Interest with Very.

PJC88
PJC88 Posts: 18 Forumite
Eighth Anniversary 10 Posts Name Dropper
So I'm coming to the end of a 12m 'buy now pay later' period with Very. 
I still owe £730 and the bnpl runs out on 15th August. 
I've attached the info on my account. 
What I want to know, if I didn't pay any of the £730 before then, would the amount I owe them now include the full £397.51 meaning I owe them £1127.51? 

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    So yes.

    And probably a missed payment fee.
  • PJC88
    PJC88 Posts: 18 Forumite
    Eighth Anniversary 10 Posts Name Dropper
    I intend to pay it so won't miss a payment. I was just wondering if I didn't pay it all, would the interest be added in a way where I owe 730 and pay 50, but rather than the full 50 come off the loan, say 30 came off and 20 went to interest. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It will pay off a mix of capital and interest. Check the agreement for the calculation.
  • CKhalvashi
    CKhalvashi Posts: 12,130 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You would need to pay the full balance of £730 by 16 August to avoid the £400ish in interest.

    It's all or nothing, not just a partial payment in this case, with the interest accruing from day one until paid if not fully paid by the end of the 0% offer.
    💙💛 💔
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.1K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.1K Spending & Discounts
  • 243K Work, Benefits & Business
  • 597.4K Mortgages, Homes & Bills
  • 176.5K Life & Family
  • 256K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.