Removing charges and interest on Catalogue

A question about : Removing charges and interest on Catalogue

Hi, I,m looking for some advice regarding a debt which I have through Shop Direct Financial Services (Very catalogue). I received a letter dated 28/05/2012 from a company called capQuest Debt Recovery stating the have bought the debt from Shop Direct Financial Services which they currently have as Ј1,041.06. I hold my hands up and admit I have been ignoring this debt for a long time and everytime I received a letter from Very I just didn't respond to it as I've had alot more serious things going on. I wanted to know if it is possible for the charges and interest which Very catalogue have been applying every month can be removed from the overall debt as this would reduce the debt considerably as they would of been applying Ј12.00 default charges and Ј12.00 debt letter charges every month plus addding interst to the overall outstanding balance I owed due to purchases through Very catalogue, I am happy to pay the debt but being a single parent I wouldn't be able to pay very much to capQuest hence the reason why I would need help in getting some sort of letter being sent to them so they can also not apply further charges and interest. Any advice would be appriciated. Many thanks Gemma.

Best answers:

• The charges have been applied to the debt as you broke the agreement to pay them back. They could be challenged as potentially unfair but the best way to deal with this debt is to arrange a payment plan to pay it off. Were you missold PPI as a part of this? If so it might be worthwhile looking at Martin's PPI reclaim info.
  If you got help with your debt through CAB they will try to negotiate a payment plan and ask for interest and charges to be suspended whilst the agreed payment plan is adhered to. Once the charges and interest are suspended, you could make real inroads into your debt. This would involve preparing a financial statement showing your income and expenditure which CAB will help you with.
  There are other options too such as a Debt Relief Order. Or if you have a CCJ with debt an Admin Order might be appropriate
• How long have you been ignoring the debt for? i.e. when did you last acknowledge the debt by payment or in writing?
  Could you access a lump sum of say Ј300?
• You don't say how long you've had the debt - but check your credit file and see what they did when they defaulted you. It is a trueism that having sold the debt, the DCA only paid a reduced amount so are ripe for an offer 'in full and final' settlement. If they choose not to, there is nothing to prevent you in saying that was your best offer, and as you cannor move on the amount sadly, there is little point in negotiating further.
  Since they cannot default you for the same bet, it is a risk to try and take you to court as they are not the original debtor, as they may lose - so be strong.
• Hi GEMMAMB85.
  Thank you for your query regarding asking for a refund of interest and charges on a catalogue account. If you recevied the default letters and there was no exceptional circumstances it is unlikely that the company will agree to refund interest and charges already added but there is nothing stopping you requesting a refund. If you come to an agreement to repay and explain you are in financial difficulty they are likely to stop further interest and charges as long as you make repayments. You can find template letters and further assistance on negotiating with your creditors on www.adviceguide.org.uk. If you have other debts and require further assistance we would suggest you contact your local Citizens Advice Bureau to discuss options for dealing with debts. You can find the details of your nearest bureau at www.citizensadvice.org.uk.
• Wow I have had a problem with these myself today only my debt was substantially lower Ј3.85 in arrears charged for non payment ( maybe twice ) and the charged for debt collection telephone call Ј12 Surely this is wrong or illegal? I do have other bills with Very but these don't need repaying till October and as soon as I do pay them off I won't be using them again! How much does it cost to involve debt collectors for a bill of such a minute amount Very petty.
• Very are useless. I ordered my laptop through them as it was cheaper than littlewoods, i couldnt find anything on the website about how much apr i would be charged, but had the shock of my life when my statement came through stating it is 49.9% Also been charged for 'late payment' when i paid two weeks early. Waste of time they are, hope you get your problem sorted