very.co.uk (shop direct) APR doubled!?

lifestoogood

Anyone else with very.co.uk (shop direct group) suddenly had their APR doubled and not been told about it???

I've been with them years and noticed my interest had gone up considerably this month, craftily with the new statement format the APR has also been moved to the back (to hide this?)

Have complained but wonder if anyone else has been impacted, does this work like credit cards in that you can reject an increase and they have to write to you in advance to tell you first?

TheGenerus1

What has the APR been increased too? and what was the initial APR when you opened the account?

Had my account for 2 years now and the APR started and is still 39.7%.

Started limit £1000 and is now £4000. Asked the customer rep if they can reduce my credit limit, the reply was yes, you can request a reduction at any time.

lifestoogood

19.9% to 39.7% HUGE increase!

_Andy_

"Have complained"- there is no complaint.

You have a variable rate product and they've varied the rate. End of.

deanos

they doubled mine a couple of years back, they can charge 1000% wouldn't bother me as i always pay b4 the interest kicks in

happy_bunny_2

_Andy_ wrote: »

"Have complained"- there is no complaint.

You have a variable rate product and they've varied the rate. End of.

Not sure how the rate on Very works, but if you have an existing balance and then they double your rate on that, then you have grounds for complaint.

If you choose to buy more at the new rate, then that's not the company's problem.

lifestoogood

So basically home shopping companies can double your APR, not tell you about it and get away with it? This has affected both my account balance and goods I have on Buy Now Pay Later. :mad:

I've just called the Financial Ombudsman and they believe I have a case and will be taking this forward with very.co.uk

platterfish

lifestoogood wrote: »

So basically home shopping companies can double your APR, not tell you about it and get away with it? This has affected both my account balance and goods I have on Buy Now Pay Later. :mad:

I've just called the Financial Ombudsman and they believe I have a case and will be taking this forward with very.co.uk

But you knew the rate was variable when you signed up and agreed to this?

Your complaint may be acknowledge if there was definitely no communication 30 days prior to the increase, they sometimes do this by email.

With littlewoods, when they did this there was a clause

"These interest rate changes will only apply to new purchases or transactions made from the date when the change takes effect. Items purchased before that date will not be affected."

Have you read the info they sent to see if its the same.

Vote with your feet and shop elsewhere.

lifestoogood

Interesting... they've sent me nothing :eek: Didn't even mention on statement. Just noticed interest had gone up and then the 39.7% on the back of it rather than 19.9% on the front.

happy_bunny_2

Do complain.

Points to complain about:
1 rate rise.
2 hiding on back of statement.
3 no notice of rise.

As said, if affects anything existing you have a good case.

I would also report the interest rate on the back of the statement trick to the OFT.

deanos

did they send via email ?

I got a mail the other day about terms changing