Very catalogue debt???

LITTLELARZA

So I'm some debt I've spoke to step change and before I go ahead and go on a debt management plan I'm looking at other options. I've figured out I can manage all my other debt at normal monthly payments but very are asking to much. I can pay around £100 per month and that's for £2700 worth of debt.

I'm wondering which way will be softer on my credit file? Step change says if I go with them it will be on credit file around 6 years and very weren't really very helpful.

Wondering if anyone else had information or guidance. Not sure what to do. Thanks

[Deleted User]

Neither.

Your accounts will show the current status- whether defaulted, missed payments, or up to date.

Who you channel the payments through doesn't make a difference.

Willing2Learn

Hi LITTLELARZA,

Are Very saying they will continue to charge interest while you are on your DMP?

chrisw99

Very have a ridiculous APR, 39.9%. You would be better paying it off with a credit card which is more likely to be around 19%.

At 39.9% APR, you are getting over £80 interest added on to the debt each month so your £100 payment is only really reducing it by £11.

sourcrates

From what you have said, your choice is between having all your credit accounts default, or just one of them, the Very account.


Better just the one default, rather than 6, it will still impact your credit file for 6 years, but the effect of one default, although severe, is not as bad as say 7 defaults.


So if you can`t `afford what Very are asking for, stop paying, let it default, then get sold on, then you make payment arrangements with the new owner.


Very are notoriously difficult to deal with, there are many posts on the forum identical to yours.

Ellabellaboo26

So I got myself in debt with very and once all the buy now pay later items and interest added on I just couldn't pay the minimum payment or I could but it was such a large amount and my balance wasnt decreasing so I just stopped paying and ignored all their letters which to be honest I've not heard from them that much and about 9 months on after ignoring them the debt has been passed on to lowell and didnt receive a threatening letter off them just a Ietter informing me they now have my debt and I have several options to pay them so I went online and set up a weekly payment which I can happily afford to pay and it was accepted. No pressure to pay more and if I have more money one week I can simply pay it off my debt. A weight has been lifted. Was originally going with step change but seemed too much hassle and stress.