No longer able to afford payments very

[sixoe]

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?

I have a very account that I sometimes use to buy expensive items and use the interest free to pay over a few months, rather than use savings.

I assume the interest free period runs out soon as otherwise you wouldn’t be worrying. As if you take out buy now pay later over 12 months you don’t have to pay a fixed amount per month back, you could pay nothing for ten months and then clear it all in month 11 for example and not pay any interest.

How much of the initial £5000 will be outstanding when the interest free period ends? The t’s and c’s state that making partial payments without clearing the cash price in full will reduce the amount of interest charged at the end of the delayed payment period. This is because you will pay the interest per day but only on the outstanding amount.

I think if you miss their payments they apply interest to the whole amount.

I was told to go through a debt agency.

It wasn't very helpful.

I'm still very confused as to what I should do?

They've said go through what I originally said which was DAS which is a gov run scheme. Freezes all interest and allows you to go through what you can afford but the creditor has the right to say yes or no to the amount you say

If you've received advice and they've suggested a debt management plan:

The Debt Arrangement Scheme in Scotland - Citizens Advice Scotland

Then that is probably the right choice for you. As long as your budget confirms that you can't afford payments in full, they're likely to accept it as it's probably better administratively for them. It will also stop them phoning you to pressure you to pay which they're likely to do if you fall behind without coming to an arrangement with them.

However, it is likely to mean you can't use catalogues or other credit for several years, which is why you need to put together a comprehensive budget that covers all your essential costs, including irregular ones like DC clothes and shoes, insurance, a bit for replacing white goods when necessary and a sensible amount for Christmas etc before you pay this debt. And then you need to stick to the budget, prioritise essentials, pay the agreed debt repayment, save for irregular expenses and only then buy anything non essential.

If you want help putting together your budget, the Debt Free Wannabe is a good place to start - they'll know if the amounts you've put are too much or too little or missed out completely.

Lots of people have been in debt and, while it might not feel like it now, it usually does start to get better once you've pulled the trigger and started on with dealing with it properly as that brings your debt free date closer. Where you are now is usually the worst place to be and the worst thing to do is nothing, because that usually means you'll be in debt forever, until you start sorting it out.

I'm no expert in debt of this kind, but keep a record of the dates and times that you contacted them, what did you say and what did they say. At the end of the day you say you can't pay the monthly payment due, if you physically can't pay then you can't pay. You've done the right thing, you advised them you are having difficulty and have asked for some temporary support. They should have these calls recorded to support this.

Another poster has also said don't spend any more money with them to avoid the debt growing further.

@BarbaraofSeville I am only 27 by the time I'm 37 I could be debt free couldn't I?

I'm in a cosy council house with no intentions of leaving in 5 years time.

I could survive no credit.

My only worry is presents for the kids. I'm terrified I can't get them birthday and Christmases now. What would be reasonable to say. £100 a month? That way I could budget that

You can contact them and say you're having financial difficulties. They are able to freeze your account and you can request they freeze the interest too but they don't always do that. Obviously you wouldn't be able to order any more during this period, they can set up an affordable payment plan for you.

Any chance you can return anything you've not used yet?

I don't know specifically about Very but I've missed minimum payment on La Redout and Marisota (due to my bad organisation) and what they do is add an admin charge of around £12 for late payment . I would have guessed that Very would do the same .

My partner had this, we just spoke to their customer service, did a payment break of 2 months then resumed payment as normal every month, they were very kind about it and we didn't accrue any additional interest or fees

Focus on paying the pay in 3 amount this month, if you have a while on buy now pay later you can focus on paying it later and you won't pay interest so long as its paid by the final payment date x

I owed them £6000, but owed others more. My circumstances are probably vastly different and connected to our business going under and big change in circumstances.

It was passed to a debt collection company and I currently pay £4.00 a month. I will endeavour to pay the rest when my financial circumstances change.

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

Absolutely not.

I know someone who was about £5k in debt to them who had a sudden change of job and had to reassess a number of things financially. She phoned them and said she couldn't afford the payment she'd thus far been making without issue and they came to an arrangement with her. IIRC she now pays something like £170-180 per month instead of the nearly £300 she was paying previously. I think they may have frozen the account for a month to give her some breathing space first.

@Mumoftwotoddlers I wasn't offered this I'm just going through Scottish debt agency that's run through the government

We're in England so possibly different policies

I have a Very account. You do get the option to pay minimum payment, it’s really not an issue. You can do this for a few months and then when able you can pay more. When you go to your account online look carefully, the minimum payment option will be there.

Interest won’t be added until the end of the interest free period. Ie 6 months or 12 months. You just pay the minimum amount for a couple of months until you can afford to get back on track. At worst they will add interest but once you go back to making higher payments it’ll clear the balance. I wouldn’t get into any debt arrangements of this is a short term issue. You’d be better paying a small amount of interest than ruining your credit with an arrangement

I don't understand what you mean OP. I'm with the sister catalogue and buy now pay later just means if you pay it off before the date it starts you'll not pay the interest. It's not asking for it yet. That's the whole point of buy now pay later

What's your minimum monthly payment. It'll tell you on your account. Just pay that this month.

Also at worst if you absolutely must miss this month’s payment the whole balance won’t become due. You’ll just have to pay this month’s minimum and a small late fee next month

Maybe if you could post a screenshot of the amount owed and where it says this months payment or something we could help as you seem to be confused about the payment terms

Will the debt agency go through your budgeting with you?
You seem to be plucking the figures that you can afford (the £100) from the air. The budget that you create would allow a modest amount for xmas presents/emergencies etc so that you shouldn't need credit to buy xmas presents. Better to get it sorted properly now that rather than start a payment plan at an amount that you cannot afford on an ongoing basis.