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

Very.co.uk_company_representative

lifestoogood wrote: »

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?

Hi lifestoogood,

The actual APR applicable to you may be different from the representative APR based on your credit status and as per our Terms and Conditions, the interest on the account is variable.

If you would like us to explain further how a Very account works or have any further issues, please do not hesitate to contact us at [EMAIL="Network@VeryHQ.co.uk"]Network@VeryHQ.co.uk[/EMAIL] and we'll do our best to help. You can also follow this link which will take you to our MoneyZone and this explains how our accounts work.

http://www.very.co.uk/web/en/moneyzone.page

Many Thanks

Lizzie
Very Company Representative.

SnowTiger

happy_bunny wrote: »

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.

According to the T&Cs Very should give 28 days notice of interest rate increases.

I recall reading somewhere that Very reduces the APR on balances over £1,000 to 19.9%, but I can't find any reference to it anywhere. Maybe I imagined it. :rotfl:

I hadn't noticed the change to statement layout. The APR figure is now missing from the front of the statement. It appears to have been done so that they can give more detailed information about how interest is applied.

This:



Has been changed to this:

happy_bunny_2

Still a bit sneaky, they could have left it on the front and put the detail on the back

lifestoogood

VERY Rep: As a customer of over 10 years working in the Banking Industry I do know how accounts work! Im getting a copy of my credit agreement sent which will be interesting to see.

Will keep you all updated with what the Financial Ombudsman and the OFT decide.

fozmcfc

The only issue here, is whether the OP was informed and given a chance to OPT out of the increase, thus closing the account and having to pay off the balance at the previous APR.

It is a variable agreement and therefore can be varied as many times and by what amount they wish, but they must inform the customer in advance, that they are going to vary it.

platterfish

lifestoogood wrote: »

VERY Rep: As a customer of over 10 years working in the Banking Industry I do know how accounts work! Im getting a copy of my credit agreement sent which will be interesting to see.

Will keep you all updated with what the Financial Ombudsman and the OFT decide.

Working in the banking industry you know that you will have to officially follow Very's complaints procedure first before the ombudsman will look.

Additionally, If you go online to my account, under 'my details' on the left there is a 'my apr' tab. Did you check this at all?

~Chameleon~

Just checked my account online and it's 39.7%. To be honest I hadn't noticed as I've never paid a penny in interest in over 10yrs of having my account. Everything is bought on BNPL and paid off the week before interest is applied.

SnowTiger

~Chameleon~ wrote: »

Just checked my account online and it's 39.7%. To be honest I hadn't noticed as I've never paid a penny in interest in over 10yrs of having my account. Everything is bought on BNPL and paid off the week before interest is applied.

That's their standard APR. At least 51% of applicants get that.

19.9% is low for a Very account.

Tjrw1985

Wll Lifestoogood - if you work in banking then you will now that you cannot go straight to the FOS and you have to use their own complaint procedure first.

UsetheFORCE

SnowTiger wrote: »

That's their standard APR. At least 51% of applicants get that.

19.9% is low for a Very account.

Mine is 44.9, still cheaper than 89.9 charged by Vanquis but high all the same! I wish I could have it at 19.9%