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    • mich08
    • By mich08 22nd May 19, 3:30 PM
    • 1Posts
    • 0Thanks
    mich08
    Paying Off Catalogue Debt
    • #1
    • 22nd May 19, 3:30 PM
    Paying Off Catalogue Debt 22nd May 19 at 3:30 PM
    I've never had an account with a catalogue or anything but last year I stupidly decided to order a few things on Very on the 'Buy Now Pay Later' ... I now have a £800 balance to pay, I'm paying it every month but because of the interest it doesn't seem to be going down.. A friend mentioned to get a credit card to pay it off but I've never had a credit card so I don't know the ins and outs of them and if this would be the best option?

    Any help would be appreciated!
Page 1
    • Willing2Learn
    • By Willing2Learn 22nd May 19, 4:08 PM
    • 3,256 Posts
    • 2,829 Thanks
    Willing2Learn
    • #2
    • 22nd May 19, 4:08 PM
    • #2
    • 22nd May 19, 4:08 PM
    Hi mich08 and welcome to the forum

    You need to pay more than what is on the BNPL Very statement if you want to see the Very balance reducing. You can make manual payments to do this.

    As far as a credit card is concerned, you would require a promotional 0% Money Transfer card to do what you want.

    MT card >> Current account >> Very account

    See the article linked below for more details on how this works.
    https://www.moneysavingexpert.com/credit-cards/money-transfers/
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

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    • Nasqueron
    • By Nasqueron 22nd May 19, 4:15 PM
    • 7,580 Posts
    • 4,789 Thanks
    Nasqueron
    • #3
    • 22nd May 19, 4:15 PM
    • #3
    • 22nd May 19, 4:15 PM
    Your best would be to get a money transfer card, that moves credit into your bank account so you can then pay off the debt and you pay it off, usually at 0% over a period of say 12-18 months. Your issue will be that you appear to have problems paying off a relatively small balance and so you might not get a card.


    Try an eligibility checker like the one on the MSE site
    • LuSiVe
    • By LuSiVe 23rd May 19, 9:03 AM
    • 859 Posts
    • 1,128 Thanks
    LuSiVe
    • #4
    • 23rd May 19, 9:03 AM
    • #4
    • 23rd May 19, 9:03 AM
    Hi mich08 and welcome to the forum

    You need to pay more than what is on the BNPL Very statement if you want to see the Very balance reducing. You can make manual payments to do this.

    As far as a credit card is concerned, you would require a promotional 0% Money Transfer card to do what you want.

    MT card >> Current account >> Very account

    See the article linked below for more details on how this works.
    https://www.moneysavingexpert.com/credit-cards/money-transfers/
    Originally posted by Willing2Learn
    A 0% purchase card would be fine too. You can pay BNPL with a credit card and it counts as a purchase.
    • beany_bot
    • By beany_bot 23rd May 19, 9:05 AM
    • 474 Posts
    • 227 Thanks
    beany_bot
    • #5
    • 23rd May 19, 9:05 AM
    • #5
    • 23rd May 19, 9:05 AM
    I wouldn't suggest opening new lines of credit when you haven't managed the shop card well. It will be a slippery slope.
    Throw as much money as you can to Very to pay it off quickly.
    • philsfog
    • By philsfog 23rd May 19, 9:41 AM
    • 4 Posts
    • 0 Thanks
    philsfog
    • #6
    • 23rd May 19, 9:41 AM
    • #6
    • 23rd May 19, 9:41 AM
    About 8 years ago, I paid of $20k in 9 months. I got a second job at night waiting tables and and budgeting my living expenses extremely tight. Worked my !!! off and threw every bit extra money I had to the debt.

    You can do it.
    • 20SmthngSver
    • By 20SmthngSver 23rd May 19, 10:54 AM
    • 214 Posts
    • 71 Thanks
    20SmthngSver
    • #7
    • 23rd May 19, 10:54 AM
    • #7
    • 23rd May 19, 10:54 AM
    I guess you could get a 0% interest period credit card and pay it off. Some offer up to 27 months now I think. So this could be a good option for you.
    .....
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    • Nasqueron
    • By Nasqueron 23rd May 19, 11:46 AM
    • 7,580 Posts
    • 4,789 Thanks
    Nasqueron
    • #8
    • 23rd May 19, 11:46 AM
    • #8
    • 23rd May 19, 11:46 AM
    About 8 years ago, I paid of $20k in 9 months. I got a second job at night waiting tables and and budgeting my living expenses extremely tight. Worked my !!! off and threw every bit extra money I had to the debt.

    You can do it.
    Originally posted by philsfog

    Presumably from the $ you're in the US - I guess with the crazy tip culture there it could be possible, 20% is an average tip lol
    • Fire Fox
    • By Fire Fox 23rd May 19, 9:40 PM
    • 24,812 Posts
    • 28,850 Thanks
    Fire Fox
    • #9
    • 23rd May 19, 9:40 PM
    • #9
    • 23rd May 19, 9:40 PM
    Check posting history.
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    • Ebe Scrooge
    • By Ebe Scrooge 24th May 19, 7:40 AM
    • 4,259 Posts
    • 3,727 Thanks
    Ebe Scrooge
    Yet more Yankee spam from Tinapenny. Quite apart from anything else, what kind of genuine business is going to use a gmail adresss and communicate via whatsapp lol. Do try harder if you want to spam convincingly, you womble.
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    • Candyapple
    • By Candyapple 24th May 19, 9:45 AM
    • 3,172 Posts
    • 2,639 Thanks
    Candyapple
    I've never had an account with a catalogue or anything but last year I stupidly decided to order a few things on Very on the 'Buy Now Pay Later' ... I now have a £800 balance to pay, I'm paying it every month but because of the interest it doesn't seem to be going down.. A friend mentioned to get a credit card to pay it off but I've never had a credit card so I don't know the ins and outs of them and if this would be the best option?
    Originally posted by mich08
    Those 'few things' that you ordered - can you sell them to repay the debt?

    If you are struggling to repay an £800 balance, coupled with the fact youíve never had a credit card before, the chances of you receiving a 0% money transfer card are slim to none.

    Still, you never know, try plugging your details into the eligibility checker to see:
    https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.170510176.1901292714.1508748025-160981962.1507628140

    It sounds like you are on a very low income and canít manage your budget, in which case please start a new thread over on the DFW board to look at ways how to cut back on your outgoings to pay off the debt.
    https://forums.moneysavingexpert.com/forumdisplay.php?f=76
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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