Ending your Very Pay membership made easy

About Very Pay

Very Pay is a flexible credit account offered by Shop Direct Finance Company Limited, designed specifically for customers shopping at Very.co.uk, one of the UK's leading online retailers. This credit facility allows you to spread the cost of your purchases over time, making it easier to manage larger expenses or multiple items without paying the full amount upfront.

The service operates as a running credit account rather than a traditional subscription, meaning you only pay interest or fees on outstanding balances when you carry them beyond promotional periods. Very Pay has become increasingly popular among UK shoppers who appreciate the convenience of buying now and paying later, with millions of active accounts across the country.

However, many customers reach a point where they need to close their Very Pay account. Common reasons include paying off debt, reducing available credit to improve mortgage applications, avoiding temptation to overspend, consolidating finances, or simply no longer shopping with Very. Understanding your rights and the proper cancellation process is essential to ensure a smooth account closure without unexpected complications.

As a credit agreement regulated by the Financial Conduct Authority (FCA), Very Pay operates under strict consumer protection rules. This means you have specific rights when it comes to managing and closing your account, and the company must follow clear procedures when processing your cancellation request.

Subscription plans and pricing

Very Pay differs from traditional subscription services because it functions as a revolving credit facility rather than a fixed monthly subscription. Therefore, you won't find standard "plans" in the conventional sense. Instead, your costs depend entirely on how you use the account and which payment options you select for your purchases.

Credit limits and account structure

When you open a Very Pay account, you'll be assigned a credit limit based on your creditworthiness, typically ranging from £250 to several thousand pounds. This limit represents the maximum amount you can have outstanding at any time. Your individual limit is determined through a credit assessment that considers your financial history, income, and existing commitments.

Payment options and associated costs

Very Pay offers several ways to manage your purchases, each with different cost implications:

The representative APR of 39.9% applies when you carry a balance beyond promotional periods or use standard credit terms. This rate is variable and can change with notice from Very. Monthly account fees may also apply depending on your account status and balance.

Minimum payments and charges

Your minimum monthly payment is calculated as the higher of £5 or a percentage of your outstanding balance, plus any interest and fees. Late payment fees currently stand at £12, though these are subject to change. Missing payments can also impact your credit score significantly, making future borrowing more difficult or expensive.

Understanding these costs is crucial because any outstanding balance must be cleared before your account can be fully closed. This means that even after requesting cancellation, you remain responsible for all charges until the balance reaches zero.

Cancellation terms and conditions

Closing a Very Pay account involves more than simply stopping use of the credit facility. As a regulated credit agreement, specific terms and conditions govern the cancellation process, and understanding these protects your financial interests and credit rating.

Legal requirements in the UK

Under the Consumer Credit Act 1974 and subsequent FCA regulations, you have the absolute right to close your credit account at any time. Shop Direct Finance Company Limited cannot prevent you from closing your Very Pay account, though they can require you to settle any outstanding balance according to the original agreement terms.

The company must acknowledge your cancellation request within a reasonable timeframe and provide confirmation once the account closure is complete. This confirmation serves as important evidence that the account has been properly closed, which can be vital if any disputes arise later.

Settlement requirements before closure

Before Very Pay can fully close your account, you must clear any outstanding balance. You have several options for settling this debt:

• Pay the full balance immediately in one lump sum
• Continue making payments according to your existing agreement until cleared
• Request a settlement figure that may include early repayment adjustments
• Negotiate a payment arrangement if experiencing financial difficulty

It's important to understand that requesting account closure doesn't freeze interest or charges. These continue to accrue on any outstanding balance until fully paid. Therefore, the sooner you clear the balance after requesting closure, the less you'll pay overall.

Notice periods and processing time

While there's no statutory notice period for closing a credit account, Very Pay typically requires time to process your request and ensure all transactions have cleared. Pending orders or returns can complicate the closure process, so it's advisable to wait until all transactions are fully settled before submitting your cancellation request.

The processing time for account closure varies but generally takes between 7-14 working days once your balance reaches zero. During this period, avoid making new purchases, as these will delay or potentially cancel your closure request.

Impact on your credit file

Closing a Very Pay account will be recorded on your credit file. This isn't necessarily negative—in fact, closing unused credit accounts can sometimes improve your credit score by reducing your available credit and demonstrating responsible financial management. However, if the account is closed with missed payments or defaults recorded, these negative markers will remain on your file for six years.

How to cancel Very Pay by post

Sending a cancellation request by post remains the most reliable method for closing your Very Pay account, despite the prevalence of digital communication. This approach provides several significant advantages that protect your consumer rights and create an indisputable record of your intentions.

Why postal cancellation is recommended

Written cancellation sent via Recorded Delivery or Special Delivery creates an official paper trail that proves exactly when you requested account closure. This evidence becomes invaluable if any disputes arise about whether you properly notified the company or when your cancellation should take effect.

Unlike phone calls, which rely on the company's internal notes and recordings that you cannot access, or online forms that may experience technical issues, a posted letter provides you with independent proof of postage. The Royal Mail tracking system confirms delivery, meaning the company cannot claim they never received your request.

Furthermore, written communication allows you to clearly articulate your instructions without being subject to retention techniques that customer service representatives may employ during phone conversations. You control the message entirely, ensuring nothing is misunderstood or misrepresented.

Essential information to include

Your cancellation letter should contain specific details that enable Very Pay to identify your account and process your request efficiently:

• Your full name exactly as it appears on the account
• Your complete Very Pay account number
• Your registered address associated with the account
• A clear statement that you wish to close the account permanently
• Request for written confirmation of account closure
• Your signature and the date
• Contact details for any queries

Keep your letter professional and factual. You don't need to provide reasons for closing the account, though you may choose to mention if you've experienced problems that contributed to your decision. Avoid emotional language and focus on the practical instruction to close the account.

Correct postal address for cancellation

Sending your cancellation letter to the correct address is absolutely critical. Using an incorrect address can delay processing or result in your request being misdirected. The official address for Very Pay account closure requests is:

• Shop Direct Finance Company Limited
• Customer Services
• Griffin House
• 40 Lever Street
• Manchester
• M60 6ES
• United Kingdom

Always use Recorded Delivery or Special Delivery when sending important documents like cancellation requests. This costs a few pounds extra but provides tracking and proof of delivery, which is essential protection for your consumer rights. Keep your proof of postage certificate and tracking number in a safe place alongside a copy of your letter.

Using professional services for postal cancellation

Services like Postclic have emerged to streamline the process of sending important letters with proper tracking and professional formatting. These platforms allow you to compose your cancellation letter digitally, which is then printed, posted via tracked delivery, and monitored until confirmed delivered.

The advantages of using such services include time savings—no need to visit the post office—digital proof of every step in the process, and professional presentation that companies take seriously. For individuals who struggle with formal letter writing or simply want assurance that their cancellation is handled correctly, these services provide peace of mind for a modest fee.

However, whether you use a service like Postclic or handle the posting yourself, the key is ensuring your letter reaches the correct address via a tracked delivery method that provides proof.

Follow-up actions after posting

Once you've posted your cancellation request, monitor your account carefully. Continue making any required payments until you receive confirmation that the account is closed. Missing payments during this transition period can result in fees and damage to your credit score.

If you haven't received acknowledgment within 14 days, send a follow-up letter referencing your original correspondence and including copies of your proof of postage. Persistence is important—companies sometimes claim not to have received letters, which is why tracked delivery is so valuable.

Request a final statement showing a zero balance and confirmation that the account is closed. This document proves the account closure and protects you if any errors occur in the company's systems that might show an active account incorrectly.

Customer reviews and tips

Understanding others' experiences with closing Very Pay accounts provides valuable insights into common challenges and effective strategies. Many customers have successfully navigated the cancellation process, though some have encountered obstacles that could have been avoided with proper preparation.

Common challenges reported by customers

Several recurring issues appear in customer feedback about closing Very Pay accounts. Many customers report confusion about outstanding balances, particularly when promotional periods end and interest begins accruing unexpectedly. This highlights the importance of understanding exactly what you owe before initiating closure.

Some customers have experienced delays in processing their closure requests, especially when pending transactions or returns were still being processed. This underscores the value of ensuring all transactions are fully settled before requesting account closure.

Communication difficulties also feature prominently in customer reviews, with some reporting that phone requests were not properly recorded or that online attempts to close accounts were unsuccessful. These experiences demonstrate why postal cancellation with proof of delivery offers superior protection.

Successful cancellation strategies

Customers who successfully closed their accounts typically followed similar approaches. They first obtained a settlement figure by contacting Very Pay to understand the exact amount required to clear the account. This prevents surprises and ensures you can close the account efficiently.

Successful customers also stopped using the account well before requesting closure, allowing all transactions to clear completely. They waited for their final statement showing a zero balance before sending their formal cancellation letter, eliminating complications from pending charges.

Keeping meticulous records proved essential for customers who encountered problems. Those who retained copies of all correspondence, proof of postage, and tracking information were able to resolve disputes quickly when issues arose.

Expert recommendations for smooth cancellation

Based on consumer rights principles and customer experiences, several best practices emerge for closing your Very Pay account smoothly:

• Request a settlement figure in writing before making your final payment
• Pay your final balance via a method that provides proof, such as bank transfer with reference
• Wait for confirmation that payment has cleared before sending your closure letter
• Always use tracked postal delivery for cancellation requests
• Keep copies of everything—letters, proof of postage, statements, and correspondence
• Set reminders to follow up if you don't receive confirmation within two weeks
• Check your credit file three months after closure to ensure it's correctly recorded

What to do if problems arise

If Very Pay doesn't process your cancellation appropriately or disputes arise, you have clear escalation options. First, submit a formal complaint in writing to their customer services address, referencing your original cancellation request and providing copies of your proof of delivery.

If the complaint isn't resolved satisfactorily within eight weeks, you can escalate to the Financial Ombudsman Service, which provides free, independent dispute resolution for financial services complaints. The Ombudsman has authority to instruct companies to take action and can award compensation for poor treatment.

You might also consider reporting issues to the Financial Conduct Authority if you believe Very Pay has breached regulatory requirements. While the FCA doesn't resolve individual complaints, it monitors companies and can take enforcement action for systemic problems.

Throughout any dispute, your proof of postage and copies of correspondence become your most valuable assets. This documentation demonstrates you followed proper procedures and gives you credibility when presenting your case to ombudsmen or regulators.

Remember that closing a credit account is your absolute right as a consumer. While companies must protect themselves against fraud and ensure proper procedures are followed, they cannot unreasonably prevent you from closing an account once legitimate debts are settled. Understanding your rights and maintaining clear documentation ensures you can exercise those rights effectively, even when faced with administrative obstacles or resistance from the credit provider.