Very.co.uk - Am I missing something!!?

Very.co.uk_company_representative

Hi Timberflake,

We can confirm we sent all of our customers a notice of variation letter back in November to advise that we be changing our minimum payment rate from 6% to 7% as of the 23rd December.

As a responsible lender, we are constantly striving to support the interests of our customers.
We believe an increase in the minimum payment by 1% is in the long term interest of the small proportion of our customers, who currently pay the 6% minimum charge as it will help clear their balance quicker.
If you require further information please email us [EMAIL="Network@VeryHQ.co.uk"]Network@VeryHQ.co.uk[/EMAIL]

We hope this helps

Many Thanks

Nicola

Very.co.uk Company Representative x

timberflake

Very.co.uk_company_representative wrote: »

Hi Timberflake,

We can confirm we sent all of our customers a notice of variation letter back in November to advise that we be changing our minimum payment rate from 6% to 7% as of the 23rd December.

As a responsible lender, we are constantly striving to support the interests of our customers.
We believe an increase in the minimum payment by 1% is in the long term interest of the small proportion of our customers, who currently pay the 6% minimum charge as it will help clear their balance quicker.
If you require further information please email us [EMAIL="Network@VeryHQ.co.uk"]Network@VeryHQ.co.uk[/EMAIL]

We hope this helps

Many Thanks

Nicola

Very.co.uk Company Representative x

And I can confirm that I never received this letter, if I had I wouldn't have raised the question.

I'm happy to pay up, now I know what the extra charge is for, but what I'm completely staggered at is the utterly shocking one line answers from numerous rep's telling me the extra charges were down to interest, BNPL, interest charged to my account 2 months ago.

How is it your staff could not tell why my minimum payment went up? In the end, I had to spoon feed them the answer!

Very's customer service is utterly appalling and I'll be glad to see the back of this cowboy company. Increasing the APR to 35.7% when interest rates are falling, and increasing the minimum payment % twice a year reeks of a company a) out to fleece people for all their worth, or b) in serious financial trouble.

Esoog

timberflake wrote: »

Very's customer service is utterly appalling and I'll be glad to see the back of this cowboy company. Increasing the APR to 35.7% when interest rates are falling, and increasing the minimum payment % twice a year reeks of a company a) out to fleece people for all their worth, or b) in serious financial trouble.

I'd be suprised if they were in serious financial trouble when they are able to fleece so many people as you rightly say. I've made very my main effort to pay off and be rid asap.

Kazipoo

I also received this email in November and I kept a copy of the new terms and conditions, here is a few paragraphs from these terms and conditions:

Dear Customer

Notice of Variation

We are making some changes that apply to your Credit Account Agreement. Please read this leaflet carefully and keep it for future reference as it contains
changes to some of your terms and conditions.

With effect from 23/12/11, clauses 4,10, 12.3, 14, 15 and 19 of your credit account agreement will be replaced by the correspondingly numbered clauses
below. With effect from 20/01/11 clauses 6, 12.1 and 12.4 will be replaced by the correspondingly numbered clauses below:

4. The minimum payment due for each 4 week statement period will be shown on each statement. The minimum payment on current balances will be £5
or 6% whichever is greater or the full current balance if less than £5. You may pay more if you wish to do so. Any insurance premiums due or default
charges described below will be payable in addition to the minimum payment described above.

Kazipoo

So as you can see it was rising to 6% and not 7%... I, like the OP, have not received any confirmation of the minimum payment rising to 7%.

Esoog

I deleted my email but it certainly wasn't 7% either.... how strange..