Very Interest Charge on late payment

danny831

Hi, can anyone help me with my rights. i have a very catalogue which i got a cooker on buy now and pay off within 12 months for interest free. i got my statement every month and paid it within two days without fail, and i always paid £100 per month, not the minimum £20 so I am a good payer/customer. but i got my statements changed from paper to email and when the last statement was sent i never received it in my emails, it was only for £20 so obviously i would have paid it as it was the final payment and so low but then i got a text from very informing me that i missed my last payment date and when i checked online they have now added on the interest of £130. i tried to explain that this was just an error as i did not received my statement as it makes sense to pay the final £20 rather than £130 but they said that is the terms so tough basically - surely this is unfair that a good customer (if they checked my payment history) is getting this treatment due to an simple error, help

InsideInsurance

My guess, is that this isnt interest on a late payment but part of the terms of the BNPL deal. Often with these things it is interest free if you pay it off in full within the period. If it goes beyond that then interest is payable (normally at a very high rate) not only going forward but on the prior 12 months of credit too.

You say you were previously a good customer.... are you a long standing customer with lots of orders and history or is this your one and only order with them?

Ultimately, Very fund BNPL and X months interest free credit via a combination of inflated retail prices and the fact if you dont pay you have high interest charges and either people forget or their circumstances change etc.

If you are a long standing customer you can throw yourself on their mercy, if you've only ever made one order you can try but have no grounds to challenge and are less likely to get anywhere.

For future, always set yourself a diary reminder at least a week prior to the expiry of any BNPL or interest free period to ensure you clear the balance and the funds are received by the retailer before horrible interest is applied

railbuff

InsideInsurance wrote: »

For future, always set yourself a diary reminder at least a week prior to the expiry of any BNPL or interest free period to ensure you clear the balance and the funds are received by the retailer before horrible interest is applied

Another solution is what we did when we ordered an interest free cooker from very.
We worked out how much we would pay them a month, so it was paid off before the time and then just set up a Standing Order though our online bank portal, so we know it would be paid each month.

bod1467

railbuff wrote: »

Another solution is what we did when we ordered an interest free cooker from very.
We worked out how much we would pay them a month, so it was paid off before the time and then just set up a Standing Order though our online bank portal, so we know it would be paid each month.

That's exactly what I was going to suggest.

Very.co.uk_company_representative

danny831 wrote: »

Hi, can anyone help me with my rights. i have a very catalogue which i got a cooker on buy now and pay off within 12 months for interest free. i got my statement every month and paid it within two days without fail, and i always paid £100 per month, not the minimum £20 so I am a good payer/customer. but i got my statements changed from paper to email and when the last statement was sent i never received it in my emails, it was only for £20 so obviously i would have paid it as it was the final payment and so low but then i got a text from very informing me that i missed my last payment date and when i checked online they have now added on the interest of £130. i tried to explain that this was just an error as i did not received my statement as it makes sense to pay the final £20 rather than £130 but they said that is the terms so tough basically - surely this is unfair that a good customer (if they checked my payment history) is getting this treatment due to an simple error, help

Hi Danny831,

We do advise, as part of the terms and conditions for our Buy Now Pay Later promotion, that you would need to make payment in full before the end of the deferred payment period or the items will be charged and the interest accrued over the course of this period will be applied to your account.

If we can provide any further information then please email us at [EMAIL="Network@VeryHQ.co.uk"]Network@VeryHQ.co.uk[/EMAIL].

Many Thanks

Dave
Very Network Team

Wicked_witch

In other words 'tough basically'.

Think I'll give Very a miss when I look for a new catalogue.

miduck

Wicked_witch wrote: »

In other words 'tough basically'.

Think I'll give Very a miss when I look for a new catalogue.

Why? They have not done anything wrong.

OlliesDad

Wicked_witch wrote: »

In other words 'tough basically'.

Think I'll give Very a miss when I look for a new catalogue.

Avoid all catalogues then if you are planning on reneging on your commitments.

Ectophile

These "interest free credit" agreements aren't meant to be fair.

If your read the small print, it will probably say that if you miss one payment, they will charge you ALL the interest you would normally have paid. They are relying on customers to miss payments in order to bump up their profit margin.

Were they obliged under the terms and conditions to send you an email reminder? If so, your best argument may be that they broke the T&Cs, and use that as a basis for a complaint.

anmarj

Ectophile wrote: »

Were they obliged under the terms and conditions to send you an email reminder? If so, your best argument may be that they broke the T&Cs, and use that as a basis for a complaint.

they tell you on your statement the previous month to remind you that the bnpl is due to expire and what the interest is if not cleared. they give you the date it is due. the statement is not sent by email, it tells you the statement is available on line through your account to view

James_Lahey

I'm no fan of Very but would recommend mailing the address posted by Dave above - Network@VeryHQ.co.uk

My response from that team was prompt, helpful and far removed from the standard customer service.