Everest Windows Loan pay off in 24 months interes...

[pwally2]

Hi guys I used to sell a similar product for a different Window company. ( The one with the annoying advert!!! ) The way the finance worked there was like a credit card with the one exception being that you would pay off your debt in 10yrs if you made the minimum payments only. However you could top up these payments anytime via standing order or debit card payments to pay off the loan in as little time as possible most customers paid off in 3-4 yrs.

I know a lot of mis selling goes on. My parents bought an alarm system using similar finance arrangment but werent told how to make payments hence when mum got a statment balance showed as over what they had orignially borrowed. I got trading standards involved and got the original documents from the company only to find the sneaky !!!!!!s had added in the PPI for my parents that wasnt on there original documents!!! The company not wanting any hassle then wrote off what my parents owed!!!

This finance if used properly like credit cards can be useful but if not explained properly can cost quite a lot of money in interest.

[stormbird]

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]

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?

[drgambo]

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]

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.

[kstrachan]

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

[happy duck]

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.

[Outnumbered]

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]

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.

[GreenHat22]

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

[poppasmurf_bewdley]

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.

[alfbarn]

I agreed to the Everest finance scheme too, after being told by the salesman that the 10% cashback ater 6 months meant that you gained, despite the interest.
However, having today received a statement from the salesman (even though the first payment has been taken from my bank by Barclays) I have done the sums, and it is actually costing me £127 more even with the cashback! This is particularly gruelling as I have raised the money needed for the work through a mortgage, so am effectively paying 2 lots of interest on the amount!!!
Does anyone have any advice PLEASE ?

[Greenvic]

My daughter has recently been caught up in the Everest / Barclays
deceptive cover up to obtain money under false pretences.
Fortunately she spotted it straight away on checking the paper work.
Surely something must be done to stop this particularly when old people are involved.
Can I suggest to you all that you contact the BBC WATCHDOG
programme. Perhaps they can advise the best way forward.

[MSE Andrea]

Hi everyone

Everest's asked us to post on its behalf asking you to send more details to its customer service email address. MSE doesn't endorse anything a company may say on the Forum.

customer.relations@everest.co.uk

[drgambo]

I wrote them a letter in January. No reply yet.

Keen to take your money, not keen to help when there are problems.
Another reason to stay away.

Barclays wrote back promptly (but not helpfully).
Have tried emailing customer service email as posted in this forum, will wait for a response.

[sparkle28]

Originally Posted by GreenHat22

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

Yes you can pay the whole balance when ever you want. The window company will try to pursuade you not to as they and the salesman get their commission taken back off them. Don't bother with watchdog as some have said, they can do nothing useful. Go here instead: financial-ombudsman.org.uk/ and they will sort it properly for you.

[Youngling]

Just had sales woman around today - Was all very misleading and confusing to say the least. After questioning her about finance I soon realised she could not give a straight answer. Comments like ''I've never had problems with any of these forms before'' and ''you have 21 months to pay the full amount then no interest will be charged'' and ''It's a standard form'' All were lies cant believe she would stoop so low - we are a young family and she was ripping us off!! In all agreements payments need to be clear and in this case it wasn't.
The document you sign is for 10 years interest charged at the stated APR which was roughly 25%.

Glad she reversed into a fence over the road when she left the dizzy old bat!!