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  • FIRST POST
    • nathorn
    • By nathorn 11th Sep 18, 8:32 PM
    • 4Posts
    • 0Thanks
    nathorn
    paying off a very account
    • #1
    • 11th Sep 18, 8:32 PM
    paying off a very account 11th Sep 18 at 8:32 PM
    I'm looking at my finances again and have been doing research on balance transfer cards. HOWEVER.... the credit I want shifting is on my online Very account.

    I'm wondering if there's any options for transferring this sort of balance?! I've well and truly fallen into the "buy now pay later" trap, as well as their "take 3" payment option. I'm aware some of this is interest free.... but ideally would like to get rid of Very all together.

Page 1
    • Red Athena
    • By Red Athena 12th Sep 18, 8:47 AM
    • 49 Posts
    • 72 Thanks
    Red Athena
    • #2
    • 12th Sep 18, 8:47 AM
    • #2
    • 12th Sep 18, 8:47 AM
    Look for cards that allow a money transfer - go to the ‘cards and loans’ section of the main MSE site and there are explanations and examples
    DMP Begins October 2018
    My diary : Looking Forward
    • -taff
    • By -taff 12th Sep 18, 9:12 AM
    • 7,750 Posts
    • 6,101 Thanks
    -taff
    • #3
    • 12th Sep 18, 9:12 AM
    • #3
    • 12th Sep 18, 9:12 AM
    As above, but make sure it's money transfer, not balance transfer.
    • Willing2Learn
    • By Willing2Learn 12th Sep 18, 10:30 AM
    • 1,441 Posts
    • 1,092 Thanks
    Willing2Learn
    • #4
    • 12th Sep 18, 10:30 AM
    • #4
    • 12th Sep 18, 10:30 AM
    I just wanted to say that you need to careful if you are successful in your application for a money transfer card. Especially if you have other debts, beside Very.

    A new money transfer card will often have a special promotion running at the beginning, to make the transfer very cheap. But then the offer expires and the interest rate shoots up. It can be easy to get into further debt if you don't manage credit well.

    https://www.moneysavingexpert.com/credit-cards/money-transfers/
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • nathorn
    • By nathorn 12th Sep 18, 10:33 AM
    • 4 Posts
    • 0 Thanks
    nathorn
    • #5
    • 12th Sep 18, 10:33 AM
    • #5
    • 12th Sep 18, 10:33 AM
    According to the Credit Card Eligibility Calculator I only have a 20% chance of being accepted for a money transfer card, so don't want to risk applying?!

    Thanks for the advice though.. think I'll just have to stick with the original plan of chipping away at it whenever I have spare cash!
  • National Debtline
    • #6
    • 12th Sep 18, 1:59 PM
    • #6
    • 12th Sep 18, 1:59 PM
    Hi nathorn


    If you're struggling with your repayments it sounds like it could be worth you completing a statement of affairs (SOA) and posting it back on the board. You'll get lots of useful help and advice from other members on how to get on top of your debts.


    You can complete one here http://www.stoozing.com/calculator/soa.php and just need to hit the 'format for mse' button before posting.


    Best wishes


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • MsFizzy
    • By MsFizzy 12th Sep 18, 8:02 PM
    • 3 Posts
    • 1 Thanks
    MsFizzy
    • #7
    • 12th Sep 18, 8:02 PM
    • #7
    • 12th Sep 18, 8:02 PM
    Hi there,
    From what I recall I was able to use my credit card which was on 0% interest to clear my Mumís very account.

    Might be worth checking this out.
    • nathorn
    • By nathorn 12th Sep 18, 9:05 PM
    • 4 Posts
    • 0 Thanks
    nathorn
    • #8
    • 12th Sep 18, 9:05 PM
    • #8
    • 12th Sep 18, 9:05 PM
    ah thanks Iíll have another proper look into it
    • Craig1981
    • By Craig1981 13th Sep 18, 6:01 AM
    • 283 Posts
    • 128 Thanks
    Craig1981
    • #9
    • 13th Sep 18, 6:01 AM
    • #9
    • 13th Sep 18, 6:01 AM
    Very accepts credit card payments - used to pay this way when i had their account (very recently closed)

    so look for a 0% purchase card, and make payment online with your new card to clear your Very account and get it closed.

    in essence, a 0% purchase card will still be like a BNPL offer, but may give you more than 12 months to get it cleared, and interest will only be charged on whats left after the promotional period, not from day 1 like Very
    • nathorn
    • By nathorn 15th Sep 18, 3:09 PM
    • 4 Posts
    • 0 Thanks
    nathorn
    this is what I've done just waiting for the card to be delivered so I can pay it off and get rid!! thanks
    • Willing2Learn
    • By Willing2Learn 15th Sep 18, 3:15 PM
    • 1,441 Posts
    • 1,092 Thanks
    Willing2Learn
    Just remember it is a money transfer card. You don't want to be making purchases on it as the APR will be high (unless the card also has a purchases promotion). And use the card as an opportunity to pay down your debt...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

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