Very.co.uk debt

[Si73]

Hi, i am new here so just looking for a bit of advice.


I owe very.co.uk nearly £7,000, i was silly last year as in a bad situation and bought phones on buy now pay a year later and then sold them to keep myself and family going, all the interest has now piled up and the monthly payment will be around £450 once all the interest is applied.


I have reached out to Very saying i am going to struggle to pay, after working everything out i have told them i can pay £50 a month, not suprised but they have not accepted this.


What should i do now? just pay what i can and wait to they default me? Really don't want the interest to pile up to much.



They just keep saying talk to Stepchange, is there anything they can do that i can't as i have heard mixed reviews on Stepchange.



Thankyou in advance.

[MIKE770]

they never accept in 1st responses, i found out years ago! stepchange have heard OK! or as I did pay £40 (do not leave yourself short or even £30) to very no questions there move next, they usually just moan but accept, later years out it out to DCA on commissions on collection, talk to step change initially maybe?

[echat11]

Some info here - https://debtcamel.co.uk/creditor-won...te_to_complain

[Si73]

Hi




Just and update and more advice please.




Very have put account on hold until 18th September..i now have to decide what to do..




I could go back to Very and make them another payment offer £150 or go on to a DMP, i have 7 credits altogether totalling 25,000.




Very debt is the only one i will struggle with (£350 a month, £7,000 total) but my Argos one is also £218 (3,900)..




Can't see Very accepting this so would probably have deal with this separately anyway while also being hassled by the other 7 crediters as well!.





Could i just put Very and Argos on a DMP or would that not work or be accepted?




Thanks

[echat11]

What you need to do is make manageable payments to Very, the last thing they will want is for a payment to fail, that will happen if you've offered to pay something that is not manageable. The same with Argos. Have you filled in an Income and Expenditure form?

A court wouldn't ask you to pay more then you comfortably could afford to pay. That is what you need to get across to Very and Argos.

Amend this template to reflect your situation, email it to Very -

https://www.citizensadvice.org.uk/de...itor---letter/

[Matty B]

I would also add that I think it is unlikely that they will accept reduced payments from you if some of the creditors continue to get full payments, particularly if the sum owed is less.

If you work out an I&E it will show your disposable income - divide that pro rate amounts your creditors, if for example you owe very 7000 and company A 700 , you would pay company A only 1/11th of what you pay very (if my maths is correct).

Also when doing the I&E do not overstretch yourself. If you pay £100 a months for car etc remember petrol goes up as does insurance etc. Also you mobile phone bill if essential . I suspect if you are on the full sky package or virgin media they might quibble but I always used to work backwards - I knew what I had left and put in figures to get to that (a bit naughty but it worked).

[Si73]

Thanks..so DMP the best option so creditors treated fairly and Very more likely to accept?..Just cant see them accepting DMP either.

Very want me to call them but i have heard bad things about talking to them on the phone..

Is just paying them what i can afford an option and waiting for it to default ?

[echat11]

Thanks..so DMP the best option so creditors treated fairly and Very more likely to accept?..Just cant see them accepting DMP either.

Very want me to call them but i have heard bad things about talking to them on the phone..

Is just paying them what i can afford an option and waiting for it to default ?

How much can you realistically afford to pay your creditors each month (comfortably)? Get that figure from filling in a Income and Expenditure form to find out.

Then work out how much to pay each creditor. Then write to all your creditors, all 7 using template below and a income and expenditure form.

https://www.citizensadvice.org.uk/de...ay-your-debts/

https://www.citizensadvice.org.uk/de...itor---letter/

https://tools.nationaldebtline.org/yourbudget/