BNPL VERY 30 November 2022 at 3:08AM in Loans 7 replies 606 views

chrisrsmith

Just looking to buy a new laptop and notice VERY offer but now pay later. I do have the monies to buy the item straight away but am intrigued by the BNPL as it offers 20% off if I use BNPL.

It looks like I can buy the item, ever the credit agreement but then pay it off straight away (saving me 20%) - seems too good to be true. Any experience of the BNPL?

noh

Yes. I bought a12.9 inch iPad pro last May from Very on BNPL. That saved 20% on their already discounted price at the time. Like you I had the money to buy outright but I have placed it in a savings account in order to gain some extra interest. I will pay it off next April. 
I went to the Very site via Quidco and have now been paid out 6% on the purchase from them.
Just remember to pay the full balance to Very before the end of the BNPL period and all will be good. Note the carriage charge is not part of the BNPL and needs to be paid after receipt of first statement.

Ebe_Scrooge

As above, just make absolutely sure you pay in full before the BNPL period is up.

It's worth shopping around though.  A lot of the stuff on there is much more expensive that you can get it for elsewhere (remember, there's no such thing as free credit, someone is paying for it somewhere along the line).  So take a few minutes to have a look at other retailers to compare prices - and don't forget to factor in delivery costs where applicable.

If it turns out that Very is still the cheapest, then go for it, and just make sure to repay in full before the deadlline date.

superbigal

Very often give out bizarre loss leading offers and credits and discounts etc.
As stated as long as their overall price is competitive go for it.
I have only ever used them for these type of deals.

martinbainbridge1975

I tried to buy an IPhone using Very. Approved me for a credit account and placed the order

Given I work full time I asked for the delivery to be made to a pick up shop to collect on my way home from work.  Order was blocked and despite claims of calling me they had not, as my mobile is always switched on.

I would suggest looking at Argos or Curry's as they also offer 6-12 months 0 per cent deals, added to which there are local shops to collect from

mr_stripey

It is alright providing you pay it off in full before the interest free period ends, Better not leave it to the last minute either - set a reminder for a month before.

Of course you can "win" by doing this - but most people who take these kind of offers maybe well intentioned to pay it off, but then something crops up and they can't or don't pay. Very will then charge interest on the whole amount backdated to the purchase date.

Also - check prices elsewhere if you have the cash to buy - Very can tend to be expensive (in my experience) but depends on the item

Claddagh_Noir

I often use the BNPL offers but I either end up paying for the item in full within a week of receiving the item or paying months ahead of the BNPL period elapsing. 

I just do not like when they add the interest straightaway so I just pay it off immediately.  Once that is done, the interest disappears. 

If you do end up purchasing the laptop from Very, make sure you pay for the delivery within the first 28 days because that is not added to interest free period. 

sourcrates

Problems tend to arise with these products because the delivery charge does not form part of the BNPL offer, and people do forget about it, then get hit by a big wad of interest they were not expecting.

As long as you follow the terms and conditions, and repay in full before the due date, it can be a helpful tool to your budgeting.