Very APR hike!

Ails81_2

Hi I'm hoping someone will be able to give me some advice. I've been using very.co.uk for a number of years and for the last 2 years I have never missed a payment etc. When I logged on to pay a chunk off my account this week I noticed that the APR on my account had been raised from 19.9% to 37.9%!! I contacted them to ask if this was right, if so why it had been raised by almost 20% and especially without even giving me any notice.

The response I got was that they would have sent me a letter giving me 30 days notice and they were sorry if I didn't receive it. They then went on to say that they are able to change the APR when they see fit.

Please can someone give me some advice on how I can respond? My boyfriend also checked his account online and it appears they have done the exact same thing to him (also without any notice!)

Thanks in advance for any help

pimento

You could pay it off and close it, I suppose.

chanz4

Its been the same for the last 2 years at least

CG19a

My Very account has been open for over 3 years and my APR has always been 39.7, my only suggestion is just take advantage of their 0% deals and always pay it off in time to save paying any interest whatsoever.

chanz4

I love their 0% deals, always pay ontime before it ends

Rupert_Bear

Great for BNPL items at 0 percent but very foolish to allow to go over into charging period. Mine would be 39.7 percent.

chanz4

Its not a credit card, its a mail order cat

Rupert_Bear

Rupert_Bear wrote: »

Great for BNPL items at 0 percent but very foolish to allow to go over into charging period. Mine would be 39.7 percent.

Also when I went for this deal I did a check on the internet and Very came out cheapest.

Stuart_W

I'm pretty sure most very accounts jumped to 39.7% quite a while ago - they did this well before the new rules announced in 2010 came along where interest rate increases on variable rate credit and store cards could be rejected.

If you have a balance that you are paying interest on, look for shifting it to any cheaper source of credit. If you can get a 0% on spending credit card, use that to pay off your very balance to clear it ASAP. You can make very account payments by credit card. If you already have a credit card with an interest rate lower than 39.7% with credit limit capacity available, use it immediately to clear your very account and reduce the cost of your debt.

samtoby

My limit has always been the higher.... but like other posters have said the 0% deals they offer excellent so use them to keep it at 0%.