In a mess with very debt

zoena1978

I’ve got into a big pickle with my very account and I’m struggling to pay the take three payments as it is. £2,100 owing but my interest charges are extreme due to bnpl. I’ve had to go on benefits and been diagnosed with chrons, after a relationship breakup so this is all new to me. (I was a sahm my ex worked) 

I have read that it sometimes is easier to let very sell the debt on? I’m not too bothered about my credit rating but the stress of my balance never coming down and now having less income is not helping my chrons either.

Does what I owe go up until they sell the debt on? I feel sick with worry over this so any help appreciated. I’m 42 and never been in this situation before. 

Thanks in advance 

[Deleted User]

If you default, then the interest will stop 

But head to the DFW boards first.

sourcrates

Moved to DFW.

sourcrates

Hi,

Its quite common with these BNPL deals for some life event to happen, and scupper your carefully laid plans.

However, don`t panic, its just a blip, you will incur the interest stated in your BNPL offer, and likely until your account defaults, theres not much you can do about that once the ball starts rolling, it dosen`t really matter that much what your final balance ends up being, once the debt is sold, you will be able to pay at a rate you can afford, and somewere along the line be able to settle the debt at a discount.

So in the long run, it dosen`t matter if they keep adding interest for now, further down the line it can be discounted again, its all about negoatiating a good deal, thats in the future, for now, just hang in their and let the process take its course.

zoena1978

Thanks all. I’ve never been in this situation but I’m struggling. I could afford around £100 a month but my take 3 payments are now around £180 and I’ve just been charged a massive bnpl interest as I couldn’t pay one lot off in time etc and I’ve got two other bnpl that are up in jan and Feb...
 I hate being in debt and it’s the only “debt” I have etc but with what I’m paying and can afford to pay I’m never going to clear it and it’s keeping me awake at night (well along with the steroids I’m on for the chrons lol) it is somewhat my fault for letting things slip cus I’ve been so ill etc and the relationship breakdown hasn’t helped obviously as his income paid the bills.. 

sourcrates

Very won`t accept reduced payments, you`ve been advised what to do to get through this, you will clear it as i have explained above.

monetxchange

Good advice above. It'll all work out.

Might be a good time to have a look round this site to get yourself sorted with your new circumstances too. Get a budget in place now it's just you and income has reduced so you're not back here in a few months having used credit to get by.

Have you checked you're getting full benefits entitlement? Any scope for working at all part time or will you be eligible for any form of disability? It's your ex the kids dad/other legal parent and will they be contributing?

In terms of the stuff bought from Very, any chance of selling it - ie if it was larger furniture or big TV bought on the strength of your ex partners income? Could you just make do with cheaper versions instead and then get the difference you've saved into a savings account so you've got a safety blanket for you and the kids going forward? I know being on your own is hard, but that's why you'll need to be twice as savvy. You can and will do it.

zoena1978

Ex is useless so I’ve gone through cms for maintenance.. I’ve done a spread sheet for incomings and outgoings and I’ve done the entitled to calculator so I think I’m getting all I should. I did look at possibly claiming pip but not sure I’ll qualify although my consultant yesterday said he thinks I’m Looking at a colectomy if these new meds don’t work.. worked all my life till I had my youngest so
its a very surreal experience all this. I’d love to go back to work but I’m not sure it’s viable with how sick I’ve been lately, this chrons is awful.. 
thanks for all the help 

Dottydoolay

Hiya just to let you know I’m in the same boat with Very and asked for advice on here a few months ago. Like you I could make payments as such but no where near the min payment they wanted.
I followed Sourcrates wonderful advice and they are exactly right as crazy as it sounds totally ignore them. Very will ring quite a bit initially and they will continue to send statements which will turn from their usual colour headings  to black.
I had 3 accounts(because they bought out previous catalogues who I had accounts with). The two smaller ones have now gone to Lowell’s(letters, emails and the odd call now)who I am yet to deal with but all looks good and you appear to basically pay what you can afford as I was previously advised by Sourcrates.
Very are still chasing the big one but my thinking they’re hanging on to try to get it themselves rather than losing money selling it on. The min payment on that is beyond ridiculous now though so no chance as there never was anyway.
I was originally hanging fire thinking I may be able to deal with the three together but as time goes on I think I may have to deal with the two smaller ones first.
All three defaulted at the same time but no sign of the big one going over as yet.

zoena1978

Thanks for this info i appreciate it. The idea of just doing nothing is quite scary so I feel a bit more assured now! 

sourcrates

One other thing, when the accounts go to Lowell, (they usually do) send a CCA request to them, as shop direct group always send out a credit agreement to sign, but still supply the goods if you don`t sign and return it, their dilligence is extremely lax in that area of their business.

If you don`t know what CCA is, then please Google it.