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    • GlassFull
    • By GlassFull 17th Apr 18, 9:46 PM
    • 17Posts
    • 0Thanks
    Which way to go?
    • #1
    • 17th Apr 18, 9:46 PM
    Which way to go? 17th Apr 18 at 9:46 PM

    I would be very grateful if anybody could offer some help...

    My credit rating was always good, companies would freely give me credit cards/store cards and etc. I had a couple of credit cards which I paid off in full each month and one credit card with a large sum amount on it due to surgery. As I couldn't pay it off in full I took advantage of interest free balance transfers to other credit cards. Everything was going great, I had full control of my finances and i wasn't paying any interest until I decided to shop with

    I placed a £400 order in December 2015 and returned £350 of it in January. I waited and waited for the refund (it was on buy now pay later) but nothing came. To my dismay a bill arrived, feeling very frustrated I called very and refused to pay them. As far as I was concerned, I returned the items and had a receipt to prove it

    It took all those months of weekly calls, not once did I speak to anybody who spoke good English or anyone who could understand my concern. For some reason they just didn't get it, they would hang up on me (despite me staying calm) they would place me on hold, they would tell me somebody would call me back next week, the calls never came etc etc....

    I had a rough day and was finally at the end of my tether when I called them again, for the FINAL time!! It took THREE hours and alot of explaining/aggression to demand a refund of £350, all the missed payment fees and all the interest I accrued in the meantime. IT WORKED, HALLELUJAH!

    The problem is, the damage was already done! Due to very, my credit rating is now poor, credit cards started to refuse my applications and I have accrued thousands pounds of interest!

    As far as i'm concerned, if it wasn't for them, my credit rating would still be good, i probably would have paid off the large credit card and would still be in control of my finances. Maybe I was stubborn and should have paid the £350 whilst the 'track and trace team looked into my refund' but knowing very's reputation I wasn't in a position to pay for the items i didn't have, especially after Christmas!

    July last year, I came to the realisation that all my wages were going on was rent and credit card minimum payments and interest. I was now living off my credit card, therefore I was going round in circles

    I called Barclays and Halifax to tell them about my situation and they agreed to stop all the interest (although this would go on my credit file for 6 years) I questioned why Barclays have never told me this is something that could be done before (I was clueless) so they agreed to refund me 3 months of interest too

    Halifax have now transferred by debt to Moorcroft debt recovery who are trying to get me to set up a payment plan. After I explained my situation the gentleman on the phone advised me to call the National Debt Helpline, I felt like he was trying to tell me something but couldn't as the phone calls are recorded

    I called National Debt Helpline and they ran through an expenditure form with me. My dad paid off one of my credit cards, therefore I set up a payment plan via Fundsmith which pays him back £200 a month. National debt helpline said that is a big problem and I should stop paying him this way, as lenders would think I prioritise him over them. They said due to this they would recommend I get an IVA rather than bankruptcy

    I don't know which way to turn or who to listen to, all I can say is, I am seriously considering going bankrupt. I am more than happy to pay half of my debts (£12,000) but not the other half as it is purely just interest!

    I was also thinking of writing to the financial ombudsman to explain why I'm in this position. I do solely hold very responsible for doing this to me! If it wasn't for them, none of this would have happened and I would never be in this mess!

    What do YOU think I should do/can do?

    I rent my apartment from my mum, all bills included (she has a mortgage on it)
    I have my own car but it's probably only worth £3,000 now
    I don't have a mortgage and I'm not married
    My car is my only asset and i need that to get to work and back
    My total debt is £12,000
    My credit file is already damaged for 6 years, so what else do I have to lose!
    I am hoping to set up my own business in the next year or so (I believe this may affect things?)

    Apologies for the grammar/typos i can barely see this text and am typing like there's no tomorrow!

    Any help is greatly appreciated
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    • Tarambor
    • By Tarambor 18th Apr 18, 1:33 AM
    • 4,481 Posts
    • 3,445 Thanks
    • #2
    • 18th Apr 18, 1:33 AM
    • #2
    • 18th Apr 18, 1:33 AM
    Due to very, my credit rating is now poor, credit cards started to refuse my applications and I have accrued thousands pounds of interest!
    That wasn't due to Very at all. The pile of credit cards, store cards, loans and stuff you bought with them which you couldn't afford to buy is what caused it. All Very did was bring forward what was inevitable. Just because you had a good credit rating doesn't mean you would have been offered interest free cards in perpetuity. The loans board is full of people posting with 999 ratings who get refused loans, credit cards, mortgages. At some point they would have looked at your current commitments, the balances and what percentage of your card credit you were using, your income and decided that you no longer passed affordability tests or met their criteria of low risk. At that point the interest free credit card train ride comes to an end.

    You need to get in contact with Stepchange and set up a debt management plan. You also need to learn how to control your spending and live within your means. The last thing you need to be doing is setting up your own business because you do not have an emergency fund or the ability to build one so you'll just end up in even more debt - most businesses don't make a profit in the first year, most fail within the first two.
    • GlassFull
    • By GlassFull 18th Apr 18, 1:07 PM
    • 17 Posts
    • 0 Thanks
    • #3
    • 18th Apr 18, 1:07 PM
    • #3
    • 18th Apr 18, 1:07 PM
    I appreciate you taking the time to reply Tarambor but I do hold them solely responsible

    I spent 8 years of my life not once having to pay interest and I didnít ever overspend, so Iím not sure why you would just assume I did? Thatís very judgemental of you!

    Like I said, the only large sum was the surgery, hence why I was making the balance transfers. If it wasnít for very ruining my credit rating, I could have easily carried on doing what I was doing. Why after 8 years would they suddenly stop? They wouldnít!

    I am asking for advice in regards to the financial ombudsman or going bankrupt
    • silvercar
    • By silvercar 18th Apr 18, 2:12 PM
    • 38,648 Posts
    • 161,677 Thanks
    • #4
    • 18th Apr 18, 2:12 PM
    • #4
    • 18th Apr 18, 2:12 PM
    So you have £12k of debt and £12k of interest charges and you feel that had very. not treated you badly you would have been able to transfer that £12k of debt to interest free cards again and again till cleared?

    How long has it taken to amount £12k of interest, was there really no interest at all until existing offers ran out after January 2016? Seems high interest rates!

    It seems to me that you have been increasing the size of the debt over the years, assuming that you can continue for years to come.

    Although you blame very, there will be other factors. Not being a home owner and having a large amount of debt will be factors.

    (as an aside, clicking on "User CP" and choosing the old forum style will make the screen easier to read, if you have that option)
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