Manage Very Pay

How to cancel your very pay account and close your credit facility

Why you might want to close your very pay account

Very Pay is a flexible credit account run by Shop Direct Finance Company Limited, designed for shoppers at Very.co.uk who want to spread purchases over time. It functions as a revolving credit facility rather than a traditional subscription, giving you a credit limit to use repeatedly across purchases.

You may reach a point where closing your account makes sense. Perhaps you've paid off your balance and want to reduce available credit for a mortgage application. Maybe you're consolidating your finances, avoiding the temptation to overspend, or simply no longer shop with Very. Whatever your reason, understanding your rights and the proper cancellation process protects you from 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 legal rights when managing and closing your account, and the company must follow clear procedures when processing your request. At Stopee, we help thousands of consumers navigate these processes every month, ensuring they close accounts correctly and protect their credit standing.

Common reasons to cancel very pay

Understanding why you want to cancel helps you prepare the right documentation and choose the best cancellation method. You might want to close your account if you've cleared your balance and no longer need the credit facility. Some customers close their accounts to reduce available credit when applying for mortgages or other secured loans, as lenders view high available credit as a risk. Others simply prefer to consolidate their finances into fewer accounts, or they've moved away from Very.co.uk as their primary shopping destination.

What happens to your balance when you cancel

Before Very Pay will close your account, you must clear any outstanding balance in full. You cannot simply stop using the account and expect it to close automatically. Any outstanding balance, including interest and fees, remains your responsibility until settled. This is crucial: you'll continue to accrue interest on any unpaid amount, and missing payments will damage your credit score.

If you have a promotional 0% offer running, you must clear the balance before the promotional period ends, or standard interest rates (currently 39.9% representative APR) kick in. Always check your current balance and any active promotions before submitting your cancellation request to Stopee or directly to Very Pay.

Understanding very pay's pricing structure

Your costs depend entirely on how you use the account and which payment options you choose.

Credit limits and how they're set

When you opened your Very Pay account, Very assigned you a credit limit based on a credit assessment. This limit typically ranges from £250 to several thousand pounds and represents the maximum amount you can have outstanding at any time. Your individual limit depends on your financial history, income, and existing credit commitments.

Payment options and their costs

Very Pay offers several payment methods, each with different cost implications:

Monthly charges and fees

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

Any outstanding balance must be cleared before your account closes, meaning you remain responsible for all charges until your balance reaches zero. Stopee recommends calculating your exact outstanding amount before cancelling, as this prevents surprises during the closure process.

Your consumer rights and protections

The Consumer Rights Act 2015 and the Financial Services and Markets Act 2000 protect you when managing your Very Pay account.

Rights under UK consumer law

Your right to cancel a credit agreement is protected under consumer credit legislation. You have the right to close your account and request that Very Pay marks it as closed on your credit file once you've cleared all outstanding balances. Very Pay must acknowledge your cancellation request and provide confirmation of the closure date.

The FCA requires Very Pay to treat you fairly and handle your cancellation within a reasonable timeframe. If Very Pay refuses to close your account or causes unnecessary delays, you can escalate to the Financial Ombudsman Service, which handles disputes between consumers and financial firms. Stopee recommends keeping copies of all cancellation communications as evidence should you need to file a complaint.

What to do if very pay refuses to cancel

If Very Pay declines your cancellation request or ignores your request, your first step is to request written explanation of their refusal. Document the date, time, and person you spoke with. Send a follow-up email requesting written confirmation of their decision and their reasoning.

If they continue to refuse without valid reason, you can escalate to the Financial Ombudsman Service (contact: www.financial-ombudsman.org.uk). The Ombudsman investigates complaints free of charge and can order Very Pay to close your account if their refusal was unjustified. Keep all correspondence with Very Pay, including cancellation requests, emails, and account statements. Stopee advises treating this documentation as your insurance policy.

How to cancel your very pay account

You can close your account through multiple channels depending on your preference and circumstances.

Cancellation methods available

Very Pay offers three main cancellation routes: online through your account dashboard, by telephone, or by post. The online method is fastest, typically processing within 5-10 business days. Telephone cancellation provides immediate confirmation but requires you to speak with a customer service representative. Postal cancellation gives you a paper trail but takes longer, usually 10-15 business days.

Cancelling online through your very pay account

1. Visit the Very.co.uk website and log into your account with your email address and password.
   • If you've forgotten your password, use the "Forgot password?" link to reset it via email.
2. Navigate to "My Account" or "My Profile" (usually found in the top-right corner of the page).
   • Look for a menu option labelled "Very Pay" or "Credit Account Management".
3. Select "Manage Your Credit" or "Account Settings" and locate the option to close your account.
   • The exact wording may vary, but look for "Close Account", "Request Cancellation", or "Manage Credit Facility".
4. Review your current balance and any outstanding charges before proceeding.
   • Warning: Ensure you've cleared or are prepared to clear any outstanding balance immediately, as this is required before closure.
5. Confirm your cancellation request by clicking "Proceed" or "Submit Request".
   • Very Pay will display a confirmation message with a reference number; screenshot or note this number immediately.
6. Check your email within 24 hours for a confirmation email from Very Pay.
   • This email confirms receipt of your cancellation request and provides a timeline for closure.

Cancelling by telephone

1. Find the Very customer service telephone number on your Most recent Very Pay statement or the Very.co.uk website.
   • Customer service hours are typically Monday-Sunday, 08:00-22:00 (times vary seasonally).
2. Call and select the option for "Very Pay" or "Credit Management".
   • Have your account number, date of birth, and postcode ready for verification.
3. Clearly state: "I want to close my Very Pay account and request full cancellation of my credit facility".
   • Be specific to avoid confusion with payment disputes or temporary account freezes.
4. Verify your current balance with the representative and confirm you can settle any outstanding amount.
   • Pro tip: Ask the representative to email you a summary of this conversation, including the date, time, and confirmation of your cancellation request.
5. Request a reference number for your cancellation request.
   • Write this down immediately and confirm the spelling with the representative.
6. Ask when you can expect written confirmation and the estimated closure date.
   • Very Pay typically processes telephone cancellations within 5-10 business days.

Cancelling by post

1. Prepare a letter in your own handwriting or typed on your letterhead requesting cancellation of your Very Pay account.
   • Include your name, full address, date of birth, and account number exactly as they appear on your statements.
2. State clearly: "I request full cancellation of my Very Pay credit facility with effect from [date]".
   • Specify your intended cancellation date, typically within 5-10 business days of posting.
3. Confirm your current balance and confirm you will settle any outstanding amount before or upon closure.
   • Include a copy of your Most recent statement showing this balance.
4. Send your letter by Signed For Post (Royal Mail) or a tracked courier to the address Very provides.
   • Warning: Never send cash or payment details in the post; settle any balance through your online account or by telephone arrangement.
5. Keep the proof of posting receipt and a copy of your cancellation letter.
   • This documentation protects you if Very later claims they never received your request.
6. Wait 10-15 business days for a written response from Very Pay confirming your closure.
   • If you don't receive confirmation within 20 business days, follow up by telephone or email.

What happens after you cancel

Cancellation doesn't end immediately; several administrative steps must occur before your account fully closes.

Timeline for account closure

Very Pay typically completes cancellations within 5-10 business days via online or telephone, and 10-15 business days via post. During this period, your credit facility remains technically active, though Very may stop approving new purchases. You must settle any outstanding balance during this window; if you don't, Very will carry the debt forward and continue charging interest.

Once your balance reaches zero and Very receives confirmation, they'll send a final closure letter confirming your account is closed. This letter should state the closure date clearly. Very is required to notify credit reference agencies of your closure within 30 days, updating your credit file to show the account as closed.

Your credit file after cancellation

After cancellation, your Very Pay account will appear on your credit file as "Closed" or "Account closed by customer". This is positive information that demonstrates responsible credit management. A closed account remains on your credit file for six years but does not damage your credit score. In fact, closing unused credit facilities can slightly improve your score by reducing your available credit, which lenders view favourably.

Check your credit file with Equifax, Experian, or TransUnion (the three main UK credit reference agencies) approximately 6-8 weeks after closure to confirm the account shows as closed. Stopee recommends using free tools like Clearscore or Experian's free service to monitor this. If the account still shows as open after 8 weeks, contact Very again with your closure confirmation letter.

What to do with outstanding balances

If you have an outstanding balance when you request cancellation, you must settle it immediately. Very Pay will not close your account until the balance is cleared. Your options are to pay online through your account dashboard, by telephone bank transfer, or by cheque via post.

The fastest method is online payment through your Very.co.uk account; funds typically clear within 1-2 business days. Telephone payment by debit card or bank transfer processes immediately but requires you to speak with a representative. Cheque payment is slowest, taking 5-10 business days to clear. Pro tip: Always ask Very Pay to confirm the exact outstanding amount and any final charges before paying, as interest accrues daily.

Common mistakes when cancelling very pay

Cancellation can feel stressful, and small errors can delay closure or create unnecessary complications.

Errors that delay your cancellation

Many customers request cancellation without settling their outstanding balance first, forcing Very to reject or delay the request. Always confirm your exact balance before submitting cancellation. Another common error is not providing correct personal information (name, address, date of birth) that matches Very's records, causing verification delays. Verify your details are exactly as they appear on your statements before contacting Very.

Some customers cancel online but don't monitor their email for confirmation, missing important deadlines or payment reminders. Always check your email within 24 hours of submitting an online cancellation request. If you don't receive confirmation, contact Very by telephone to confirm they received your request.

Finally, customers sometimes forget to take screenshots or note reference numbers, leaving them with no evidence if Very later disputes the cancellation request. Always document every interaction: note the date, time, person you spoke with, and any reference number provided. Stopee recommends treating this documentation as essential proof of your cancellation intent.

Dark patterns and traps to avoid

Very Pay may try to retain you by offering promotional 0% offers or credit limit increases when you mention cancellation. These offers are tempting but undermine your original decision to close the account. Stay firm: if you've decided to cancel, resist the urge to restart the relationship.

Another trap is the "account closure freeze" where Very claims your account cannot be closed while a promotional period is active. This is false. You can cancel at any time, though you must clear any promotional balance at the promotional rate (0%) rather than standard rates. If Very insists you cannot cancel, escalate to the Financial Ombudsman Service immediately.

Some customers receive surprise charges after cancellation, such as annual account fees or late payment penalties. Request a final statement showing all charges before paying, and confirm in writing that no further charges will apply after closure. Stopee has helped thousands of consumers dispute erroneous post-cancellation charges by providing this written confirmation as evidence.

Checklist before you cancel

Use this checklist to ensure you're fully prepared before submitting your cancellation request:

• Log into your Very Pay account and check your exact current balance.
• Confirm any active promotional offers and their end dates.
• Calculate total interest and fees owed if you carry the balance beyond the promotional period.
• Arrange payment for your outstanding balance (online, debit card, or bank transfer).
• Verify your name, address, date of birth, and account number match your statements exactly.
• Choose your preferred cancellation method: online, telephone, or post.
• Prepare any required documentation (for postal cancellation, a formal letter).
• Note the date you're submitting your cancellation request.
• Save screenshots of online confirmations or note reference numbers from telephone/post requests.
• Check your email for confirmation within 24 hours of submitting your request.
• Set a calendar reminder to verify closure 6-8 weeks after cancellation on your credit file.

Customer reviews and experiences

Customers report mixed experiences with Very Pay cancellation, with satisfaction depending largely on which cancellation method they chose and whether they settled their balance beforehand.

What customers say about the cancellation process

Online cancellations receive the highest satisfaction ratings, typically processing smoothly within 5-10 business days. Customers praise the simplicity of the online portal and rapid confirmation emails. Telephone cancellations are similarly positive, though customers note that wait times can exceed 30 minutes during peak hours. Postal cancellations receive lower ratings due to slow processing times and occasional lost correspondence.

Customers who cancel without settling their balance first report significant frustration, as Very rejects their requests or demands immediate payment before processing closure. Those who prepare in advance by calculating their exact balance and arranging payment beforehand report smooth, quick cancellations. Customers who document their cancellation request and follow up proactively avoid complications entirely.

Contacting very pay to cancel your account

You'll need Very's official contact details to submit your cancellation request. Stopee recommends verifying these details are current before reaching out, as contact information changes occasionally.

Very pay customer service contact information

For telephone cancellations, call Very customer service at the number on your statement or the Very.co.uk website. Customer service is available Monday-Sunday, typically 08:00-22:00 (times vary by season). Have your account number, date of birth, and postcode ready before calling.

For postal cancellations, send your written request to the address Very provides on their website or in your account settings. Never send cash or personal banking details by post. Use Signed For Post or a tracked courier to ensure your letter arrives safely.

For email enquiries, use the email address provided in your account dashboard. Allow 5-10 business days for email responses. Email is useful for following up on a cancellation request already submitted or requesting written confirmation of a verbal cancellation, but it's not ideal as your primary cancellation method.

Final steps and summary

Closing your Very Pay account is straightforward when you follow these steps in order: confirm your balance, settle any outstanding amount, choose your cancellation method, submit your request, document everything, and verify closure on your credit file 6-8 weeks later.

The most important step is settling your outstanding balance before or immediately after requesting cancellation. This prevents Very from rejecting your request or continuing to charge interest. Keep copies of all cancellation communications, including confirmation emails, reference numbers, and any written responses from Very Pay.

Your consumer rights under the Consumer Rights Act 2015 and FCA regulations protect you throughout this process. If Very Pay refuses to close your account without valid reason, you can escalate to the Financial Ombudsman Service at no cost. Monitor your credit file 6-8 weeks after closure to confirm the account shows as closed on all three credit reference agencies.

Stopee has helped thousands of consumers navigate credit account cancellations smoothly, avoiding delays and ensuring their credit files reflect accurate closure information. Whether you're closing your Very Pay account to simplify your finances, improve your mortgage application, or simply move on from Very.co.uk, following these steps ensures your cancellation is processed correctly and your credit standing is protected. Use Stopee as your reference guide throughout the process, and don't hesitate to escalate to the Financial Ombudsman Service if Very Pay fails to cooperate. Your financial freedom is worth the effort.