Very Debt – All You Need to Know

Are you wondering whether you should pay your Very catalogue debt and what to do if you can’t? You’ve come to the right place. Each month, over 170,000 people visit our website for advice on dealing with debt.

In this clear guide, we’ll explain:

•  What Very catalogue debt is
•  How to go about repaying a Very debt
•  What happens if you don’t pay your Very debt
•  Options for managing your Very debt
•  Where to find help and advice on debt

We understand that being unable to pay a catalogue debt can be stressful. It can be tough to know what to do or who to speak to. Citizens Advice says that catalogue shoppers who miss payment deadlines get charged very high fees, sometimes more than twice what they borrowed.¹

But you’re not alone; we’re here to help you understand your options and make the best choice. So, let’s begin exploring your Very debt management plan.

How do I repay?

You’d typically enter into a monthly repayment schedule with the creditor to repay your Very debt. You pay off the debt in monthly instalments to clear the balance you owe. This would involve making a minimum payment each month.

Although this Very payment option sounds achievable, there is a downside to it. When you pay the minimum every month, the amount mostly covers the interest charged to your account. This makes it take longer to pay off the principal balance. In short, it does not resolve the debt, which is harder to pay off. Plus, it puts you at risk of falling into ‘persistent debt’. And there could also be Very late payment fees added.

That being said, it is critical to consider a few things before you take out a Very credit. Ask yourself the following questions:

• Do I really need the item? Is it worth taking a catalogue credit for?
• Do I have the discipline (and means) to make the repayments on time and continue to cover my regular expenses? 
• Can I afford the interest if I fall behind in payments?
• Can I buy the item cheaper elsewhere?
• Can I get cheaper credit elsewhere (e.g. a bank)?

» TAKE ACTION NOW: Fill out the short debt form

Options for paying it off

When you want to pay off your Very debt, there are options worth considering. I’ve listed a few here.

An informal agreement 

You can tell Very that you can’t meet the scheduled payments, and they could agree for you to pay less. This could give you a little time to work things out. It’s not a legally binding agreement. Plus, Very could opt-out when they want to at any time. Also, the company is not obliged to agree.

Take out a consolidation loan

You could apply for a consolidation loan to pay off your Very debt. It could be a good option if you have other debts to pay. The amount you owe creditors is covered in one manageable monthly payment.

The downside to this option is that it could extend the amount of time it takes you to pay off your debts. My advice: think carefully before going down this route and seek impartial debt advice from an independent not-for-profit organisation.

Opt for a balance transfer 

There are many credit card offers available with a 0% APR for a fixed amount of time. When you switch to interest-free credit cards to help pay off a Very debt, it could help get you back on track. Remember, APRs for catalogues can be 20% to 40%.

The downside to this option is that eventually, you’ll have to pay off what you owe on your credit card too!

I must also caution here that the 0% APR offer is typically promotional and will expire after a certain period. After that, the interest rate can rise considerably, which could lead to more debt if the balance is not paid off during the offer period. Be sure to read the fine print.

Choose to pay more in one instalment

If you can afford to pay off a more significant portion of what you owe on your Very debt, do so. I suggest you get in touch with Very Support and ask if you can make a one-off lump sum payment.

For a full list of all the available debt solutions out there, please look at the following table.

What happens if I don’t pay?

Very can take you to court to recover the amount you owe. So you could get a County Court Judgement (CCJ) levied against you. This affects your credit history, meaning your ability to borrow, get a loan, credit card, or mortgage may be impacted. Also, a CCJ will remain on your credit report for six years.

Your account with Very will also be closed so you can’t buy any more goods.

Because catalogue debts like Very are non-priority debts, they should be paid only after you’ve cleared housing bills and living expenses. Also, unlike hire purchase agreements, you won’t have to return the item if you fall behind in Very payments.

I’m unable to pay. What can I do?

Stay calm, and don’t panic, although your instincts may tell you to. The best thing you can do is seek help. With the right advice, a Very debt may not seem so daunting. Plus, there are debt solutions that offer free advice and can help you get out of a hole.

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

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References

1. Citizens Advice – Catalogue customers hit hard for missing interest free deadlines