Very.co.uk BEWARE!!!!

Evawebb28

Hi all,

Just letting everyone know about the issue I had with very.co.uk yesterday.

I noticed on my online statements that I had been charge interest for a buy now pay later balance of £119.28! However that month I had made a payment of £300! When I called yesterday to explain this to very I was told it was my fault as I hadn't directed the payment to the right area!! There was nothing they could do to help me!!

I have since found out I have been charged more interest in the next month for the same issue when I have now paid in total £450 in payments from 20/5-13/07.

I have now cancelled my account as this seems unfair as I am a loyal good paying customer and they appriopiate payments to their benefit not mine!

If the very statements are also not very clear so anyone who has a very account please be vigilant as they may be charging you unfair interest. It is yet another example of the big companies taking on the individual!!

eskbanker

Could you expand a bit on exactly what actually happened so as to help others who might get into the same position? You're saying that Very have told you that you made a mistake (possibly twice) but don't really give your side of the story in terms of actual facts about where payments were directed and what happened to these.

Or are you accepting that you're in the wrong but just expecting them to be more sympathetic?

Anthorn

Evawebb28 wrote: »

Hi all,

Just letting everyone know about the issue I had with very.co.uk yesterday.

I noticed on my online statements that I had been charge interest for a buy now pay later balance of £119.28! However that month I had made a payment of £300! When I called yesterday to explain this to very I was told it was my fault as I hadn't directed the payment to the right area!! There was nothing they could do to help me!!

I have since found out I have been charged more interest in the next month for the same issue when I have now paid in total £450 in payments from 20/5-13/07.

I have now cancelled my account as this seems unfair as I am a loyal good paying customer and they appriopiate payments to their benefit not mine!

If the very statements are also not very clear so anyone who has a very account please be vigilant as they may be charging you unfair interest. It is yet another example of the big companies taking on the individual!!

I don't have experience of Very but it looks to be the same as Argos (Store) Card where contractual commitments are paid first and normal credit paid last. For example do you have one or more fixed term payment items? Buy now pay later items revert to normal credit when the pay later period has expired.

But Very is not responsible if you don't know how payments are allocated.

A4445

I use BNPL with Very sometimes and it clearly states you have to allocate the payment to the BNLP part of they payment page. You then select the item you need to pay off. I've never had a problem with Very!

System

Although i do intend to get rid of my account when you go to make a paymeny you can either pay of the running total or allocate it to any BNPL items. Its fairly clear.

jonesMUFCforever

Evawebb28 wrote: »

Hi all,

Just letting everyone know about the issue I had with very.co.uk yesterday.

I noticed on my online statements that I had been charge interest for a buy now pay later balance of £119.28! However that month I had made a payment of £300! When I called yesterday to explain this to very I was told it was my fault as I hadn't directed the payment to the right area!! There was nothing they could do to help me!!

I have since found out I have been charged more interest in the next month for the same issue when I have now paid in total £450 in payments from 20/5-13/07.

I have now cancelled my account as this seems unfair as I am a loyal good paying customer and they appriopiate payments to their benefit not mine!

If the very statements are also not very clear so anyone who has a very account please be vigilant as they may be charging you unfair interest. It is yet another example of the big companies taking on the individual!!

Join the club - I left them years ago - plenty more shops to buy from.

Evawebb28

Yes so basically when ever I paid online there was 3 options minimum payment, take 3 payement where is had a specified amount or "other amount" option as I always paid more than the above amounts I clicked other amount.
What I don't see as fair is that they do not allocate my payments in my favour but in theirs. The example of this is the month where there was an BNPL payment of £119.28 I chose to pay an "other amount" of £300 and they didn't take it off the BNPL.
Not to mention I looked at my email statments from very today and never once have they said what the BNPL balance was in the statement only my minimum payment amount.
What is so crafty is the lack of clarity in the statements that are sent and the performance of making payments. Effectively very told me that I would have to make 2 payments one to a BNPL and then One to my minimum payment. I wouldn't mind but I always pay large sums each month and feel I have peanalised for this.

pogofish

I'm really struggling to see why this is in the Credit Card board?

PVW would make it a lot more sensible!

Evawebb28

Ok have moved this now to PVW sorry for wrong forum guys

m4rc

Evawebb28 wrote: »

Yes so basically when ever I paid online there was 3 options minimum payment, take 3 payement where is had a specified amount or "other amount" option as I always paid more than the above amounts I clicked other amount.
What I don't see as fair is that they do not allocate my payments in my favour but in theirs. The example of this is the month where there was an BNPL payment of £119.28 I chose to pay an "other amount" of £300 and they didn't take it off the BNPL.
Not to mention I looked at my email statments from very today and never once have they said what the BNPL balance was in the statement only my minimum payment amount.
What is so crafty is the lack of clarity in the statements that are sent and the performance of making payments. Effectively very told me that I would have to make 2 payments one to a BNPL and then One to my minimum payment. I wouldn't mind but......

Sorry, I try to be supportive on here but your post is factually incorrect. I just logged on to my Very account, and clicked 'make a payment'. Sure it has the 'Take 3' 'minimum' and 'other' payment options, but on the left it clearly says 'pay buy now pay later' and 'setup direct debit'.

They hide nothing, why would they? To annoy people? What good would that do?

Next, the statements. Clearly on the main section not the summary at the beginning, at the end under the total it lists all your Buy Now Pay Later details. This is important because for each BNPL transaction it clearly says 'you can avoid the interest on these buy now pay later item(s) by paying the balance by [date]. It tells you the amount and the date.

It then says at the bottom of this page 'If you do not pay off the full amount outstanding, we will allocate your payment to the outstanding balance in a specific order, which is set out on the reverse of your account statement. The way in which payments are allocated can make a difference to the amount of interest you will pay until the balance is cleared completely.'

Subsequently on the reverse of the statement it lists these payment priorities.

This is on the statement you get through the post, and if you download it online. If you don't get paper statements and don't download them, when online you go to 'Transaction History' and choose any month it will tell you your main statement details in a summary, and below the BNPL details - what you need to pay by what date to avoid paying any interest.

Lastly, when you first opened your account you will have confirmed that you had clearly read the terms and conditions. Your answer will be 'well nobody reads them' and I'm afraid the answer is 'well maybe they should'.

Very is not out to get you, this isn't a conspiracy, nothing is hidden, you've made a mistaken, you've run up a debt and didn't make a note of when you needed to pay it back by. You can't tell everyone to BEWARE OF VERY for a mistake you made, I buy items in the sales and when they have offers and send me promotions, I get them on BNPL plans and never pay a penny in interest, I just need to note the dates they have to be paid by as the one thing Very won't do is let you go past the date and not pay interest, they are 'very' strict with that.

Don't stress about it, it's done. I just don't hink it's fair to make out they have mislead you or done anything out of order, unless hey have given you a completely different online account interface and a different version of the statements, but we both know they haven't.

rebecca1982

To be honest, most credit cards / store cards do the same thing. It's a very similar deal with 0% offers and balance transfers.

That's why Martin always says to never spend on a balance transfer card as the 0% stuff gets buried under the new purchases. (which incur a higher APR)

At least you spotted the issue and paid everything off, not alot of people can do that. If you're still in the mindset of "buying now paying later" to maintain control of your cash, why not put the balance on a 0% card for a year or two? Keeps the cash in your bank earning interest and sticks the balance somewhere nice and safe until you pay the lot off.