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  • FIRST POST
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 11:51 AM
    • 7Posts
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    mrtoyotamr2
    No payments taken on a finance agreement
    • #1
    • 7th Feb 18, 11:51 AM
    No payments taken on a finance agreement 7th Feb 18 at 11:51 AM
    Morning all,

    I purchased a large volume of furniture which was on a x year Buy now pay later finance agreement which was delivered back in October.

    Since then we have not had a single payment taken from our account as per the agreed per month amount as per the credit agreement.

    The company obviously have not requested funds from said bank as said bank has not yet charged us a penny... where legally do I stand?

    Surely it is not for me to chase as the bank have all of my details, no letters have been received or payments refused/missed.

    Has this ever happened to anyone else and have we just got lucky?

    Cheers
Page 1
    • zx81
    • By zx81 7th Feb 18, 11:59 AM
    • 15,454 Posts
    • 16,377 Thanks
    zx81
    • #2
    • 7th Feb 18, 11:59 AM
    • #2
    • 7th Feb 18, 11:59 AM
    You legally stand to make payments if they ask you to.

    In 5 and a half years, you'll know if you have got lucky or not.
    • pmduk
    • By pmduk 7th Feb 18, 12:12 PM
    • 7,916 Posts
    • 5,767 Thanks
    pmduk
    • #3
    • 7th Feb 18, 12:12 PM
    • #3
    • 7th Feb 18, 12:12 PM
    ... have we just got lucky?
    Originally posted by mrtoyotamr2
    Will you feel lucky when they ask you for all the money owed to date?

    Yes, you owe the money, you should have chased them up.
    • gettingtheresometime
    • By gettingtheresometime 7th Feb 18, 12:17 PM
    • 3,321 Posts
    • 8,020 Thanks
    gettingtheresometime
    • #4
    • 7th Feb 18, 12:17 PM
    • #4
    • 7th Feb 18, 12:17 PM
    Personally I would ringfence each month's payment so when they realise their error, you have the funds to pay them.


    What type of agreement is it - could it be like the Argos card whereby you don't have to pay anything back in the in the interest free period but will attract interest on anything not paid back when it ends?
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • DoaM
    • By DoaM 7th Feb 18, 12:21 PM
    • 3,964 Posts
    • 4,017 Thanks
    DoaM
    • #5
    • 7th Feb 18, 12:21 PM
    • #5
    • 7th Feb 18, 12:21 PM
    Buy Now Pay Later ... it all depends on what "Later" means in the agreement.

    Does it mean "set up a DD and they take the money monthly over the agreed term? (e.g. 12 months interest free)".

    Or does it mean (like above) pay nothing until the end of the term and then pay the original price in one go interest free, else incur interest charges starting from the date of purchase?
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:24 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    • #6
    • 7th Feb 18, 12:24 PM
    • #6
    • 7th Feb 18, 12:24 PM
    It's a pay £xx per month for 48 months until paid off but as of yet not a single payment has been taken by anyone and it's been 3 and a bit months since received.
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:25 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    • #7
    • 7th Feb 18, 12:25 PM
    • #7
    • 7th Feb 18, 12:25 PM
    Will you feel lucky when they ask you for all the money owed to date?

    Yes, you owe the money, you should have chased them up.
    Originally posted by pmduk
    Well we have the money but thought why not just put it on finance then use the money for our other ongoing projects... so it's there if needed.
    • Oakdene
    • By Oakdene 7th Feb 18, 12:26 PM
    • 1,627 Posts
    • 5,873 Thanks
    Oakdene
    • #8
    • 7th Feb 18, 12:26 PM
    • #8
    • 7th Feb 18, 12:26 PM
    Could it be that it is a bit like DFS payments where you have nothing to pay for XX months?
    Hiraeth
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:27 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    • #9
    • 7th Feb 18, 12:27 PM
    • #9
    • 7th Feb 18, 12:27 PM
    You legally stand to make payments if they ask you to.

    In 5 and a half years, you'll know if you have got lucky or not.
    Originally posted by zx81
    Can they back date any payments, being their fault for not having set up whatever is required correctly?
    • DoaM
    • By DoaM 7th Feb 18, 12:27 PM
    • 3,964 Posts
    • 4,017 Thanks
    DoaM
    Tip: read the finance document and see what it exactly says regarding payments.

    Note: If payments are within their control then they cannot penalise you (e.g. add interest charges) for their lack of action.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • Gavin83
    • By Gavin83 7th Feb 18, 12:29 PM
    • 4,884 Posts
    • 7,837 Thanks
    Gavin83
    I'd assume BNPL to be an agreement where no payments are taken and the entire balance is expected at the end of the period. Are you sure this isn't what you signed up to?
    • Gavin83
    • By Gavin83 7th Feb 18, 12:31 PM
    • 4,884 Posts
    • 7,837 Thanks
    Gavin83
    Can they back date any payments, being their fault for not having set up whatever is required correctly?
    Originally posted by mrtoyotamr2
    Yes, you owe the balance one way or another. Of course if it's their fault they're likely to be more flexible.
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:31 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    We've read it line for line and it's literally that they will take £xx a month for 48 months leaving a balance owing of £0 on the final payment.

    The finance agreement is with Barclays and when we called they said the store had not requested the funds, meaning the bank won't chase the store as they rightly would keep their money until requested.

    The bank can't chase us as we've as of yet not 'borrowed' any money either.
    Last edited by mrtoyotamr2; 07-02-2018 at 12:31 PM. Reason: spelling
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:33 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    Interest free credit sorry not BNPL... key point missed off there by me!!
    • mrtoyotamr2
    • By mrtoyotamr2 7th Feb 18, 12:36 PM
    • 7 Posts
    • 1 Thanks
    mrtoyotamr2
    Tip: read the finance document and see what it exactly says regarding payments.

    Note: If payments are within their control then they cannot penalise you (e.g. add interest charges) for their lack of action.
    Originally posted by DoaM
    Yes payments are fully in their control as they have full access to taking them via a direct debit which as of yet have not been taken, and on calling up they say the store has not requested any of the funds.
    • DoaM
    • By DoaM 7th Feb 18, 1:09 PM
    • 3,964 Posts
    • 4,017 Thanks
    DoaM
    Does the DD show in your bank account as having been set up? If it has been established ... and it is the other party that needs to set it up ... then it will show in your account, albeit without a last payment date. If it doesn't appear then it means the other party haven't requested for the DD to be setup, OR they tried to set it up incorrectly and your bank rejected it.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • stragglebod
    • By stragglebod 7th Feb 18, 3:06 PM
    • 19 Posts
    • 11 Thanks
    stragglebod
    Interest free credit agreements have very stiff penalties for getting behind with payments. I can see this endly very badly.
    • DoaM
    • By DoaM 7th Feb 18, 3:32 PM
    • 3,964 Posts
    • 4,017 Thanks
    DoaM
    Interest free credit agreements have very stiff penalties for getting behind with payments. I can see this endly very badly.
    Originally posted by stragglebod
    Except if the issue is caused by the recipient not taking payments then no penalty clauses can be applied.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • askmeaboutsofas
    • By askmeaboutsofas 8th Feb 18, 1:16 PM
    • 53 Posts
    • 50 Thanks
    askmeaboutsofas
    If it was me, I would contact the company and tell them. Chances are they will notice, and when they do they might attempt to charge you a fine or penalty as if it is your fault - even though it isn't. If you preempt that by telling them there's a problem and payments aren't going out you should avoid issues with it later on.
    Maybe check the terms and conditions as to who owns the furniture, they may retain "title to the goods" until they're paid for in full.
    • steampowered
    • By steampowered 8th Feb 18, 1:50 PM
    • 2,178 Posts
    • 2,055 Thanks
    steampowered
    If it was me, I would contact the company and tell them. Chances are they will notice, and when they do they might attempt to charge you a fine or penalty as if it is your fault - even though it isn't.
    Originally posted by askmeaboutsofas
    I agree completely with this.

    Contact this company by email as well as any phone calls, if possible.

    Then, if they do try to claim any penalties at a later date, you will have an email as evidence to prove that they were told about the issue.

    Don't spend this money - keep it ringfenced, ideally in a separate savings account so you aren't tempted to spend it. They have up to 6 years from the due date of the payment to claim it.

    This forum does unfortunately have a number of threads from people in a similar situation, who are asked to pay a few years later after they have already spent the money and are pushed into financial difficulties as a result.
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