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Original poster

No longer able to afford payments very

72 replies

sixoe · 26/10/2023 14:37

Has anyone else came under this

I was able to afford then kids dad really messed me over with money

I'm due a payment I can't make
I had month payments each month I could afford to the amount of 5,000

If I miss this one month am I in debt for the entire amount of 5,000

Is there anything I can do?

Is this normal?

Do I get ahead before I miss it and apply for something like das? I think it's only in Scotland. It freezes your debt. Damages credit score a little bit it's monthly repayments minus the interest

I basically just want someone to say they've been through this too and everything will be fine.

I'm a council tenant. Will this affect my tenancy?

OP posts:
BusterGonad · 26/10/2023 15:14

EmeraldTheSeahorse · 26/10/2023 15:01

How do you owe them so much? When I looked the limit was 1500

Also very helpful. 👏

BarbaraofSeville · 26/10/2023 15:14

But I've been told by others on Mumsnet it's the whole £5000 and the interest if j miss this payment

Financial advice on MN is often very poor. People generally don't have much experience with catalogues and tend to make stuff up for reasons I really don't understand.

Don't worry about your tenancy. Keep paying your rent, that's priority number 1, closely followed by your council tax, food and other essentials. Unsecured credit like Very will have to wait or make do with money you have left over after you have covered essentials. They are also obliged to treat you fairly.

Is the kid's dad likely to keep being unreliable in paying maintenance? If so, it's probably best to treat any payments he makes as a bonus, rather than relying on them turning up on time.

You first need to review your budget. If you're going to tell Very you can't pay and need help, you'll need to send them details of this anyway. Don't skimp on essentials to free up money to pay catalogues, it doesn't work like that. If your disposable income has decreased due to the cost of essentials increasing faster than your income, and this dropping due to your ex stopping paying then you can no longer afford your catalogue payments so will probably need advice. Is this your only debt?

Have a look at Moneysaving Expert debt advice and do everything that is relevant. Make sure you include enough in your budget to keep the heating and lighting on over winter. You might be entitled to extra help with this.

Free debt advice: what to do & where to get help - MSE (moneysavingexpert.com)

2023shady · 26/10/2023 15:14

I'm pretty sure on their buy now pay later they just add the load of interest on but you don't have to pay it all in one go, just the min payment
So yes you would have all the interest added but no huge payment to make

PrinceElan · 26/10/2023 15:21

Get in touch with Step Change Step Change. They are a debt advice charity and they will help you sort out your finances. There is no charge and will help you along the way. They may even be able to get your debt written off.

StepChange Debt Charity - Free Expert Debt Advice.

https://www.stepchange.org

LadyDanburysHat · 26/10/2023 15:21

BusterGonad · 26/10/2023 15:13

Helpful.

Show quote history

How is my comment unhelpful. I said to contact them, But clearly OP is out of her depth in debt, so should stop spending there.

IMustDoMoreExercise · 26/10/2023 15:23

I don't know about Scotland but in England you can speak to a debt charity such as Step Change and they will be able to help you.

Make sure you don't speak to a commercial organisation as they will get to you to take out things that to get commission.

Soberfutures · 26/10/2023 16:02

Just phone them. They were lovely when I needed help. I had the account and interest frozen for 6 months.

Is your bnpl up this month and that is why u are panicking? Yes they will add on interest but it doesn't all then become due. It then just becomes compound interest each month.

No need for debt iva or anything else just phone them and make an arrangement. I promise they are very (excuse the pun) helpful. Think I spoke to a scouser called Shirley. And yes I know that sounds crazy remembering her name but for once I was so happy I want made out to be an idiot for not budgeting properly

They always prefer you to phone and talk it through before any missed payments

AnitaDeepali · 26/10/2023 16:03

I can't help with what you should do but you need to be clear who you owe. Do you owe Very the catalogue company? Or do you owe Klarna or Clearpay etc, the company who extended credit to purchase the goods in advance, and now you owe them?

LovelyGreenCushions · 26/10/2023 16:10

Call Very
They have to take hardship very seriously as they shouldn't have lent to people who cannot afford to repay
They will negotiate a repayment plan with you.
Call them 1st before you do anything else

BusterGonad · 26/10/2023 17:03

LadyDanburysHat · 26/10/2023 15:21

How is my comment unhelpful. I said to contact them, But clearly OP is out of her depth in debt, so should stop spending there.

Show quote history

Sorry. My mistake.

Original poster
sixoe · 26/10/2023 20:18

@Soberfutures I've contacted them said payments cannot be delayed or extended

What did you ask for

OP posts:
Back2Black · 26/10/2023 20:26

I think you need to get some debt counselling. Is this a joint debt?

Sk8erboi · 26/10/2023 20:30

sixoe · 26/10/2023 20:18

@Soberfutures I've contacted them said payments cannot be delayed or extended

What did you ask for

This is shocking if this is your first time being unable to make payment.

How much do you have to pay this month and can you make any payment at all? They will have to accept a lower payment, they won't get blood out of a stone.

Write the facts down for when you call them back and tell them what, if anything you can pay.

Back2Black · 26/10/2023 20:39

I think you said you are in Scotland? In the UK there is a debt charity called Step Change, there might be the equivalent where you are. They can advise.
They will go through your finances & help you to put forward a amount you can pay.
I work in finance (UK) no judgement here & understand that you must be worried.

NoSquirrels · 26/10/2023 20:46

The Buy Now Pay Later (BNPL) credit and Pay In 3 that’s coming due for repayment can’t be extended is what they’re telling you - they won’t extend the interest-free period. So the lump sum of interest will get added to your account.

But you won’t need to pay it all off in one go, you just need to make your minimum payment on the account and accept that they’re now charging you interest.

Can you afford your minimum payment?

Soberfutures · 26/10/2023 20:46

That's wrong. Ask to speak to their debt management team. I called the main number and explained I couldn't make the minimum payment and what can be done. They asked my income and expenditure and went thru an affordability check. So please ring them back ASAP.

Soberfutures · 26/10/2023 20:48

They even say on their website

No longer able to afford payments very
Original poster
sixoe · 26/10/2023 20:52

@Back2Black how bad is it? I'm very scared

OP posts:
SiouxsieSiouxStiletto · 26/10/2023 20:52

Excellent advice from Barbara.

NoSquirrels · 26/10/2023 20:52

I think what’s happened OP is that you haven’t asked the right question from Very to get the right answer.

If you can’t afford your minimum payments to the account you’re in financial hardship
and the debt manage my team will work with you.

If you’ve just been asking them how to avoid having the interest added if you don’t make the agreed Pay In 3 or BNPL payment in full, then they won’t do that.

If you can’t afford to pay the minimum is the real question?

Vettrianofan · 26/10/2023 20:53

What's Pay in 3?? Never heard of this before. Hope you get it sorted out OP. We all need help and support from time to time so don't beat yourself up.

Britneyfan · 26/10/2023 20:56

@Back2Black Scotland is in the U.K.! I agree with your advice otherwise though. OP, StepChange covers Scotland, they are very good and will give you detailed free advice with no impact on your credit rating etc, and talk you through the options for dealing with this, they will often negotiate on your behalf and be the mediator for you if the company are being unhelpful, and they won’t take any nonsense from them. Please give them a call.

NoSquirrels · 26/10/2023 20:59

Pay in 3 is like Klarna or PayPal where the initial purchase e.g. £75 is divided by 3 and you pay £25 a month. But if you don’t pay £25 one month - say you can only afford £15 - they add interest for all 3 months. It’s interest-free if you stick to the schedule; if you don’t it’s usually at a high rate, like a credit card.

Like a credit card, the account has a minimum payment option. You can do just minimum payments but interest is going to be added every month.

Back2Black · 26/10/2023 21:06

Apologies about Scotland /UK...

Call the company tomorrow, explain your situation, request they freeze the interest.
Request what you've agreed in an email / in writing. Make your own notes of when you contacted them & what was said.
Contact Step Change.
Take their advice, get it in email / writing. They are there to help.
You can sort this out but have to be on the ball & act on the advice you are given.

Once upon a time I had to look down the back of the sofa to hopefully find a few quid to pay the bills

Nowherenew · 26/10/2023 21:06

OP please do not worry.

Lots of people get themselves into debt and the main thing is to not ignore it.

You’ve already made a first great step by trying to sort it and not just bury your head in the sand.

I’m a bit confused with how much you owe this month.

I think you’ve got £5000 on your account, which you are paying back bit by bit every month but you can’t afford it this month.

How much is the minimum amount?
How much can you afford.

You will have to ring very and explain that you can’t afford it.
They may let you miss a payment but chances are will probably extent the length of time you have to pay it back.

It will mean you accumulate more debt but at least the monthly payments will be less.

You don’t have to worry about your tenancy or anything like that.