Very

splsher007

Hi everyone first I have been on here not sure if it’s right or not I have been paying my bill for over a year got it down to £500 and now very are putting interest on it at £262 do now my bill as gone back up to well over £900 I have been on furlough for 12 weeks so wages was 80% never missed payment with very in fact very kept saying I was over paying my monthly statement just don’t get this bnpl is not a good ideal you pay all that money off and then interest hits it hard can they do this 😢😢😢😢

bpj

This is probably the wrong part of the forum to get useful replies, but they can only do what is allowed for in your agreement with them. You would need to post the agreement to get any useful help in understanding what's happened.

To go off on a bit of a tangent, I have vague and possibly unreliable memories of coming across an interest free credit agreement where if the balance wasn't settled by the end of the interest free period, back interest was due for the whole period. This detail was hidden in the small print and of course the default payment was insufficient to pay off in that time frame. I'm doubting my memory as it seems exploitative to the point it shouldn't be allowed, but a similar clause in your agreement could possibly have the effect you describe.

EDIT: just done a quick internet search and it seems they are allowed to offer products as described above, normally marketed as "buy now, pay later", and called "deferred interest" rather than interest free. It looks like Very offer such a product:

https://www.very.co.uk/web/en/bnpl.page

Most relevant points:

How interest is calculated?

Interest is calculated daily from date of order, compounded every 28 days and added to your account as a lump sum at the end of the delayed payment period. This means you will pay interest on interest.

How can you avoid paying Buy Now Pay Later interest?

You can avoid all of the interest by paying the cash price before the end of the delayed payment period,

Personally I think this is outrageous and I feel for you, but it is as agreed with Very. If the interest has only just been added perhaps you can convince them to remove it if you immediately settle the balance, but I imagine this is at their discretion and unlikely to be granted.