Paying Off Catalogue Debt

mich08

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!

Willing2Learn

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/

Nasqueron

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

LuSiVe

Willing2Learn wrote: »

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.

System

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.

philsfog

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.

20SmthngSver

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.

Nasqueron

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

Fire_Fox

Check posting history. :spam:

Ebe_Scrooge

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.

Candyapple

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