards and loans’ section of the main MSE site and there are explanations and examples

-taff

As above, but make sure it's money transfer, not balance transfer.

Willing2Learn

I just wanted to say that you need to careful if you are successful in your application for a money transfer card. Especially if you have other debts, beside Very.

A new money transfer card will often have a special promotion running at the beginning, to make the transfer very cheap. But then the offer expires and the interest rate shoots up. It can be easy to get into further debt if you don't manage credit well.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

nathorn

According to the Credit Card Eligibility Calculator I only have a 20% chance of being accepted for a money transfer card, so don't want to risk applying?!

Thanks for the advice though.. think I'll just have to stick with the original plan of chipping away at it whenever I have spare cash! :embarasse:embarasse

National_Debtline

Hi nathorn


If you're struggling with your repayments it sounds like it could be worth you completing a statement of affairs (SOA) and posting it back on the board. You'll get lots of useful help and advice from other members on how to get on top of your debts.


You can complete one here http://www.stoozing.com/calculator/soa.php and just need to hit the 'format for mse' button before posting.


Best wishes


Susie
@natdebtline

MsFizzy

Hi there,
From what I recall I was able to use my credit card which was on 0% interest to clear my Mum’s very account.

Might be worth checking this out.

nathorn

ah thanks I’ll have another proper look into it

Craig1981

Very accepts credit card payments - used to pay this way when i had their account (very recently closed)

so look for a 0% purchase card, and make payment online with your new card to clear your Very account and get it closed.

in essence, a 0% purchase card will still be like a BNPL offer, but may give you more than 12 months to get it cleared, and interest will only be charged on whats left after the promotional period, not from day 1 like Very

nathorn

this is what I've done just waiting for the card to be delivered so I can pay it off and get rid!! thanks

Willing2Learn

Just remember it is a money transfer card. You don't want to be making purchases on it as the APR will be high (unless the card also has a purchases promotion). And use the card as an opportunity to pay down your debt...