Clearing Very debt

Debtfree2024

Hi,

Anyone have any advice on clearing Very debt? The interest rate is 54.9% per annum, I’m meeting the monthly minimum repayments but I’d struggle to pay anymore than that. I’ve contacted them to see if there’s any way the interest can be reduced, would there be any way I could do a 0% balance transfer at all it might be a better idea? 

MorningcoffeeIV

They will accept a credit card as payment, so a 0% purchases card would do it.

But you're unlikely to get one, given you're already struggling with a high rate catalogue debt.

Do an SoA and people will help you cut your costs and go through your options.

Grumpelstiltskin

Megan you really need to stick to one thread as it confuses people who are trying to help you.

Help with debt - Page 2 — MoneySavingExpert Forum

Have you done a new SOA with correct figures in it?

Debtfree2024

I have a new 0% balance transfer card which I have used for some other credit card debt, this also has 0% on purchases for the first 3 months, I’ve got plenty of credit on it which would pay the very debt, would it be advisable to use this one or look for another one with a longer 0% period? 

MorningcoffeeIV

How long is the 0% period for purchases? 3 months as well, or is that jut the window to make the purchases in? What's the standard APR after the promo period?

It might help, but it' not going to be the whole solution, as looking at your other thread, you have wider budgeting problems.