Help with Very catalogue debt

StickyFingers123

Hi, I owe Very around £2200 and I'm struggling to pay. If I ignore them and let it default how much would I end up owing? I'm worried about them piling interest on and on.

sourcrates

Interest will still be charged until default, usually about 3/6 months, so it won`t be a massive amount.

Looking ahead, any extra interest charged prior to default can be re-cooped later on when the debt is sold and settled for less than the outstanding balance.

Catalogue companies have much lower acceptance thresholds for credit, than a mainstream lender, and there options for dealing with bad debt tend to be equally as low, so your strategy is a workable one, as long as a keen eye is kept on correspondence.

StickyFingers123

Thanks for the reply. So what steps should I take if I decide to let it default and how much will they harass me for it?

sourcrates

The usual sequence of events will see Very`s own inhouse collections team fire the first salvo, it may then be passed to an external collection agency, after which the debt will likely be sold.

Once it defaults you will be informed in writing, you can then decide how you wish to deal with it.

Collection activity will be in the form of letters/calls etc.