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kp278

very increased to 49.9% during buy now pay later - unfair?

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hi, i've got a couple of things on buy now pay later with very. in the past i've paid them off before the interest kicks in and the others should be no different, though i do have a big one at £500 due next month. i received a letter today advising the apr will be going upto 49.9% and will apply to purchases not yet due for payment.

 

is it contractually fair that they can increase the apr on something i bought 11 months ago when the apr was lower?

 

thanks, kris

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Surely must be on new purchases. Not existing ones.

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alas no...

 

The interest rate change will apply to your outstanding balance (including purchases or transactions not yet due for payment) and new purchases or transactions.

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Phone the Money Advice Service on their freephone. Pretty sure that the FCA does not allow interest rate to be increased on existing credit purchase accounts in this situation. Had you known, you may not have taken it out, given the consequence of late payment.


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