How Does 'Buy Now Pay Later' Function on Very.co.uk?

[Deleted User]

Hi,

Sorry if this sounds like a silly question, but I'm having trouble understanding how Very use Buy Now Pay Later (12-month option) for purchases.

Whenever I have used Very, I normally just pay back a certain amount each month and have a £12.00 charge if I fail a payment. When I click on Very's explanation of Buy Now Pay later, I'm faced with this,

"What is Buy Now Pay Later?
Buy Now Pay Later is an interest bearing option that allows you to delay payments on your purchases for up to 12 months depending on how much you spend. The delayed payment period starts from the date of order (including pre-ordered items and those not ready for immediate dispatch).

You can choose:
Buy Now Pay Later for 6 months when you spend £50 or more (1 month = 28 days).
Buy Now Pay Later for 12 months when you spend £300 or more (12 calendar months)."

So does this mean that there are no monthly payments scheduled by Very? Do I just pay whatever I can in any amount before the end of the 12 month period? Very do not make this very clear. My Very account is completely clear with no outstanding purchases, as Very does state further down that monthly payments will still be generated on purchases outside of Buy Now Pay Later purchases.

Or do Very generate a monthly amount, and it's up to you whether you can pay the generated sum or not without penalty? Since the only penalty Very flash in their description of this payment method is a lump sum interest after the 12 month delay period being unpaid. So it wouldn't sound like you'd be penalised for missing a monthly payment, but more for after failing to pay after 12 months. But I do realise this is Very and they often use corrupted tactics to sit on the lines of legality to extort vulnerable/poor people of money. That's why I've come here first before making a purchase!

I do not mind whether or not there are monthly payments as my finances are stable for the next 12 months, so I'll avoid the lump sum interest after 12 months. I just want to be absolutely clear in what I'm getting myself into if I do decide to use this option in the future.

Thanks for any clarity given on this situation!

sam121285

Hello 

i have a very account and often used the buy now pay later. Very do not schedule monthly payments and will request no payments from you until the 6, of 12 months are up. However at the end of this period they then charge you interest so it is in your interest to make payments towards the balance before this Time is up. Once the 12 months are up then they will allocate monthly payment amounts which will be your balance plus the interest 

sourcrates

Once the interest free period ends, you can settle the balance in full without incurring any interest, they tell you the date to pay by to avoid interest been applied.

Or, you can repay the balance over time, but incurr the full interest charges, inc for the BNPL period.

Quite simple, but lots of people get into trouble when they can`t pay before the due date and end up paying the interest charges.

Nebulous2

I know very little about Very as I only used them once, to buy something which was cheaper than anywhere else. 

However, we've seen a lot of people on here who have got into trouble by not following their rules. One I remember is that although the goods are pay later the delivery isn't, and you need to pay it quite quickly. 

carolca

I have just found out that Very are charging me £186 interest on a £169 phone bought on buy now pay later as I was a few days late as I was on holiday! Been in touch with them but they cant do anything about this. Unbelievable

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82133155#Comment_82133155

You should make your own post rather than bumping a 6 year old post

You paid late, they have charged you interest. Check the terms you agreed to and if they cannot charge you interest then complain, if they can, it's an expensive lesson for you

molerat

https://forums.moneysavingexpert.com/discussion/comment/82133195#Comment_82133195

Very are very clear on how the interest works, it is added daily and compounds so you are paying interest on interest. Pay by the due date and interest is waived, miss that date and it becomes a very expensive lesson in financial responsibility.

dumpster_fire2025

https://forums.moneysavingexpert.com/discussion/comment/82133155#Comment_82133155

What is unbelievable? Late is late.

It's also trivially easy to pay bills nowadays, even when you're halfway across the world, so it's hard to understand why the bill wasn't paid on time.

Oh, and you also ressurected a 6 year old thread to make a post that is only tangentially linked to the OP.

JadedAngel88

https://forums.moneysavingexpert.com/discussion/comment/82133155#Comment_82133155

When I had my Very account I used the buy now pay later quite often. When you opt to use that at checkout there is a big box that explains that you need to pay it in full by xxxx date, otherwise you will be charged interest.

I also remember being shown messages when I made payments, that you have till xxxx date to pay in full or you will be charged interest.

As much as I loathe Very, I agree with them. You bought the item, you knew you chose buy now pay later, you knew how long the bnpl was for. Everything was there to tell YOU when it needed pay off. Except you didn't and therefore you pay interest.