Everest Windows Loan pay off in 24 months interest free

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  • I have recently received my first statement from Barclays/Everest and am staggered at the interest rate. Has anyone had any advice and results on this problem. I see the thread is quite old. Thanks
  • JimmyTheWig
    JimmyTheWig Posts: 12,199
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    Is it different to the interest rate you were told it would be, stormbird?

    Were you told you'd get it interest free if you pay within a certain time? Have you got paperwork to confirm this?
    Are you planning on paying within that certain time?
  • I have fallen for this same game. Particularly annoyed as I am often on this site, but did not read this thread before signing up.

    Very similar to others - I was told that there would be 2 years interest free, as well as 10% cashback. This seemed to good to refuse...

    After a year a nasty surprise that I had been charged 25% interest.
    I have looked through all of the stuff Everest gave me at the time, they have been very clever as they frequently refer to the loan without specifically mentioning interest. The salesman never wrote down zero interest.
    However, he did email me a quote that implies this, and also wrote down the figures for me to pay back, again implying no interest.

    Well, have written to Everest and Barclays today. Copied in Everest's managing director and the local trading standards as a bonus.

    I will update with responses.
    However, if you are considering the Everest Home Account STAY AWAY. It is a way to get a lot of interest off you. Do not believe zero interest claims unless you can get it in writing on your loan agreement. Otherwise you will end up feeling like a fool like me.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199
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    Would like to think you'll be ok, drgambo, with the evidence that you've got.
    Just depends on what else they've got up their sleeve, I guess.
  • I have one of these accounts for a garage door and house door - as far as I can see it is working properly and I have a few months left to pay - the cash back was useful and I was not told interest free but am expecting to clear amount in 2 yrs told specifically to make sure that last payment was one of the regular debits not top up standing order or there would be penalties due to pay off around April time will check up at beginning of year to make sure there are no hitches - seems to depend on sales staff what you get told I am happy with deal I got but I saw all paperwork and have it in writing good luck to all good tip about trading standards
  • I have been caught with this one too...just discovered in December that the loan is not Interest Free. A call to Barclays Finance found they had no such accounts and the call centre assistant stated they would be interested to know all the details of the sale.
    All I can say is stay away from so called Interest Free loans unless you have it in black and white and signed and sealed by the salesman and Everest and Barclays Partner Finance.
  • Everest have caught me out too. I was told (and have written proof in the FAQ documents) that you don't have to pay for the windows until satisfactory installation had been completed. We started to pay early summer last year (as Everest presented the form to be signed and, stupidly, we did expecting work to be completed in good order) and have yet to reach satisfactory installation! Even by Everest's definition. So we will have paid 10 months worth of interest when we shouldn't even have been paying anything. I intend to take this the distance. I also had issues with the cash back and had to chase them for it. The whole experience has been exhausting and, I sense, is a long way from a satisfactory conclusion. I sense from these pages that the problem is institutionalised. How do we fight together?
  • sparkle28
    sparkle28 Posts: 2 Newbie
    edited 1 April 2012 at 5:22PM
    I can clear this one up for everyone. If the salesman promoted it as interest free than that was simply a lie. In fact the interest is more than 25% Apr. But what they say is that if you take the Barclay's loan (which is actually a Barclay's partnership company) they will give you an further upfront 10% off the purchase price and 10% cash back after month 6. They say that the sum of this pretend discount equals the same amount of interest that you would pay in 2 years. Therefore if you pay accelerated payments of large amounts to clear the dept in just 2 years then the amount of interest charged equals the same as the 20% overcharge you would have paid if you'd paid cash. And so they make you believe this is interest free, whereas what they really mean is that it costs you the same. If you have followed so far then great, but keep reading as this gets interesting!

    (a) the extra 10% discount was fictitious. This extra 10% can be given anyway if the customer fails to qualify for credit (for various reasons), or if the salesperson fails to sell it at the price they wanted. If you don't believe me simply say "no" to all prices offered at time of quotation and then wait for them to telephone you in a few days to offer you what they call a 'considerably cheaper' deal.

    (b) If you are unable to keep up the large payments required to pay of the loan in 2 years and end up making smaller ones you will pay 'considerably more' !! In fact if you pay the minimum payments only over ten years then you will have paid OVER DOUBLE the purchase price.

    (c) they say an added benefit of having their loan is that you get equal liability (to double up on your guarantees). True but you can achieve this far more easily by simply using your credit card to pay the deposit. (you are not required to pay the full balance by credit card to achieve full cover by the way- just the deposit is fine). They will refuse to take a credit card payment at first because it costs them money to process it. Well actually they take it out of the salesperson's commission- the company never loose out. But simply refuse to pay by any other means and they will gladly take your order. By using your credit card this gives you a much greater cooling off period and much more consumer rights- which you will need if dealing with this company.
  • We have just had secondary glazing fitted by Everest. We had already raised funds to pay for home improvements but were basically told that one off payments would be more expensive than taking out a credit agreement.
    Naive of us not to smell a rat! We probably fell lucky with the installers and on the whole the fitting is OK. Although we need one piece to be refitted so not satisfied yet.
    Looking again at the credit figures shows that our monthly payment even over the minimum term equated to a much larger figure than the balance on the invoice.
    We have been totally misled, having the cash readily available and yet directed to a credit agreement, which actually costs a lot more in the long run.
    What I need to know now is are there any means to get out of this agreement? Is it possible to pay off ahead of the minimum term? We haven't begun repayments yet but have signed one piece of paper on the day of fitting.
    Beware!! and any ideas??
    Thanks
  • Why would anyone go to Everest for anything?

    We enquired with them, had the rep visit. Told us £7k but if we signed there and then £5k as a special deal. We got the job done by a local firm for £2.5k.

    You're just paying for all the advertising, free interest, etc, etc.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
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