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Paying Off Catalogue Debt

edited 30 November -1 at 1:00AM in Credit Cards
10 replies 2.2K views
mich08mich08 Forumite
1 posts
edited 30 November -1 at 1:00AM in Credit Cards
I've never had an account with a catalogue or anything but last year I stupidly decided to order a few things on Very on the 'Buy Now Pay Later' ... I now have a £800 balance to pay, I'm paying it every month but because of the interest it doesn't seem to be going down.. A friend mentioned to get a credit card to pay it off but I've never had a credit card so I don't know the ins and outs of them and if this would be the best option?

Any help would be appreciated!

Replies

  • Willing2LearnWilling2Learn Forumite
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    Hi mich08 and welcome to the forum :)

    You need to pay more than what is on the BNPL Very statement if you want to see the Very balance reducing. You can make manual payments to do this. :)

    As far as a credit card is concerned, you would require a promotional 0% Money Transfer card to do what you want.

    MT card >> Current account >> Very account

    See the article linked below for more details on how this works.
    https://www.moneysavingexpert.com/credit-cards/money-transfers/
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  • NasqueronNasqueron Forumite
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    Your best would be to get a money transfer card, that moves credit into your bank account so you can then pay off the debt and you pay it off, usually at 0% over a period of say 12-18 months. Your issue will be that you appear to have problems paying off a relatively small balance and so you might not get a card.


    Try an eligibility checker like the one on the MSE site
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  • LuSiVeLuSiVe Forumite
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    Hi mich08 and welcome to the forum :)

    You need to pay more than what is on the BNPL Very statement if you want to see the Very balance reducing. You can make manual payments to do this. :)

    As far as a credit card is concerned, you would require a promotional 0% Money Transfer card to do what you want.

    MT card >> Current account >> Very account

    See the article linked below for more details on how this works.
    https://www.moneysavingexpert.com/credit-cards/money-transfers/

    A 0% purchase card would be fine too. You can pay BNPL with a credit card and it counts as a purchase.
  • SystemSystem
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    I wouldn't suggest opening new lines of credit when you haven't managed the shop card well. It will be a slippery slope.
    Throw as much money as you can to Very to pay it off quickly.
  • philsfogphilsfog Forumite
    4 posts
    About 8 years ago, I paid of $20k in 9 months. I got a second job at night waiting tables and and budgeting my living expenses extremely tight. Worked my !!! off and threw every bit extra money I had to the debt.

    You can do it.
  • 20SmthngSver20SmthngSver Forumite
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    I guess you could get a 0% interest period credit card and pay it off. Some offer up to 27 months now I think. So this could be a good option for you.
  • NasqueronNasqueron Forumite
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    philsfog wrote: »
    About 8 years ago, I paid of $20k in 9 months. I got a second job at night waiting tables and and budgeting my living expenses extremely tight. Worked my !!! off and threw every bit extra money I had to the debt.

    You can do it.


    Presumably from the $ you're in the US - I guess with the crazy tip culture there it could be possible, 20% is an average tip lol
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
    [/FONT][/FONT][/FONT]
  • Fire_FoxFire_Fox Forumite
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    Check posting history. :spam:
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  • Ebe_ScroogeEbe_Scrooge Forumite
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    Yet more Yankee spam from Tinapenny. Quite apart from anything else, what kind of genuine business is going to use a gmail adresss and communicate via whatsapp lol. Do try harder if you want to spam convincingly, you womble.
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  • CandyappleCandyapple Forumite, Board Guide
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    mich08 wrote: »
    I've never had an account with a catalogue or anything but last year I stupidly decided to order a few things on Very on the 'Buy Now Pay Later' ... I now have a £800 balance to pay, I'm paying it every month but because of the interest it doesn't seem to be going down.. A friend mentioned to get a credit card to pay it off but I've never had a credit card so I don't know the ins and outs of them and if this would be the best option?

    Those 'few things' that you ordered - can you sell them to repay the debt?

    If you are struggling to repay an £800 balance, coupled with the fact you’ve never had a credit card before, the chances of you receiving a 0% money transfer card are slim to none.

    Still, you never know, try plugging your details into the eligibility checker to see:
    https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.170510176.1901292714.1508748025-160981962.1507628140

    It sounds like you are on a very low income and can’t manage your budget, in which case please start a new thread over on the DFW board to look at ways how to cut back on your outgoings to pay off the debt.
    https://forums.moneysavingexpert.com/forumdisplay.php?f=76
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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