I am livid! Can Very.co.uk do this?

MistyCheese

I bought some things at Christmastime from Very.co.uk, formerly Littlewoods.

Last month they added 'Interest' of €11.07 to my total. This month they've added €17.23. I have paid (over) the minimum amount due, both months, so why have they added interest? And why is the interest actually increasing when the total amount is lower the second month? I've contacted them but they have yet to reply.

I plan to go to my Credit Union tomorrow morning and get a loan from them to repay Very in full and wash my hands of them (the interest to the CU will certainly be a lot less!) But what about this extra €28.30? Would I have any chance of contesting it or do I just have to suck it up as an almost €30 lesson never to go near the feckers again? Which I won't be doing anyway!

endacl

Did you borrow the money from them to pay them? That would have been daft…

BronsonTB

From very.co.uk - Representative 39.9% APR variable (annual interest rate of 39.9% variable)

Only pay outright for any goods not the pay later option. Their interest rate is off the wall.

Padre_Pio

https://www.boards.ie/discussion/2058281409/i-am-livid-can-very-co-uk-do-this

Last month was probably only from the day of purchase to the end of the month. This month is the full month.

MistyCheese

I used to use Littlewoods and if I bought something for €120 I only paid back €120. As long as I paid the minimum due in good time. Very are adding interest despite me paying more than the minimum before the due date. And how come the interest is going up when the total due is going down as I pay it down?

No, I didn't borrow money from Very to pay Very, I'm not sure how that would work? I didnt know they lent money?

Thank you both for your answers.

MistyCheese

Ah! I just see your response there Padre Pio. Thank you. I didn't think of some kind if pro-rata thing.

Guess I'm probably stuck paying the €28.30. Annoying but not the end of the world.

Of course you borrowed from Very to pay Very, that's how buying stuff and paying later works.

As for why you didn't have to pay interest previously, you used the Buy Now Pay Later option and didn't this time. www.very.ie/bnpl.page

Codpeas

Based on what you have said I am assuming that you are using VeryPay with the Pay Monthly option?

Under that you can choose just to pay the minimum amount or sometimes more but you get stung for interest - Pay Monthly is just like having a Credit Card - a relatively high interest credit card.

As regards to the differing interest amounts - if your purchases occurred less than a month before your billing cycle then the first interest amount was less than a months interest, the second was a full months interest so even though the balance may have been lower it was likely for a longer period of time and therefore worked out as being a higher amount.

I would say suck it up, and in future read the small print - I'm not seeing anything here that isn't called out on their website - again assuming I am right about this being VeryPay Pay Monthly.

28064212

Their terms seem straightforward: https://www.very.co.uk/paymonthly.page

You can pay an amount that suits you each month as long as you pay at least £5 or 7% of your balance (whichever is greater). The minimum payment is detailed on your statement. If you pay this way you will be charged interest, and it will take you longer to pay off your balance.

Atlantic Dawn

https://www.boards.ie/discussion/comment/120160834#Comment_120160834

Did they ask you to upload photo ID when setting up your account? If they did then this was to enable credit with them.

theteal

I have used it in the past but not a lot - I vaguely remember getting 20% off an xbox at launch.

From what I remember, isn't Very like a credit account thing? For every purchase you're effectively borrowing money, then you clear your balance. The wife tells me some purchases have a "pay in x months with no interest" but not sure that's across the board. . .

Codpeas

https://www.boards.ie/discussion/comment/120160975#Comment_120160975

They do have a "Pay in 3" option that doesn't result in interest - not sure if that is restricted to only some items.

MistyCheese

I had a Littlewoods account, opened it in 2009. When Very.co.uk took over I guess new T&Cs applied. I didn't realise I was operating under any different rules than I had been previously with Littlewoods.

I didn't use BNPL with Littlewoods.

I didn't upload ID to Very.co.uk.

The "rules" haven't changed.

MistyCheese

You're absolutely right, enjoy 🙂

Girl Geraldine

Very English way of doing business. Did you ever watch a UK YV channel? They are awash with all sorts of rip off payday loan adverts.

Offering you a loan or credit at stupendously high interest rates.

walterking

Very are a licensed money lender with VERY high interest rates of 40% (39.9 to be exact)

On top of that the are VERY expensive for most items.

If you pay over a year it becomes VERY VERY expensive

cml387

Compared to some of the so-called payday loan companies, littlewoods/very have relatively low interest charges. The typical apr seems to be 100% and some charge a lot more. It just would not be allowed here.

theteal

I got almost £100 off a day one xbox as a new customer a few years ago, I think they're great*

*have not used them since, though :D

walterking

https://www.boards.ie/discussion/comment/120163750#Comment_120163750

The legal maximum interest you can charge in Ireland is 48%.

Very are not far off