Very Debt

[Takethis]

Hi
Could anyone help me ? I have a large very debt (4000) and I am really struggling to pay it each month due to a change in circumstances I do not know where to turn. I have had the account since 2011 and have always paid it but I am really struggling now. Any advice please ?

[enaid]

Re: Very Debt

Hi and welcome, have you been in touch and explained the situation to Very?

[Takethis]

Re: Very Debt

Hi, and thank you. No I haven't yet because I have still been paying the required amount, but I am struggling to meet basics now. I know that I cannot carry on paying but I am terrified of court action/baliffs. I just don't know what to do ?

[enaid]

Re: Very Debt

I would get in touch with them by email or letter (always have a paper trail), explain the situation ask them if you can reduce your payments until your situation improves.
You can only really get in trouble if you ignore it and just stop paying, are you struggling with other stuff?

[FlamingParrot]

Re: Very Debt

Hi, and thank you. No I haven't yet because I have still been paying the required amount, but I am struggling to meet basics now. I know that I cannot carry on paying but I am terrified of court action/baliffs. I just don't know what to do ?

First of all, certain things are priority debts/accounts and they should come above anything else. These are things like your mortgage or rent, council tax, utility bills and things like magistrates fines, maintenance payments and tax debts (if applicable) as well as payments on loans secured on your property (if applicable). Very, along with other unsecured debts, are at the bottom of the pile.

Don't worry about bailiffs, they would need to take you to court and win (get a CCJ against you), then go back to court to apply for a warrant. In reality bailiffs are hardly ever used to enforce these types of debts even with a CCJ. Most bailiff visits involve council tax or magistrates fines, so you are safe in that front. :thumb:

Apart from your priority debts, your family comes first, way above Very! :grin:

If you are struggling to pay, you should write to them, explaining your circumstances. You may wish to include an income and expenditure form (budget sheet) to back up your offer. Although only a court can FORCE you to submit one, you may wish to do so if it helps your case and shows you really can't afford any more. A good online budgeting tool can be found on this website: NEDCAB budgeting tool. You can save your completed I&E form in Word format. This tool should help you work out an affordable repayment offer. If £1 a month is all you can afford, that's all you pay.

Bear in mind that if you can't keep up your contractual payments, they will record a default on your credit file, not immediately, but usually after around 3 months.

[Xlornahx]

Re: Very Debt

Phone them!! I did today, after racking up a debt of £5600 they have stopped all interest and asked me how much I can pay to suit me. Defo phone them.

[Amethyst]

Re: Very Debt

Good to hear Xlornahx. They may want you to go through Stepchange if your monthly offer is under (I think) £50.

[Xlornahx]

Re: Very Debt

Probably, i offered higher than fifty so didn't have to go through them.

[Takethis]

Re: Very Debt

Probably, i offered higher than fifty so didn't have to go through them.

Hi there
I am still trying to meet my payments but I am becoming desperate now, I have still not missed no payments as of yet, but I am borrowing money from family and I cannot carry on like this, honestly it is making me ill. Do you mind me asking how much you have offered to pay them ? and how were they when you spoke to them ? I ma thinking of writing a letter rather than phoning them as I don't want to feel intimidated. If you could please give me some advice I would really appreciate it. If you don't want to say on the thread you could inbox me......Thank you

[Kati]

Re: Very Debt

Sort out an income/expenditure sheet so that you know how much you realistically can afford. Don't offer any more than that (or you will soon find yourself back in the same situation )

[Takethis]

Re: Very Debt

Hi, thanks. What do you think about a debt management plan, I was wondering whether or not to pursue this avenue. I feel like I am going out of mind and I am not sure which way to turn. Very is by biggest debt, I have a credit card with a relevantly small amount on, I could probably pay that no problem if I didn't have very to pay each month.

[Amethyst]

Re: Very Debt

Hi there
I am still trying to meet my payments but I am becoming desperate now, I have still not missed no payments as of yet, but I am borrowing money from family and I cannot carry on like this, honestly it is making me ill. Do you mind me asking how much you have offered to pay them ? and how were they when you spoke to them ? I ma thinking of writing a letter rather than phoning them as I don't want to feel intimidated. If you could please give me some advice I would really appreciate it. If you don't want to say on the thread you could inbox me......Thank you

Ring them, as Kati says do yourself an income expenditure sheet, then give them a call. £50 seems to be the minimum they will accept straight off anything lower would have to go through Stepchange. They really are not intimidating at all (I suppose it depends who you get but I have spoken to three people there now and they have all been lovely ).

It goes out of control so quickly once the interest kicks in so it is completely understandable, plus they ramp up your credit limit willy nilly so far too easy to get into problems. I think they understand that.

Give it a try xxxx

(I felt the same and was starting to bury head in sand, but accidentally answered the phone to one of their arrears collection guys one day and it's all been a lot better since then)

[Takethis]

Re: Very Debt

Thanks for your swift reply. Do you think I could email them to explain the situation I don't feel confident to speak to them over the phone.

[Kati]

Re: Very Debt

You can contact them through the website - http://www.very.co.uk/help/en/online...m/help_contact

[Takethis]

Re: Very Debt

Thank you so very much x