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Very account in arrears. Advice please watch

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    Hi,

    So a couple of years ago I took out a Very account and bought a few things, to the total of around £500. Since then, I have been paying back a four weekly fee of around £40 on average, which is the minimum payment, because every month account interest gets added on to my outstanding balance.

    Recently I have been struggling financially, and I am finding paying this amount back every four weeks quite difficult. I emailed Very customer services and asked if I would be able to reduce my monthly payments, to which they said they would not be able to look into it until my account is in 'arrears'.

    I really don't know much about finance, so could someone please tell me what this means, what will happen and if this happening would have an affect on my credit rating?

    Thanks in advance!
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    yes it will affect your credit rating. What is the interest rate on the account and do you have any other debts? If ou dont have other debts you may be better off with either an overdraft from your bank or a 0% credit card - but only if you can cut up the credit card once you've paid off the debt.
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    (Original post by nails9999)
    I really don't know much about finance, so could someone please tell me what this means, what will happen and if this happening would have an affect on my credit rating?

    Thanks in advance!
    What it means is that they wont look to reduce your monthly payments until you've stopped being able to pay them. 'In arrears' means that you are late or havnt paid your requirement regular payments.

    It's an odd situation whereby they won't offer any help to stop you getting into trouble.. only limited help once you are already in trouble.

    Look to shift the debt elsewhere. See if you can get a 0% overdraft to cover the amount so you'll save on the interest payments.
 
 
 
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