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Very Pay

Very Pay - Very flexible

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Very Pay is designed to be nice and flexible for when life is anything but. Right now, it can be tough to manage everything in the household, so we’ve put together some useful tips and tricks to manage your Very Pay account and help you do just that.

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You can always avoid paying a penny of interest on new purchases. You can pay the full amount, the Take 3 payments or pay off Buy Now Pay Later (BNPL) purchases before the end of the delayed payment period, and you won’t pay any interest on your transactions. Tip - Check out your statement for the full amount in case there are any extras like delivery costs in there.

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If you are paying interest on your account, the more you pay off and the sooner you pay, the less interest you’ll pay.

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You can ask us to review your credit limit at any time to a level you’re comfortable with. Whether you’d like it increasing or reducing just go to My Account any time.

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You can use Take 3 and BNPL at the same time for different items – so if you need to spread the cost of a larger item, and keep it separate, you can. You can continue to pay for other smaller purchases now, later or over 3 months with Take 3 in the meantime.

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You don’t have to open a credit account to shop at Very, however Very Pay allows you to spread the cost and pay later if, and when you want to.

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Keep your delivery costs down and let us send your purchases and presents to you, and to friends and family for FREE to one of thousands of Collect+ stores when you spend £30+. Just tell us where to send it at the checkout.

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Set up a Direct Debit so you’ll never forget to make a payment to your account. By paying the full amount you will avoid paying any interest.

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Make your money go further by keeping an eye out for deals, discounts, voucher and promo codes. We update these all the time, so it’s worth checking regularly.

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Avoiding interest

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Having an account where interest is a possibility can seem scary, but you NEVER have to pay interest with Very Pay, so long as you follow a few simple steps.

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Pay your full account balance by your payment due date.

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Don’t forget about delivery charges - check your statement to make sure you know the right amount before you pay.

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Pay over 3 months with Take 3 and pay all 3 payments off by their due dates.

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Pay off your Buy Now Pay Later transactions in full before the end of the delayed payment period so you can avoid all interest on them. Remember, even if you can’t pay the full balance there is still a benefit in paying what you can within the delayed period as this will reduce the overall amount of interest charged.

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Set up a Direct Debit so you never forget to make a payment. Paying the full amount avoids you paying any interest.

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Useful things you can do

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Here are a few general hints and tips about money matters and using credit, to help you get started on a plan of action. There are lots of ways to make the most of your time and money.

Mindful spending

Sometimes managing your finances can feel overwhelming but you can take back control just through some simple planning and spending more consciously.

Keeping on top of things

Make a note of all the things that you know will come out each month and subtract this amount from your income (the amount of money you receive each month or week). That will give you a figure that you know you can use for life’s little extras, and you won’t find yourself being surprised by how much or little you’ve got left in the bank. It’s often shocking how the little things add up.

Be a budget boss

You don’t need to be a whiz with Excel, or even own a computer to make a budget. You could use a personal finance or money management app or buy a notebook and write it all down, whatever works for you. The main thing is that you know what’s coming in, and what’s going out and can see where your money could be saved.

Set up separate pots in your online banking if this is a feature, or you could open a savings account and set up a standing order to make a regular payment, however small to it each month.

Go back to using good old-fashioned cash rather than your card for your everyday bits, your top up shops, lunches, drinks and travel costs. It can really help to see and feel what you have left.

Think it over

We all love the buzz of a new purchase, that little pick-me-up or treat that can brighten our day. But always be careful that you aren’t just buying things for the sake of it. Ask yourself if you really need it, are you going to use it or will it just get relegated to the back of the cupboard. Saving a product to come back to later, rather than ordering on impulse can give you time to consider whether it’s right for you and whether you really need it.

Clever spending all year round

It’s always someone’s birthday, so get ahead and order cards in bulk or buy a load when there’s an offer on. Look out for deals and discounts during the year and avoid last minute panics to spend less and feel a bit smug too! For the bigger birthdays, weddings, and whatever else needs something special, you can pay for more expensive gifts over a few months and pay it off a bit at a time instead of all-in-one go.

Buy Now Pay Later doesn’t mean Buy Now Pay Never

Whether you use Buy Now Pay Later with us, or elsewhere, these payment options are a great way to split the cost of bigger orders into more affordable chunks over a longer period. You can pay them off along the way to fit around your other outgoings.

Whenever you use Buy Now Pay Later to purchase something, make sure you know how and when you’ll be able to pay for it, and it’s always good to pay a day or two before the final date just in case your WIFI l'ets you down at the last minute or something crops up and you forget.

Have a plan

Life’s for living, and some simple steps now, will help make memories in the future.

Keep it real

Make sure your goals are realistic and manageable, start small and work your way up so you don’t end up getting stressed.

For now, and later

Some goals will take longer to achieve and are a way off in the future, like saving a deposit for a house or getting the funds for that new fitted kitchen. It’s good to have some shorter-term goals too, like saving a bit each month to buy yourself something you’ve wanted for a long time, so it feels like a treat.

Don’t let it get you down

Always consider rising inflation when you’re planning to save up and buy something and allow a little extra for prices going up.

Give yourself space

It’s ok if your goals don’t always go to plan – that’s life. Just take stock and keep going, you’ll get there in the end.

Be a savvy shopper

Food shopping can be a huge weekly expense, but it doesn’t have to be. Make and stick to a shopping list to avoid temptation or do it online and stop the kids adding little extras into the trolley! Look out for some decent online discounts and shop around to use them before they expire.

Sensible saving

Put as much as you can afford away each week or month, so you’ve got a little pot to dip into in case of emergencies. Challenge yourself to have some ‘no spend’ days each week and put it away instead.

Delve into your Direct Debits

It’s a good idea to check your Direct Debits every now and again to make sure you’re not paying for something you no longer need or use. Check with your Wi-Fi or phone provider to see if you can get a cheaper deal to help reduce your bill. If you’re out of contract soon, ‘SIM only’ deals are a great way to reduce your bill if you’re happy to keep your current phone.

Check what you’re entitled to

It’s worth having a look on the Gov.uk site to see if there are any extra payments that you’re entitled to that you may not have thought of – for example, working from home allowance.

Shop smarter and greener

We all know we need to do more to help protect our planet, so here are a few ideas that’ll help your money go further AND be eco-friendly at the same time.

Resell, recycle, reduce

It’s never been easier to sell your unwanted things online, so you can refresh and renew your home and wardrobe with a couple of clicks. And it’s never been cooler to buy pre-loved and vintage so you can do you.

Give your clothes a second life by selling them online, and on the high street too, with offers for money back when you recycle your unwanted stuff – anything from returning your empties to your old bra!

Not only is it money off something else you need, but it all helps to reduce waste and landfill. Trade-ins on your old tech are a great way to save money when you need to replace or upgrade your next phone, tablet or laptop.

Make do and mend

Breathe life back into clothes and household objects with a quick repair, or a total facelift. With some inspo from Pinterest or Insta, some skills and know-how from YouTube, anyone can make the most out of what they have.

From re-covering a stool with some fab fabric, cutting the bottom off some jeans, or the waistband off an old sweatshirt, or getting the bobbles off your favourite (and very tired looking) jumper, you can fall back in love with your stuff, and enjoy it for longer.

Think about how you can reuse and recycle things you already have, and only buy it if you really need it or you’re going to get some definite use out of it. Once you start changing the way you shop, these saved pennies will soon add up and you’ll see a difference!

Seen it? Want it? Do it!

It’s never been easier to have a go yourself. Recreate your favourite looks for a fraction of the price by buying lookalike goods and copy colour combos you’d never have thought of yourself, to create designer looks in a weekend.

About your credit score

We think your credit score is really important, so here are some ways you could keep it healthy and in check.

What is a credit score?

Credit reference agencies store data from credit providers and then turn that data into a credit score. The data may come from banks, loan providers, credit card providers, or other companies that allow people to borrow from them. And because it includes borrowing of any kind, car finance, mobile phone contracts, or utility bills may also be included.

There are three main credit reference agencies in the UK - Equifax, Experian and TransUnion. All three can provide you with your credit score, and you can also request a copy of your credit file so that you can see the full report.

What is a credit check?

This is when a company looks at your credit report to see your financial history and checks whether you’ll be able to repay money you want to borrow. We check more than 3 million credit applications every year and we only accept customers that we think can keep up with their repayments.

Before making a credit check, make sure you’re on the electoral roll – this is really important if you’ve moved house recently and may help to improve your credit score.

What is a soft credit search?

A soft credit search is a search that can be carried out on your credit file that other lenders won’t be able to see. If you apply to open a Very Pay account with us, we’ll carry out a soft search on your credit file to see what you can afford, and you’ll see what your personal interest rate and credit limit is likely to be. The search will only be visible to you and us - no other lender can see it and it won’t harm your credit.

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How is my credit score worked out?

It’s based on a few things, like how much borrowing you’ve done in the past, your current credit limits and how successful you’ve been at paying things back.

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Why does it matter?

Depending on your credit score you might find that you are not able to access financial products or that you’re given a higher interest rate. That’s why we think it’s important to try and keep your credit score healthy.

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How do I improve it?

Just by being careful and making sure that anything you borrow is paid back on time and as agreed with your financial lender. Make sure anyone you’re living with isn’t negatively impacting your score - having a joint account, joint mortgage or join loan with someone with a poor credit history can negatively impact you too.

Check you’re on the Electoral Roll and pay your utility bills on time. If you’re sharing your bills with a house share or partner, it can help to divide them up between you.

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How do I find out my credit score?

There are a few main credit reference agencies that it’s worth taking the time to check in with, it’s a bit like doing a health check but for your money. Experian, Equifax and TransUnion will be able to help you, you’ll just need to answer a few questions.

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It’s ok to ask for help

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Life is full of bumps and sometimes it’s just not possible to fix things on your own. That’s ok. You should always reach out and speak to us if you’ve run into difficulties – our team are trained to help you get through it, so just give us a call and we can have a chat.

Talk to us about...

Tell us about financial difficulties

Everyone can have problems from time to time and we can help you come up with a plan to manage your account. We may be able to set up an affordable repayment arrangement to get you back on track and stop administration fees, further interest and late or missed payment fees being applied to your account.

When you contact us we’ll ask you some questions about your circumstances and income and outgoings to find out the best way to help you.

If you feel like you’re struggling with multiple debts or can’t meet your priority bills, Step Change Debt Charity offer free, impartial and confidential advice over the phone.

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You can also find helpful, impartial financial advice and chat live with a third party.

There are times where it can be helpful to tell us about your situation if it affects how you manage your Very Pay account.

If you’re experiencing an unexpected life event, like losing your home or job, or you’re going through a separation or divorce, or have lost someone close, please tell us more about how we can help.

We’ll use this information to change the way we support you. This might include:

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Connecting you to our financial difficulties team

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Letting you know about charities and organisations who can help you

This information will go to a Very specialist customer services advisor who’ll review your account and see if there’s anything we can do to help. We’ll never share your information outside of The Very Group, and we won’t register anything you disclose without your permission.

Tell us about mental health concerns

There are times where it can be helpful to tell us about your situation if it affects how you manage your Very Pay account.

If you’re going through a period of poor mental health, please tell us more about how we can help:

We’ll use this information to change the way we support you. This might include:

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Changing how we contact you.

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Letting you know about charities and organisations who can help you

This information will go to a Very specialist customer services advisor who’ll review your account and see if there’s anything we can do to help. We’ll never share your information outside of The Very Group, and we won’t record anything about what you disclose without your permission.

Let's work this out together

If you are concerned about how much interest you are paying, you may need some help to work out what to do. Paying off a bit more each month can make a big difference to the interest. Our repayment calculator can help you work out some options

Tip – If you have items that are within their delayed payment period on Buy Now Pay Later, even if you don’t pay the full cash price before the end of this period to avoid all interest, all payments you have made will reduce the amount of interest you incur. So, for example, if you pay half of the cash price during this time it would halve the interest you incur.

Please tell us more about how we can help

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If you have received our notification email, advising there has been an attempt to unlock your account or a ‘forgotten password’ has been requested and it’s not you that has attempted to log in to your account, please contact us immediately and our Fraud team will assist you.

Identity theft is where someone has obtained your personal details without prior knowledge or consent, with intent to obtain goods and services in your name. It is one of the fastest growing crimes in the UK and anyone is at risk.

If you feel you have been a victim of identity theft, you can call us, click here for details, alternatively you can contact us via secure webmail, in My Account.