Hi there need some assistance with my very account and argos card account

jimmyc12322

Hi guys, hopefully can get the right answers here. So i currently have a very.com account with a outstanding balance of £3087.93, these are all individual BNPL plans none of them have expired yet.

I also have a Argos card balance too. with all them being BNPL plans again none have currently expired.

Am I able to ring up both companies, and get them to put my outstanding balances into one monthly payment because I've had some issues where I won't be able to pay them by the dates they expire etc.

If i could get say the very outstanding balance into one lump some payment at like £200/month etc I could afford this.

any help would be much appreciated.

CliveOfIndia

I suspect this will be unlikely - the terms of the contract you signed will be that if you don't clear the balance within the specified timeframe then you'll start paying interest.

One option to look at could be a money-transfer credit card.  This will deposit cash into your bank account, and put a corresponding debit on the card.  You use the cash to clear the BNPL accounts, then repay the card over a number of month (for instance, 12 or 18 months, depending on the offer you're able to secure).  The APR on the card will be low, hopefully zero, though there will usually be a fee to pay for doing the transfer.

This assumes, of course, that you can get accepted for a MT card, and that you're offered a high enough limit.  And you must make sure you'll be able to clear the card in full by the time the promotional offer expires.  But it's an option to consider.

enthusiasticsaver

jimmyc12322 said:

Am I able to ring up both companies, and get them to put my outstanding balances into one monthly payment because I've had some issues where I won't be able to pay them by the dates they expire etc.

No they are unlikely to do this.  If you do  not pay them within the BNPL dates you will pay interest on the debts.  A 0% MT card as suggested above is one option.  If you are experiencing difficulty in paying off debt I suggest you post on the Debt free wannabe forum 

sourcrates

As above, no, that would not be in line with the credit agreements you are bound by.

The only way this can happen is if you default on the debts and make arrangements like you describe above, to repay the outstanding balances.

macman

Why do you think that one monthly payment is somehow better than two? What matters is the total interest you pay on the debts, not how it is divided between each creditor.
Consolidating is rarely a solution, as it just extends the loan period.