I've just made a Very account and I'm panicking!

[sweetpeach91]

I'm a student, 20, with pretty awful credit that I'm now getting on top of (took out a lot of payday loans when I first turned 18 that I couldn't afford).

My laptop broke a month ago now and I'm doing an open university course so I can attend uni in September. I've been working off my phone screen which is awful for exams and assignments I have coming up! I can't afford the laptop I need outright (£299) but chose the Very 3 option (3 Payments, no interest as long as you meet them).

I can meet the payments and I only have £80 left on my credit card which I'll pay off on the 1st March then close the account with the credit card company, I have only £240 left on the loans which I've been paying back on a payment plan at £30 monthly which is all fine.

I can afford the payments but I'm just freaking out having this pressure again of a new debt, I need the laptop desperately and put a lot of research into finding the right one for the right price that will survive through the uni years. (law student)

I can pay £100 off the laptop when my latest cheque clears (should do in a few days) then another £100 when I get paid on the 1st so i will be able to pay the laptop off by end of March thankfully then I'll close the Very account pronto!

I know it sounds ridiculous but after digging myself out of such awful debt and stress and bad money decisions I'm finally getting on top of it and buying this laptop from Very feels like an awful decision even though it's a necessity.

Can anyone reassure me? Will my credit get bad again? Will my credit increase when I've paid off my credit card as well?

Thank you.

Oh dear, I think I've put people off with the massive novel of a first post!

Calm down

You sound like you know what you're doing. Please stick to your plan. You've not been frivolous, this is a sensible purchase. Do you need a friendly reminder when the payments due? Happy to set a reminder and chin you?

If you can afford the payments it's really a non-issue so stop panicking. Ensure you close the account afterwards and make sure your disciplined. You've come this far

@KatoPotato thank you, what a kind offer! I'm okay though, I've set MULTIPLE alerts in my calendar app and written it all on notes and in my paper diary. I'm not getting back into debt this time! I've worked out I can pay it all back by March 7th (the credit card and Very purchase)

I totally get it, I spent my twenties in debt and still get a knot of fear. I think it teaches a valuable lesson. Good luck and enjoy your new laptop!

@rosesandcashmere exactly, I've just got to be strict. Honestly I'm put off of credit cards for life now! I took the credit card out to clear some of the loans but ended up spending the credit card at the time! 🤦🏻‍♀️ so stupid.

My boyfriend has literally 5+ credit cards and a few high price loans he's paying back! £2k a month goes on his repayments, it's ridiculous. He's 35 & self employed but took his credit cards out at 18 and abused them until his late 20's then his BIL made him take out a 10k loan for him in his name. I don't know how he deals with the stress.

I'm great at budgeting food and monthly payments now though so at least that's a life skill (even if I do still freak out about missing any payments or getting to the checkout and not having enough money!).

@KatoPotato ah maybe it's a right of passage then? it is awful. I was terrified I'd end up in jail at one point for missing payments and I was avoiding talking to the loan company as I was so scared. (Anxiety and depression sufferer over here!) I had to fess up to my mum in the end so she'd help me call them. They still put me in arrears though

Thank you, it's a Lenovo Ideapad- £100 off the retail price atm on Very. I Mainly need it for essays and exams, general studying. I guess I have no excuse anymore for slacking on my studies when it arrives!

You sound very organised and sensible to me. There's no point doing badly on your course because you don't have a laptop. I think it's a good thing you're having such a strong reaction - it means you're less likely to to fall into the trap of spending unwisely again. Lesson learnt, by the sound of it.

You’ll be ok.

Don’t get rid of your credit card. The best way to rebuild your credit rating is to use your card and pay it off, in full, each month. Obviously only use it for things you would have to buy anyway.

You’re not stupid, you can do that.

Make sure you’re not subbing your bf.
Make sure you’re no to success subbing lol bf.

@LittlePaintBox do I? Thank you! Yes definitely lesson learnt. That's what I was trying to rationalise! It's not like I'm buying an unnecessary purchase. I literally need it so I don't throw a £3k student loan down the drain!

@IncrediblySadToo no I would never sub him, I can't afford to anyway. I do pay fairly in our relationship though when I can (obviously he earns a lot more than me so he often insists on paying when we go out).

Ah okay, I honestly don't know if I can trust myself with it though. I think it's worth it for my safety (and sanity!) if I just cut it up and close the account. I'd rather have okay credit than good credit but keep spending unnecessary money!

Well done on getting a handle on the debt and clearing it. Once it's clear open a Credit Union account and save with them. Google your Town/County and Credit Union to find your nearest one.

This is one near me
www.bristolcreditunion.org/savings

You sound very sensible in your approach to finance now. I was massively in debt when I was younger. Once I was clear from debt for a few years my bank offered me a credit card with no further credit checks. I held off for a while but then decided to get it. I too felt the knot of anxiety about getting into debt again but it has served me well in knowing to pay off the balance as quick as possible. Then that bumps up my credit rating.
I also have a Noddle account where I can check my credit report whenever I want. It does start off with a record of a credit search on your name but it is also useful to know.