Very’s BNPL?

Chloarnold200

So, with Christmas coming up, I’ve been shopping around for Buy Now Pay Later deals. I’m looking to spend about £300 and pay it off in full, in January. Has anyone had any experience with very’s BNPL? It says you have up until 12 months to pay but can’t miss minimum payments each month? So it’s not 12 months to pay then? I’m very confused! 

Brynsam

Full details here, including details of the interest rate you'll pay (you'll pay interest on interest), so read carefully and especially note 

Representative 39.9% APR Variable

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

The reference to not missing minimum payments applies to any items you've bought which are not on the BNPL basis.

Dox

Chloarnold200 said:

So, with Christmas coming up, I’ve been shopping around for Buy Now Pay Later deals. I’m looking to spend about £300 and pay it off in full, in January. Has anyone had any experience with very’s BNPL? It says you have up until 12 months to pay but can’t miss minimum payments each month? So it’s not 12 months to pay then? I’m very confused! 

If you're planning to pay it off in January, why worry about having 12 months to pay as you aren't going to pay in just over a month. That being so, do you have a credit card - order at the 'right time' (i.e. so that the charge is included in the credit card statement which will be issued at least 3 weeks after ordering) and you effectively get 7 weeks of interest free credit. Surely that's a better deal than Very's rate of interest?

Carrot007

Chloarnold200 said:

So, with Christmas coming up, I’ve been shopping around for Buy Now Pay Later deals. I’m looking to spend about £300 and pay it off in full, in January. Has anyone had any experience with very’s BNPL? It says you have up until 12 months to pay but can’t miss minimum payments each month? So it’s not 12 months to pay then? I’m very confused! 

BNPL on very is not subject to being part of the mimumum payments. So that would be anythign you bought on normal terms.

But with a Jan pay off maybe Take 3 would be a better option for you (depending on when bought and the current things if any on the account). (pay over 3 months what they say = no interest).

sarah1972

You buy it on BNPL and then in January just pay it all off. There is no minimum monthly payment as it’s not due until 12 months time. 

Dox

sarah1972 said:

You buy it on BNPL and then in January just pay it all off. There is no minimum monthly payment as it’s not due until 12 months time. 

Ah - January 2022. That makes more sense in terms of the question, but at such a high interest rate...ouch!

sarah1972

Dox said:

sarah1972 said:

You buy it on BNPL and then in January just pay it all off. There is no minimum monthly payment as it’s not due until 12 months time. 

Ah - January 2022. That makes more sense in terms of the question, but at such a high interest rate...ouch!

There is no interest ? If you pay off before its due, no extra to pay.