Very account defaulted, what next?

rachellouise11

Today I have received notice of my Very account defaulting. I am head over heels (or so it feels) in various other debt and currently only receiving Universal Credit. I do hope to return to work part time for some extra income come August once the summer holidays are over. Ive buried my head in the sand and feel my only two solutions are either a scottish trust deed or bankruptcy. I am mostly swaying towards a Trust Deed, not 100% sure I will be accepted though. I am aware that you need an earned income to enter into this hence why I am eager to get back to work. Can anyone tell me what the next stages/timescale are once my account has defaulted? Could I potentially continue ignoring creditors/debt collectors until August/September when I can then apply for a trust deed or are they likely to proceed with bailiffs/CCJs etc in the next few months?

Willing2Learn

Hey, congratulations on receiving your default notice from Very. It is so rare for Very to default their customers. You are very fortunate as once the account has defaulted, the interest and fees are frozen.

The good news with regard to bailiffs is that it is a lengthy process. Very, or their assigned DCA, will have to jump through a lot of hoops before that can happen. I suggest you write to whichever DCA is assigned the account, explaining that you are seeking debt counselling advice, and that you request the account is put on hold in the meantime.

Smokeysmoggy

First of all, sorry to hear of your predicament.

But it is not the end of the world, I have dealt with these things in the past on behalf of family members.
First and foremost, work out the very maximum you could realistically afford to pay them without putting yourself into an even deeper hole, then contact very and tell them of your situation, be Frank with them, the fact that you have rang them and made them an offer will stand you in good stead.
Most of them will offer a review period after about 6 months, but even paying a reduced payment will give you breathing space and stop the red letters coming through the door.
As for bailiffs and ccjs, this will be quite far down the line, after it has been sold to debt collection agencies and they get no joy.
But if your account is defaulted and it hasn't been passed to a debt collection agency, get it sorted now because they will add their own charges which will vastly inflate you debt.

Good luck and let us know how you get on.