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    Credit agreement???

    i have just made a account with very.co.uk and i had to sign a credit agreement.

    excuse my ignorance but what is a credit agreement and have i made a mistake in signing it?

    107 Comments

    Lol...........

    Banned

    did you not read it?

    Original Poster

    whats funny lad?

    Original Poster

    colinsunderland;8700785

    did you not read it?



    i just thought it was the normal accept terms and conditions box to tick. :oops:

    Original Poster

    WTF two of youse replied but not one offered a bit of help.

    dear god and we wonder why the credit crunch happened! :o:?

    Definitions of credit agreement on the Web:

    •A legally binding contract in which a financial institution agrees to loan money. The borrower promises to repay the loan, with interest, in periodic installments. ...

    •An agreement whereby a creditor grants or promises to grant to a consumer a credit in the form of a deferred payment, a cash loan or other similar financial accommodation.

    You have agreed for them to do a credit check and if this is accepted you will have set up an account with them where you have credit (like when you have a credit card). So you can use it like a 'buy now, pay later' type thing. The rates will probably be very high and you should organise a direct debit to pay off any debts you accrue with them to be paid off in full every month.

    how old are you? (Serious question) credit agreements for for 18+.
    Basically they'll give you credit check. if you pass then theyll give you a credit account (ie. £400 to spend) and you've signed an agreement saying if you use it you'll pay x back per month with x interest

    classic post LOL

    no you haven't made a mistake mate its fine.

    Original Poster

    FFS that was the only way i could make the account i had to tick that box.

    Anyways is there anyway i can cancel teagreement its from very.co.uk.

    Rep available.

    princess sparkle;8700824

    no you haven't made a mistake mate its fine.


    course he has if he's under 18...........

    and you cant cancel it i dont think..

    normally cancel within 7 days under credit rules

    which i suggest you do if you dont want it as its 39.7% APR

    Original Poster

    sickly sweet;8700814

    You have agreed for them to do a credit check and if this is accepted you … You have agreed for them to do a credit check and if this is accepted you will have set up an account with them where you have credit (like when you have a credit card). So you can use it like a 'buy now, pay later' type thing. The rates will probably be very high and you should organise a direct debit to pay off any debts you accrue with them to be paid off in full every month.



    is there any way i can cancel i havent spent a penny from it. it says iv got £300 to spend.

    Original Poster

    ElNinoLFC;8700838

    is there any way i can cancel i havent spent a penny from it. it says iv … is there any way i can cancel i havent spent a penny from it. it says iv got £300 to spend.

    you can cancel the account but the credit check will still go ahead, so either way it will be recorded on your credit file at the agencies. If you get the go ahead and are accepted for the buy now pay later you may as well keep the account and just don;t use it or use it if you wish. You are not obligated to using the £300 you can pay by other methods ie card .

    Original Poster

    t0mm;8700832

    course he has if he's under 18...........and you cant cancel it i dont … course he has if he's under 18...........and you cant cancel it i dont think..



    so your saying i have to spend the money.

    oh sorry didn't relaise you were under 18.

    Of course you can close your account. I saw something I wanted on Studio once (a similar site) and simply setup the credit account, ordered the 1 item, paid in full on the first statement and then closed the account. Check on Experian to ensure it shows as "Settled" and chase if it doesn;t otherwise other lenders will think you still have credit with them.

    Original Poster

    simplyjimbo;8700842

    you cancel the account but the credit check will still go ahead, so … you cancel the account but the credit check will still go ahead, so either way it will be recorded on your credit file at the agencies. If you get the go ahead and are accepted for the buy now pay later you may as well keep the account and just don;t use it



    yes i have been accepted it says iv got £300 to spend.

    You can cancel any credit agreement with shopdirect group (Very) any time for free if you dont owe anything.

    i would phone them up and cancel the account.

    ElNinoLFC;8700844

    so your saying i have to spend the money.


    oh, no, i thought you meant cancel the credit check..

    call them up and close it over the phone.

    you dont HAVE to spend it btw it can just sit there.

    ElNinoLFC;8700844

    so your saying i have to spend the money.



    NO. Its a credit limit ... credit AVAILABLE to you but doesn't have to be used. Just like a credit card.

    ElNinoLFC;8700838

    is there any way i can cancel i havent spent a penny from it. it says iv … is there any way i can cancel i havent spent a penny from it. it says iv got £300 to spend.



    As you have agreed I believe they will have automatically done the credit check (which can affect your credit score if it gets checked too many times in a short period). I see no reason why you cannot cancel the account, but the information will be held on your credit score for 3 years - I could be wrong, but this is what I believe to be true, maybe you can phone Very in the morning and ask for them to cancel the request for an account due to not fully understanding the terms and conditions.

    Original Poster

    yeah but i dont want it there. if i close the account online will i have cancelled the credit check?

    ElNinoLFC;8700870

    yeah but i dont want it there. if i close the account online will i have … yeah but i dont want it there. if i close the account online will i have cancelled the credit check?


    No a credit check will have already been made.

    no when a credit check is done its done, you can only get it removed if it was fraudulant. Its no biggy really as once you lose the account it will show as settled and you will be back to normal. Just dont go applying for credit tomorrow or do multiple applications in short space of time

    How old are you....~?

    ElNinoLFC;8700870

    yeah but i dont want it there. if i close the account online will i have … yeah but i dont want it there. if i close the account online will i have cancelled the credit check?



    If they have said you have £300 available to spend that would seem to indicate that the credit check was processed and your request accepted.
    The £300 is therefore available for you to spend - or not spend - as you wish, but if you do choose to spend it, it will be a debt until it is paid off. Usually you get till the end of the month and then they will start to charge you high rates of interest.
    If you are not happy or comfortable with this, phone Very in the morning and explain you did not fully understand the terms and conditions and as a result would like to cancel the account.

    Original Poster

    ThePasty;8700884

    no when a credit check is done its done, you can only get it removed if … no when a credit check is done its done, you can only get it removed if it was fraudulant. Its no biggy really as once you lose the account it will show as settled and you will be back to normal. Just dont go applying for credit tomorrow or do multiple applications in short space of timeHow old are you....~?



    i dont really mind about the credit check as long as the credit agreement gets cancelled. if i close the account will the credit agreement also get cancelled?

    ElNinoLFC;8700896

    i dont really mind about the credit check as long as the credit agreement … i dont really mind about the credit check as long as the credit agreement gets cancelled. if i close the account will the credit agreement also get cancelled?



    aslong as the balanced is settled yes, ie you havent spent anything or if you have its fully paid off.

    it was a genuine question about your age by the way, if you are under 18 then they cant allow you an account and therefore either you lied on the application or they are in the wrong. only asking cause people said you were under 18 previously

    ElNinoLFC;8700896

    i dont really mind about the credit check as long as the credit agreement … i dont really mind about the credit check as long as the credit agreement gets cancelled. if i close the account will the credit agreement also get cancelled?



    If you settle the account (pay off any debts you have made if you purchased anything) you can then cancel it and the credit will no longer be available and it will show as closed/settled on your credit score, it will however show for 3 (?) years from the date of cancellation.

    Original Poster

    ThePasty;8700901

    aslong as the balanced is settled yes, ie you havent spent anything or if … aslong as the balanced is settled yes, ie you havent spent anything or if you have its fully paid off. it was a genuine question about your age by the way, if you are under 18 then they cant allow you an account and therefore either you lied on the application or they are in the wrong. only asking cause people said you were under 18 previously



    na mate i havent spent a penny on it iv just made it right now using my brothers details. but that was the only i could make the account by ticking that box and also i didnt have to put any bank details in like account number so how did they do the credit check?

    Dont worry about it, it just sits there.

    If you wanted to buy an xbox for £150 you would then have the option to either minus it from your credit and then pay it back monthly or you can just pay all in one go using your debit card.

    It really isn't an issue, just make sure you dont get tempted to use it

    ElNinoLFC;8700928

    na mate i havent spent a penny on it iv just made it right now using my … na mate i havent spent a penny on it iv just made it right now using my brothers details. but that was the only i could make the account by ticking that box and also i didnt have to put any bank details in like account number so how did they do the credit check?



    :shock::shock::shock::shock::shock:

    using your brothers details!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    that will be fraud then! Seriously! Whose name was it in!

    your brothers complete details? or just his name!

    ElNinoLFC;8700928

    na mate i havent spent a penny on it iv just made it right now using my … na mate i havent spent a penny on it iv just made it right now using my brothers details. but that was the only i could make the account by ticking that box and also i didnt have to put any bank details in like account number so how did they do the credit check?



    Urrrr....your brother's details?! Does he know/did he agree to this? Because his credit score will have been affected and probably won't be too chuffed about this. Plus it's fraud and they might not let you cancel the account on the phone unless they speak to the actual account holder.
    They do the credit check with the name, address and birthday details which you gave them - they are not the bank so don't need your bank details.

    You're best to 'fess up to your brother, explain your confusion and get the whole thing cancelled :thumbsup:
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