Very Rate Jacking

Rich_Hib

Hi,
I've just noticed on my last VERY statement which is only available to view online that a letter was added to the end telling me my interest rate is to rise from 26.9% to 46.9% on the 23rd April which is ridiculous.

Now this is were it gets complicated, I have a lot of purchases on buy now pay later and some that i am paying interest on now.
Break down below
Current Balance - £1892.30
BNPL Balance - £1743.76

The buy now pay later balances finish at different times over the next year. June, August September, November, December, March and April 2017.

If i was to ring Very and they refuse to not rate jack me.
My only other option would be to reject the rate rise and ask them to close the account and repay the remaining balance at the existing rate of interest.
Would this mean that the buy now pay later balances would no longer be pay later and i would start been charged interest on them.

Please note i'm only just paying above the minimum payments and have been for a while now, i wouldn't be able to repay in full if they freeze and would only be able to afford around £5 more than i'm paying now.
In fact i'm only just paying above the minimum payments across all my credit. Possibly the reason for the Rate increase.

Can anyone give me any advise or previous experience with this sort of situation.

Regards

Richard

sourcrates

Rich_Hib wrote: »

Hi,
I've just noticed on my last VERY statement which is only available to view online that a letter was added to the end telling me my interest rate is to rise from 26.9% to 46.9% on the 23rd April which is ridiculous.

Now this is were it gets complicated, I have a lot of purchases on buy now pay later and some that i am paying interest on now.
Break down below
Current Balance - £1892.30
BNPL Balance - £1743.76

The buy now pay later balances finish at different times over the next year. June, August September, November, December, March and April 2017.

If i was to ring Very and they refuse to not rate jack me.
My only other option would be to reject the rate rise and ask them to close the account and repay the remaining balance at the existing rate of interest.
Would this mean that the buy now pay later balances would no longer be pay later and i would start been charged interest on them.

Please note i'm only just paying above the minimum payments and have been for a while now, i wouldn't be able to repay in full if they freeze and would only be able to afford around £5 more than i'm paying now.
In fact i'm only just paying above the minimum payments across all my credit. Possibly the reason for the Rate increase.

Can anyone give me any advise or previous experience with this sort of situation.

Regards

Richard

Yes is the answer to your question.

The full amount of interest would become due, unless you could negotiate some other deal with them, which given the circumstances, may not be possible.