Very Account Excessive interest

I_luv_cats

deanos wrote: »

every statement tells you about your bnpl purchases and when they have to be paid by

Once thing I give praise for them on that.


(I bought an ipad on BNPL with 10% introductory discount and paid on the 11th statement to be sure)

MABLE

pammie53 wrote: »

Help!! iIhave been charged £300 plus interest on Buy now pay later item as i was 1 day late paying the total off in full ( 10 hours late to be precise) Very are refusing to remove the interest and i have even asked them if they would consider a reduction as a good will gesture as I have alaways paid on time in the past but they have refused They now are charging me interest on the £300 interest as the account would have been clear if I had been on time is there anything i can do ??

It might as well have been 10 days late. Late is late. They give you plenty of notice. If they were to make an exemption for you then this would certainly be unfair on people like myself.

Thrugelmir

pammie53 wrote: »

( 10 hours late to be precise)

Why leave it so late to settle. You had days before in which to make payment.

fozmcfc

I used them once with a BNPL and it was a pain, as I was putting towards it in my account and thought they took the full amount when it was due. Found out, by asking on these forums https://forums.moneysavingexpert.com/discussion/2616511 that wasn't how it work.

You had to ring them up and ask them to take the payment towards it, otherwise they just took the minimum amount. To be fair, it was mentioned on the statement, but I was getting edgy about it.

I understand that has changed now, but in general all these sort of deals, Very or not, have to be paid by a specific date and it means funds cleared by the date and not made on that date.

JKSandy

"You had to ring them up and ask them to take the payment towards it, otherwise they just took the minimum amount"

You now select your BNPL items online and pay the items whenever you like or in part.

cifpower

So interest less "excessive" and more accurate?

The_Boss

cifpower wrote: »

So interest less "excessive" and more accurate?

Yes. Very expensive interest indeed, quite appropriately.

pvt

Many years ago I had a credit card bill for something like £1,220.21. I always paid my bills in full, but on this occasion made the simple mistake of mixing the penny digits up and paid £1,220.12, thus 9 pence short of the full amount.

When I got a £15+ interest charge on my next bill I rang them and pointed out that is was very clearly an obvious mistake and such an amount of interest on 9p was manifestly stupid. However, they refused to budge, as they were within their right to do.

I never used that credit card again, and put down to experience that £15 was good value to find out how little the company valued my business. In the longer term they lost out as they would have made heaps more from me from retailer margins if I had stayed with them.

But in your case you have to look at how much business you would need to do with VERY in the future for them to feel it is worth them giving you £300 ex gracia. I'm pretty sure the answer will be that they would rather keep their £300 versus the probability they would earn more than that from you in the future.

chattychappy

pvt wrote: »

When I got a £15+ interest charge on my next bill I rang them and pointed out that is was very clearly an obvious mistake and such an amount of interest on 9p was manifestly stupid. However, they refused to budge, as they were within their right to do.

...
In the longer term they lost out as they would have made heaps more from me from retailer margins if I had stayed with them.

I think that in isolation (ie just looking at your account) you are correct. The problem is that if they developed a policy of relenting in situations such as this, they might lose out when considering their customer base as a whole. Let's say they let people off if they were up to 99p short. This policy would become an unofficial rule. Then some bloke who paid a £1 short would complain that he is only paying interest because of 1p. Then you have second time offenders... and the cost of handling the calls. Loyalty is not what it was from customers - look how many people here get some kind of ex-gracia payment only to say that they won't be using the card again anyway.

Obviously some lenders do make discretionary decisions. But I can see that in the internet age where information spreads quickly, it can be worth having a business model and sticking to it - especially if the model relies on "gotcha" situations such as this.

pvt wrote: »

But in your case you have to look at how much business you would need to do with VERY in the future for them to feel it is worth them giving you £300 ex gracia. I'm pretty sure the answer will be that they would rather keep their £300 versus the probability they would earn more than that from you in the future.

Certainly!