Request to Very to reduce Credit Limit

166million

I closed my Very account because I only wanted to use it for one thing then I paid it off. Then I wanted to order something else and they wouldn't let me open it again. They can be quite churlish

McKneff

The answers were all sensible. It was the question that was a bit silly.

pcman1985

Phone them, don't get off the phone until they say the limit has been reduced and ask them to confirm it in writing.
If they don't then only spend up to the limit that you want.
I'm sure you are probably aware already but these places are very expensive to buy items from, even more expensive than using a non-prime credit card

Feral_Moon

Superscrooge wrote: »

If you use credit responsibly, the fact that 'Very' have given you a high credit limit, is unlikely to have any negative effect on your credit file.

It's usually when you max out your available credit that lenders become nervous. As others have said. You don't have to use the full limit.

Yes, I agree with the above but at the same time, if you've got several credit cards/accounts with high limits that are not being utilised and you apply for new credit, it can cause problems, especially if your existing combined credit exceeds your annual income!

m4rc

As pcman1985 said above give them a call, they can do it there and then. I think the department you want are credit control. The live chat people can't do anything at all on your account other than check an order status, I believe the department is outsourced and is basically there to answer simple questions to encourage sales and save a few calls to the main numbers. Emails are not really a great idea as you have no way of knowing anyone is reading them or at all interested, with a call you know you have someone's attention.

Any particular reason you want to close the account? They are cheaper than most mail order companies and often as good or better than high street prices, when they have offers (which is most of the time) you can save even more. You don't have to run up big debts with them, you could make purchases to save money and settle in full when the statement is produced so you pay no interest.

Feral_Moon

Numbers to call:

0808 101 0021
0151 432 1000 (office hours only)
0344 822 4698 (credit file dept)

Feral_Moon

pcman1985 wrote: »

I'm sure you are probably aware already but these places are very expensive to buy items from, even more expensive than using a non-prime credit card

They're not actually, unless you're stupid enough to fall into the interest trap. I've held an account for nearly 20 years now (when they used to be LX Direct and something else before that) and I've never paid a penny in interest.

Everything I buy is on BNPL but as long as it's cleared within the time frame then no interest is applied. And they often come out cheaper or comparable with major high street stockists, including John Lewis.

m4rc

Have to agree with Feral Moon, they are good with prices, usually comparable to high street and often cheaper. They send lots of offers to customers and often have deals on, you can find there is a decent sale and then you have a £30 off £100 spend code and a £20 off code that will work too. Add in interest free credit, free deliveries (not always but often free) and it's a good option.

They are part of ShopDirect who own littlewoods, exactly the same items (the same product codes work on both sites) but you pay more with littlewoods. Unless you have a BNPL option on Very then you get longer interest free terms with littlewoods but will pay more for the items so not always a good deal.

There are other catalogue companies like Jacamo and SimplyBe, their prices outside of sales and offers are expensive and their interest is something like 60% APR I believe so I wouldn't buy from them. They do however offer accounts to people wi a limited credit history so it can help people to build a credit history, sadly they quickly whack the credit limits into the thousands and people will often default.

A4445

I can't believe they get away with charging 60% Apr.....plus their prices are high. Total rip off! I just can't understand anyone paying that!

chanz4

Feral_Moon wrote: »

They're not actually, unless you're stupid enough to fall into the interest trap. I've held an account for nearly 20 years now (when they used to be LX Direct and something else before that) and I've never paid a penny in interest.

Everything I buy is on BNPL but as long as it's cleared within the time frame then no interest is applied. And they often come out cheaper or comparable with major high street stockists, including John Lewis.

But soon will have to pay buy now pay later setup fees