Very Catalogue Advice please

geministar2008

Hello

Not sure if i'm posting in the right area......

I have a Very Catalogue with a high APR of 49.9%!!!!

Firstly if anyone knows, can i ask this to be varied?

Secondly i am a bit concerned about the way they apply interest?

I have my statements online and havent really been checking them as much over the last few months and thought that my account balance was increasing some what, when i looked into it i have been charged £49 interest last month and £80 in May???!!!!! Now i always pay via the take 3 payment option, so in theory there should be no interest.
The items with the interest were bought on a buy now pay later option. However i am under the impression that the take 3 payment option is available when the balance becomes payable as the option is on the statement. But it seems not to be...

Has anyone have a similar experience with Very and if so how did they go about things? I have wrote to Very and i am awaiting correspondance re my queries.
I do not think i signed a credit agreement, so i guess i can go down that route. But things were running smoothly with my account so dont want to have a bad debt, but something just doesnt add up with the way the portray things. Also with the way the interest is being added on, my debt is rising!! :mad:

bankhater_1965

geministar2008 wrote: »

Hello

Not sure if i'm posting in the right area......

I have a Very Catalogue with a high APR of 49.9%!!!!

Firstly if anyone knows, can i ask this to be varied?

Secondly i am a bit concerned about the way they apply interest?

I have my statements online and havent really been checking them as much over the last few months and thought that my account balance was increasing some what, when i looked into it i have been charged £49 interest last month and £80 in May???!!!!! Now i always pay via the take 3 payment option, so in theory there should be no interest.
The items with the interest were bought on a buy now pay later option. However i am under the impression that the take 3 payment option is available when the balance becomes payable as the option is on the statement. But it seems not to be...

Has anyone have a similar experience with Very and if so how did they go about things? I have wrote to Very and i am awaiting correspondance re my queries.
I do not think i signed a credit agreement, so i guess i can go down that route. But things were running smoothly with my account so dont want to have a bad debt, but something just doesnt add up with the way the portray things. Also with the way the interest is being added on, my debt is rising!! :mad:

just a quick note .... if your commision goes over i think £250 per year they inform the inland revenue regards to you paying income tax on it ! you prob no it anyway :-(

geministar2008

hey? Sorry i do not follow? How do you mean commission? Sorry i am confused?!

amyloofoo

Very are absolutely useless - write to them at queries@very.co.uk in the first instance, be prepared to follow this up via post and eventually to FOS if needed. In my experience customer services are appalling.

geministar2008

FOS? what is that. I just couldnt believe it when i started looking back over my statements! Will not be using them anymore that is for sure! But i owe just under 2k with them, and i think its nearly at that due to the interest, which i thought i wouldnt be paying.......

dld2s

bank hater, you dont get paid a commision with a very account, it's a personal account not a agency

Gemini if you dont pay any amount before the due by date the interest is backdated to when you purchased the item

geministar2008

thanks dld2s i did wonder what this commission thing was about?!

bankhater_1965

dld2s wrote: »

bank hater, you dont get paid a commision with a very account, it's a personal account not a agency

o sorry hehe i thought it was run like a littlewoods catalouge , whoops apolagies:rotfl:

geministar2008

also anyone reading this have you noticed how they sneakily increase your credit..... i ordered something and didnt realise it would take me just over my credit limit, then realised and thought the order wouldnt come, it did and when it did i was shocked to learn that they had obviously allowed the order and increased my credit limit somewhat higher than the amount that would have taken me slightly over. Not the first time this has happened to me with them either...... just all seems a bit suspect!

Kyresa

When you order on BNPL, you are incurring interest during that whole period of time. If you pay it off BEFORE the balance due date listed on your statement, you pay no interest. If you don't clear it, then the interest from that period is added in one go onto your statement, and then you are incurring interest for the whole period of time that the balance is not paid.

Sounds like that's what has happened to you as you haven't cleared BNPL items before they are due.

Kyresa

http://www.very.co.uk/help/en/privacy-terms.page#how-it-works


To make the most of our BNPL offers, it is important that you understand how and when we charge interest on them. Selected purchases may be available on one of the following BNPL offers;
If the offer does not attract interest during the deferred period the BNPL purchase will be charged to your account on the first statement for which the payment due date occurs after the end of the deferred period. Once it is charged it will be part of your current balance and will become liable for interest and payment, but no interest will accrue on the purchase until it is charged to your account.

If the offer does attract interest during the deferred period, interest will accrue from the date of purchase. The BNPL purchase will be charged to your account on the first statement for which the payment due date occurs after the end of the deferred period. Once it is charged it will be part of your current balance and will become liable for interest and payment. If the BNPL purchase is not repaid in full by the first payment due date after the end of the deferred period the accrued interest will be charged to your account.
If you don't want to pay interest on either offer, you must pay the full price of the relevant purchase and notify us that you are making payment specifically on your BNPL purchase. You can do this by targeting a payment online through My Account or contacting us on 0844 822 8000*. The payment must clear the BNPL purchase in full by the due date shown on your statement.
If you are not sure how buy now pay later offers work please call us on the above number.