Very.co.uk “Buy Now Pay Later” - missed the date - do I have any recourse?

UnluckyForSome

I purchased a TV using Very’s “BNPL” scheme, I planned to pay off the balance in full in one go by the deadline set out. Unfortunately I just forgot, and so a years interest (~40%!) has instantaneously been added to my balance. It’s been just over 30 days since the missed deadline.

I’ve now paid what would have been the full balance (£749) if I hadn’t forgotten, but Very now want £385 from me. I feel like such a fool for just forgetting. Do I have any means to avoid this?

Many thanks for any advice given.

Aylesbury_Duck

UnluckyForSome said:

I purchased a TV using Very’s “BNPL” scheme, I planned to pay off the balance in full in one go by the deadline set out. Unfortunately I just forgot, and so a years interest (~40%!) has instantaneously been added to my balance. It’s been just over 30 days since the missed deadline.

I’ve now paid what would have been the full balance (£749) if I hadn’t forgotten, but Very now want £385 from me. I feel like such a fool for just forgetting. Do I have any means to avoid this?

Many thanks for any advice given.

If they're adhering to the contract, no.  All you can do is try a goodwill approach.

UnluckyForSome

Aylesbury_Duck said:

UnluckyForSome said:

I purchased a TV using Very’s “BNPL” scheme, I planned to pay off the balance in full in one go by the deadline set out. Unfortunately I just forgot, and so a years interest (~40%!) has instantaneously been added to my balance. It’s been just over 30 days since the missed deadline.

I’ve now paid what would have been the full balance (£749) if I hadn’t forgotten, but Very now want £385 from me. I feel like such a fool for just forgetting. Do I have any means to avoid this?

Many thanks for any advice given.

If they're adhering to the contract, no.  All you can do is try a goodwill approach.

I know it's completely my fault. They don't want to show any goodwill, so I suppose I am going to have to pay it

mr_stripey

Did Very send any reminders that the BNPL was coming up for payment? I don't know if they are required to do so. I know Argos do - but again, not sure if they HAVE to.

Companies love BNPL for the exact reason that people either forget to pay or can't pay (despite probably having the best intentions to do so at the outset). They then sting you with interest from Day 1

Gavin83

mr_stripey said:

Companies love BNPL for the exact reason that people either forget to pay or can't pay (despite probably having the best intentions to do so at the outset). They then sting you with interest from Day 1

This. Companies make a lot of money from such schemes and rely on people forgetting so I expect any goodwill will be hard to come by.

My advice would be that the second you take out such an offer to set a reminder on your phone for a few weeks before it runs out. That way you'll hopefully get a warning closer to the time. I've got similar reminders for things like car insurance/MOT, etc.