PAying interest on an 'interest free' VERY.com credit account HELP!!

Melbryce11

Sorry I know this is a bit lengthy but I am fining myself becoming really unwell with this and don't know what to do.

On the 29th July I was looking on VERY.com with the sole intention of buying a TV unit and nothing else - the TV unit was £129 however I noticed on the website that VERY were advertising that if you spent over £200 you didn't have to pay back for a year interest free. Therefore, although I didn't really need the other items I made further purchases to make the balance over £200. I actually had all the funds available in cash to buy this outright, however being heavily pregnant at the time, I thought it seemed quite an enticing offer not having to pay anything interest free for 12months, and the cash funds I had spare could be spent on baby.

I have never ever had a store account before and became a member assuming that I was entering into an interest free agreement.

On the 6th August I received my written statement and noticed that there was an interest charge on my account, clearly I had either made a mistake or VERY had, so I phoned VERY customer services to resolve the mistake and to ensure I had entered into an interest free agreement. I was assured and assured that I now was in an interest free agreement, and the reason I was being charged interest was because I had selected the 'buy now pay later option' the person on the phone said that to make it interest free she needed to change the agreement from a buy now pay later option to a very account option (or something to that degree).

I remember this phonecall clearly, as I made a complaint about the customer service advisor and received the following information about the call from another customer service advisor - I have the time and date of the call and the advisors ID.

The reason I was sure I was entering into an interest free agreement, was after checking and rechecking that I wasn't going to be charged interest the customer service advisor shouted very rudely at me on the phone ' MADAM, I WOULDN'T LIE TO YOU, YOU WONT BE CHARGED INTEREST'. It was this sentence that became the cause of my complaint.

Months passed and because I was of the impression after being informed on the phone that I was in an interest free agreement, I started buying other items that I needed from VERY using the credit on my account, despite most items being more expensive than at other retailers because new baby had arrived and it seemed easier to pay for these items in instalments rather than outright at another retailer as funds were now becoming limited due to the financial demands of having a new baby. The amount spent on the account as this point was over £700.

I was just looking through my account yesterday and noticed that I was being charged interest. I was devastated as I checked and checked with the woman on the phone how to avoid having to pay interest and she (rather rudely) informed me that I wouldn't be charged.

Now to stop paying interest I will somehow have to muster up £700 which I simply don't have at the moment, with an 8 week old baby and Christmas coming up.

I emailed customer services today and Im completely confused and have been clearly been mis-sold and given ill advised advice on the 6th of August. Apparently I'm now being charged nearly 40% interest on the outstanding balance because I am no longer in a buy now pay later agreement? However it was the customer service advisor who changed the agreement!? And I am also being charged interest as I payed less than the minimum payment? But the minimum payment was 5 pounds, which I paid, and paid on time??

Is there anyway VERY can listen to that phonecall I made on the 6th of August, as this is my only way of proving that I checked, double checked and checked again that I wouldn't have to pay interest on this account and was assured I wasn't going to be charged. If I knew I was going to be charged interest, I would have just paid the outstanding balance outright there and then and would certainly not have made further purchases, or ever more absurdly opted to actually pay interest which your the last email I received for VERY implied that I did.

Please can anyone help? I'm going out of my mind with worry, and would prefer to be sleeping in my bed in preparation for the 3am wake up call from my baby, rather than being on the verge of a huge panic attack.

JKSandy

What's the breakdown on the bill? Did you get the items delivered to your home? Did you pay a delivery charge? Items are NOT delivered free of charge to your home and must be paid in the first bill.

Gaz83

Melbryce11 wrote: »

Is there anyway VERY can listen to that phonecall I made on the 6th of August

Have you asked them?

rolls99

Having looked at the Very Website, the wording for "Buy now pay later" explains this:


Spend over £200, and on BNPL, you will pay NO interest.


BUT, it is clear that this is only if you pay the entire balance off BEFORE the end of the period in question.


So, £200 (or whatever the amount is) "Interest Free" for 12 months means that you have to pay it all off before the 12 month (or whatever the period is) is up - if you don't you will then pay interest.


If, you are in a 12 month BNPL, then you shouldn't be paying interest (assuming you have had it less than the 12 months) - but, you need to get hold of any confirmation documents, emails etc first which should state this - then get on to Very asking why there is interest charged within the "free" period

Feral_Moon

As long as you pay off the balance by the date due then you will pay NO interest. It's always shown as a potential interest payment on the statements but won't actually be added to your account unless you forget to or can't pay on time.

nmbrown

I'm afraid that the BNPL would only apply to the £200 purchase. It is not a 'whole account' option.

Everything else, I presume, has been added to your Very account, and would therefore accrue interest if you do not pay off the balance each month.

Without knowing the full conversation, I feel the person you spoke to was telling the truth as you will not be charged interest under BNPL - however, the other £500 is covered by a separate agreement

I'm sorry, but I don't think you have a case to argue, but if you feel you were misled or misinformed then it might be worth seeing if they'll intervene as a goodwill gesture.

BogsDollox

Exactly as a poster above has mentioned, I myself have used Very for quite a few purchases including ones which are BNPL.

The original purchases you made over £200 would of required you to enter a code to be eligible for the 12 month BNPL offer, I'm guessing you missed that, saw you were being charged interest, called them and the adviser amended the order to include the 12 month BNPL code.

So that in effect was resolved, however all other subsequent purchases you've made would not be eligible for the BNPL offers unless you'd gone over the threshold and entered the corresponding code.


As with the poster above, I don't think you have a case at all, and maybe misinterpreted the offer.

20aday

A couple of years ago I bought the iPad Mini 2 from Very to make use of the Buy Now, Pay 12 Months later offer they had on electronics at the time.

Was charged interest on my first statement; turns out it hadn't been applied to my account. A secure message to Very on their website later and it was applied to the next statement.

Feral_Moon

I think people need to understand how Very statements work. I've shopped with this group for 10+years and have never paid a penny in interest.

If you qualify for a BNPL then make sure you pay that balance in full before the date it becomes due. Record it in your diary because if you miss it you'll regret it BIG TIME!!

Second point, and one I've raised with them as a complaint for many years with no result, is that in your final month statement before your BNPL payment is due, they actually add the interest to your account in the anticipation you won't clear your account. But all it does is add confusion, especially to customers that might have a take-3 account running alongside as this affects the monthly payment due.

It really takes a clued up person to keep track of payments due on a Very account. Especially if you mix regular account and BNPL accounts.