Very now doing payment freezes - don't understand how it affects BNPL though

4
Posted 10th Apr
They've put up a small link that takes you through to an area that lets you ask for a payment freeze.

The Buy Now Pay Later section. says this though and I don't fully understand the wording and if it means I can or cannot get an extension on my BNPL amount which needs to be paid in full by 15th May or it'll have interest added to it.

  • If you have any Buy Now Pay Later (BNPL) purchases the delayed payment period will not be extended as a result of the payment freeze and any interest will be charged to your account.

I think it means that BNPL doesn't get an extension if the amount hasn't yet become due. Can't really get hold of anyone at Very so thought I'd ask here. Don't want to risk interest being added to my account, I always just pay everything off just before it's due over the 3 years I've been with them. Just income has taken a hit now, and would appreciate a little extension.
Community Updates

Groups

4 Comments
One thing I did read recently about the Very interest free BNPL was that they are changing the way that interest is applied.
Previously, if you didn't pay everything within the BNPL time limit, they would charge interest on the TOTAL amount (the cads!), now they just charge interest on the remaining balance - so a massive difference.
So for example, if you bought say a laptop for £300 and paid off £250 of it within the BNPL time limit, you used to pay interest on the full £300.... now they can only charge it on the remaining £50 balance so it's much less
I read that BNPL isn’t included and won’t be able to get payment holidays due to no fixed payments to be paid every month as it’s within a time scale for paying...it’s only if you are required to make credit payments monthly that has been given the go ahead to have payments frozen.
Ah so basically they'd want you to ride it out to the payment due date, so they can add their interest charge, but then allow you to defer the interest for a few months.

No thanks!
Post a comment
Avatar
@
    Text

    Discussions