Request to Very to reduce Credit Limit

Feral_Moon

chanz4 wrote: »

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

There are no BNPL fees, that's the beauty of it.

Why comment if you don't know what you're talking about??

ETA: oh I see from a brief look at your posting history that you're fond of posting irrelevant crap that has no truth or bearing upon the subject in question.

MCGONIS

Feral_Moon wrote: »

There are no BNPL fees, that's the beauty of it.

Why comment if you don't know what you're talking about??

ETA: oh I see from a brief look at your posting history that you're fond of posting irrelevant crap that has no truth or bearing upon the subject in question.

Actually what the previous poster said is correct. I have had a letter from very.co.uk advising me about a change to the terms and conditions on my account. It says that they may in the future make a charge for selecting BNPL. That if they do do this, it will be clearly displayed at checkout.

I got the letter last week. Maybe they are staggering the letters. I have 4 very.co.uk accounts but I can't remember if I got letters for all the accounts.

Feral_Moon

MCGONIS wrote: »

Actually what the previous poster said is correct. I have had a letter from very.co.uk advising me about a change to the terms and conditions on my account. It says that they may in the future make a charge for selecting BNPL. That if they do do this, it will be clearly displayed at checkout.

I got the letter last week. Maybe they are staggering the letters. I have 4 very.co.uk accounts but I can't remember if I got letters for all the accounts.

And this is a possibility FUTURE charge, not one applied retrospective. No need to worry current customers but certainly one to keep an eye on in the future! Time to close the account is looking rather imminent

jchrispin

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.

I only use BNPL and pay it off. The problem is my limit is £9k. I'd never be stupid enough to run it up, but it's showing as a limit on my credit file and I just want it reduced. But as I have several defaults, surely this shows a lack of understanding of mt affordability.

m4rc

MCGONIS wrote: »

Actually what the previous poster said is correct. I have had a letter from very.co.uk advising me about a change to the terms and conditions on my account. It says that they may in the future make a charge for selecting BNPL. That if they do do this, it will be clearly displayed at checkout.

I got the letter last week. Maybe they are staggering the letters. I have 4 very.co.uk accounts but I can't remember if I got letters for all the accounts.

I'm assuming it will be for some accounts too, some people don't get BNPL offers, some will pay more interest than others. If it's a few pounds for a setup that's no big deal, especially if you've saved considerable money on the purchase in the first place

m4rc

A4445 wrote: »

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!

I think you are confusing them with Littlewoods or some of their other catalogues. Very have good prices, often better than high street or Amazon and per online retailers, and I've never paid any interest. If you took out a BNPL agreement with them and didn't pay within a year yes the interest is stupid, only a fool would pay it, but as long as it's cleared before the end of the first year (it's actually 13 months as its 12 statements) then it's a good way of spreading the cost, especially when they good offers on.

I bought two sets of lights this week on BNPL, they are £149.99 in most places, Very had them at £139 plus I had a £20 of 200 code and free delivery they sent me, so I got them for 129 each. Not cheap if I wasn't going to buy them but I was about to order from Amazon.

Not sure how thats a total rip off, I feel like I saved some money....

brokebuthappy

I emailed Very 4 years ago to reduce my credit limit from £7000 to £2000. They applied it straight away and it has stayed at £2000 ever since. The did tell me in their reply email that the credit limit would no longer be raised automatically and I would have to get in touch with them again if I wanted to change it. No negative impact on my credit worthiness.

Also re APR: My APR with Very was 10% last time I looked so quite reasonable, although I always buy on BNPL or Take Three- both interest free options.

Very emailed to say that from the end February they are applying quite large fees to BNPL (£15 for orders over £100, £20 for over £150, £25 for over £200 from memory )It did say that they MAY apply these fees but I'm sure that in fact they WILL apply them, so I doubt I'll ever use their BNPL facility again.

starM

The last time I request reduction in credit limit was by writing. If I remember correctly email didn't work.

Although once reduced they started to increase back again within a month or two. Its not like credit card to provide you notice before credit limit will be increased or you can stop any automatic increases. I hope it was.

I want my very account remain open but don't want very high limit which will have an effect on total available credit.