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

~Chameleon~

SnowTiger wrote: »

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

19.9% is low for a Very account.

I assume mine has never been lowered because they've never earned a penny out of me so are hoping one day I might slip up and forget to pay a BNPL charge on time :rotfl:

lifestoogood

platterfish wrote: »

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?

o

Don't worry I've gone through the process and got the standard 'as a responsible lender we reserve the right to charge what we like' reply and go to FOS if unhappy.

APR on the website shows 39.7 now and did say 19.9

lifestoogood

SnowTiger wrote: »

19.9% is low for a Very account.

I always thought mine was lower because I've been with them many many years. Think I opened by account as a store card through Index a good ten years ago, maybe even 15.

Guess loyalty counts for nothing these days :rotfl:

SnowTiger

lifestoogood wrote: »

Guess loyalty counts for nothing these days :rotfl:

I don't think it ever did. In those days there were fewer options and customers were less aware of them.

And this website, and others, encourages disloyalty.

I think your best option may be to transfer the debt elsewhere. Perhaps to a credit card; ideally with an interest free period on purchases.

gotmurked

I received a letter from Very a number of weeks ago regarding changes to my APR. Didn't take much notice as like others I always pay Take 3 and BNPL in full before any interest kicks in. My APR was 49.9% when I opened the account in 2009 and I've just thought to check my APR online and they have decided to actually cut my interest rate to just 19.9%!

Obviously not complaining, though it strikes me as unusual to lower an APR by 30%. I guess my account history has put me in the lowest risk group. My initial credit limit in 2009 was £400 and now it's £4500. Never go above £300-£500 though!

TheGenerus1

gotmurked wrote: »

I received a letter from Very a number of weeks ago regarding changes to my APR. Didn't take much notice as like others I always pay Take 3 and BNPL in full before any interest kicks in. My APR was 49.9% when I opened the account in 2009 and I've just thought to check my APR online and they have decided to actually cut my interest rate to just 19.9%!

Obviously not complaining, though it strikes me as unusual to lower an APR by 30%. I guess my account history has put me in the lowest risk group. My initial credit limit in 2009 was £400 and now it's £4500. Never go above £300-£500 though!

That's quite a decrease in APR, Hope that happens to me.

Alarae

Out of curiosity from this thread I checked my Very account. I opened it when I was 18 a few years ago, think I got 39.9%. Now it's 20.9%!

Not that I pay any interest either... Always use Take 3- no interest from me!

TheGenerus1

Alarae wrote: »

Out of curiosity from this thread I checked my Very account. I opened it when I was 18 a few years ago, think I got 39.9%. Now it's 20.9%!

Not that I pay any interest either... Always use Take 3- no interest from me!

You didn't receive a letter or any communication to say they were reducing your APR?

opinions4u

Lower rate for those who never pay interest?

It's an inducement to encourage you to pay interest in future!

Alarae

TheGenerus1 wrote: »

You didn't receive a letter or any communication to say they were reducing your APR?

Not as far as I'm aware. Unless they just put a one liner on my statement, since I tend to gloss over those.

Always got letter when they increased my credit limit though. However I reduced it to £400 anyway since I don't buy expensive items through them anyway.