Buy Now Pay Later -VERY CATOLOGUE

jazzedup55

Hi there,i bought a laptop over a year ago on BNPL scheme with VERY HOME SHOPPING ,without any warning or communication as to my period ending, i was slapped with nearly £900 interest on top of my balance!!! most credit cards give you a months warning as to when your offer is expiring,i feel that a sneaky move to make more money,there MUST BE A LAW PREVENTNG THIS,this is daylight robbery,my mind is already dealing with a parent passing away and now this creeps up outta the blue,,any suggestions? Thanks

eskbanker

https://forums.moneysavingexpert.com/discussion/6652636/buy-now-pay-later-very-catologue

I'm not aware of any law requiring reminders to be issued for reaching the end of a product term like that, but does the interest calculation look right, based on the agreed APR, size of loan, etc?

oldernonethewiser

You recieved no paperwork of any sort outlining the terms and conditions of your purchase?

flaneurs_lobster

Nothing in their terms about giving you notice or warning that your "pay later" period is ending. Did you not make a note of the date?

You've agreed to pay interest if you've decided not to pay the balance before the "pay later" period ends. The interest is added as a lump sum to your outstanding balance.

How do you think Very have not acted in accordance with the agreement you signed?

dumpster_fire2025

https://forums.moneysavingexpert.com/discussion/6652636/buy-now-pay-later-very-catologue

BNPL isn't regulated by the FCA until July of this year, until then they can largely do what they want.

Ayr_Rage

You said it was over a year ago that you made the purchase so you should've set a reminder for the end of the interest free period.

If it's anything like the Argos card then you get a monthly statement showing when the deferred balance is payable.

I cannot see that Very has done anything incorrectly.

Isthisforreal99

If you had bothered to check your monthly statements it is very clear 1) when your BNPL ends and 2) when a payment ia due. As an example

marcia_

I have a littlewoods catalogue (same group) and receive a paper bill each month. Page 2 outlines all BNPL transactions and when they to be paid by

where_are_we

"Very" BNPL excessive charges - I sympathise greatly with your position. It is only too easy to miss a deadline payment.

I too bought a laptop with Very using a big discount code and BNPL. However I diarised the date to pay off the BNPL loan before the end of one year BNPL deal. I have received standard monthly emails informing me to check my online account. These do not have any details, so you have to log in to see when your BNPL deal ends.

These companies make their profits from the customers who, for what ever reason, do not pay off the BNPL loan.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6652636/buy-now-pay-later-very-catologue

Its unregulated lending at this point in time so no and also the statements that Very produce state when the BNPL ends. If you dont pay it off during the BNPL then it converts to a credit account and the interest applied for the prior period.

You should be diarying when it needs to be paid off by but even fi you hadn't done that then simply reviewing your statements would have shown when it was due to be paid off if you wanted to avoid the interest.

jimjames

If the interest was £900, how much did the laptop cost originally?