Very Buy now pay later Extortion

19
Found 4th Feb
  • #17
  • 4th Feb 18, 12:51 PM
I purchased a laptop for £1000 from Very and opted for By Now Pay Later.
The APR was a hefty 39.9% but I agreed as I knew I could pay before the 12 months interest free was up. But a year later, 3 days after the end of the interest free period I had forgotten to settle the balance. I was charged £300 for an honest mistake.
Very were unhelpful , had poor quality phone help lines and non UK staff (ie communication was very poor) and hid behind the Terms and Conditions but:
1) First point is the extortionate penalty levied.
2) The second point is the emails sent every month to tell me about statements did not remind me of the due date or APR which is useful to be reminded of (12 opportunities to remind me).
3) The third point is the on-screen statements is just the outstanding balance...nothing to tell me about the ridiculously extortionate penalty and due date.. until the final month (in my case December when we are all busy). The info is only in the downloadable pdf...surely the same info can be on screen!
4) The fourth point is Very has the technology to send me promotional offers by text message every month but nothing to remind me about the penalty or due date.
This was an honest mistake but Very did the bare minimum to remind me or allow me to atone for it.
I paid the balance and closed the account and will not deal with them again. These are tactics I expect from a small two bit company, not thre Littlewoods group. Phillip Green number two.
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You had a £1000 credit for 1 year knowing full well the penalty of defaulting and they are the ones in the wrong
Priceless
Should have paid it at month 11.

"These are tactics I expect from a small two bit company, not thre Littlewoods group."

Comedy gold^^^^^^
Edited by: "Shengis" 4th Feb
Very BNPL is excellent. And we use it all the time . You can’t blame Very for you being a total idiot .
19 Comments
Should have paid it at month 11.

"These are tactics I expect from a small two bit company, not thre Littlewoods group."

Comedy gold^^^^^^
Edited by: "Shengis" 4th Feb
You had a £1000 credit for 1 year knowing full well the penalty of defaulting and they are the ones in the wrong
Priceless
You forgot? Very have always sent me regular reminders of my BNPY purchases.

Perhaps you ought to buy a diary for future purchases.
SJHan1 m ago

You forgot? Very have always sent me regular reminders of my BNPY …You forgot? Very have always sent me regular reminders of my BNPY purchases.Perhaps you ought to buy a diary for future purchases.



"2) The second point is the emails sent every month to tell me about statements did not remind me of the due date or APR which is useful to be reminded of (12 opportunities to remind me)."


Forgot 12 times apparently
Classic case of not wanting to take responsibility for own recklessness.

you knew you took this out on a 12 month interest free period, therefore you should have made sure that you paid it in that time if you didn't want to incur the interes
You entered the contract, I don't agree with all of verys practices but that's why I don't use them. If you can't afford something then save for it as I bet you feel stupid now because it's cost you nearly a third more.
Expensive mistake to make. Credit companies rely on you to forget and so its your responsibility to remember.
Write the date/month everywhere so you don't forget. First thing I do with mobile cashback.
I don't think you will get much sympathy here as it was your responsibility to remember.
Just treat it as a £1300 laptop and learn from it for next time.
There are three lessons you need to learn from this, OP.

First, is that you need to read the terms of a contract before you agree to it. Very weren't "hiding behind T&Cs", they were adhering to the terms laid out in the contract you both agreed to when you bought this laptop.

Second, is that you need to fulfill your obligations in a timely manner. Ideally, this should be before the deadline, not at or slightly beyond it. How many days did you have the opportunity to pay the outstanding balance on that purchase? Why couldn't you have spent just a few minutes of one on paying your bill?

Third, is you need to be more self-dependent. I'm not sure if "They didn't remind me" is an excuse or a reason, but if it's genuinely the reason why you failed to pay, then that's entirely on you. You mustn't depend on other parties to tell you what to do and when to do it. Use your phone's calendar function to help you, if you need help remembering things.
This is why companies like this give interest free credit, they know some people will end up paying the interest but at least it keeps it interest free for people who pay on time.
Edited by: "shadey12" 4th Feb
I done the same thing ages ago with comet.I bought a VCR for about £500.Saved up the money and payed it of in time.
I've bought items on Interert Free/Pay later in the past when I needed to and always made sure I understood the terms of the agreement and paid it off prior to incurring any fees/interest.

Unfortunately you have made a mistake - an expensive one. I suggest you take this as a lesson learned and ensure something like this does not happen to you again.

I can't see any so far and I doubt if you will get much sympathy on this forum!
Edited by: "Van1973" 4th Feb
OP, were you expecting sympathy?
The info is not only on the downloadable PDF, it's quite clearly available when you go to your account and look at the Buy now Pay Later section. It even tells you what your estimated interest will be if you don't pay.

Tough luck, but call it a good lesson learned
Edited by: "Cakeboy79" 4th Feb
Very BNPL is excellent. And we use it all the time . You can’t blame Very for you being a total idiot .
What’s the question
I learnt years ago buying a computer from Tiny, I was working away and completely forgot and paid hundreds over the original price, I stear clear of these type of offers now.
Terms are if you dont clear the balance before the end of bnpl you pay interest on full amount. someone i know who missed out by 1p and had to pay interest on whole. I felt bad for them but its in tge rules
I bought an Apple Watch a couple of years ago on their BNPL and cleared the balance in full before the end of the 12 months so all went well for me.

Something you need to remember as well with Very is to pay the delivery charge immediately as that isn't part of the BNPL...
Tbh, you do sound like a typical Generation Y responsibility shirker.
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