Buy As You View

pinkshoes

You must go down your local CAB (citizens advice bureau) first thing tomorrow, and take with you all the paperwork, and get them to go through it with you, as these people are blatantly ripping you off!!

They will be able to advise you what to do next.

janiewai

Thanks I will make an appointment as we dont have one in this town, I feel such a fool for signing the agreement but I am sure its not legal

fred180476

Hi,

I am a disillusioned BAYV rep, I can answer most of the questions here and can also advise....

The APR is 48.8% and interest will range from 22% to 27% usually. (Depends on value and length of term)

If you have paid the first year - they must obtain a court order to repossess, if you have paid a year cut the box off and send it to them, they will try to get you to agree to return the goods - DONT! (If you dont send box back they can do you with theft as you signed a coinmeter payment agreement form which states the box belongs to them at all times) - Bear in mind they WILL NOT TAKE YOU TO COURT - they charge high APR as the law wont back them up as they will give credit to anyone regardless of circumstances - ie undischarged bankrupts etc

Tell them any future corrospondence to be done in writing only.

you will be paying 3 things:

The goods themself - based over 156 weeks, at 25% (approx) interest rate.
A Extended Warranty - to repair your goods in year 2 and 3 as you automatically have a manufactuers warranty for year 1 (20-25% interest on top) (I DONT THINK THIS HAS BEEN CHARGED TO YOU)
Damage Liability Warrenty - If your house was to go up in flames it would cover all the interest (between 50p - £1.50 PW usually). (THIS HAS DEFINETLY BEEN CHARGED TO YOU - Its on the same page usually centre on the right hand side)

To be honest it is a good way to buy if your skint and have a want or need, a lot of people will use the box and pay a little extra so that it acts like a savings bank. However certainly if you have the cash for a tv etc then go elsewhere.

They charge the high rate interest as the law will not back them up if you refuse to pay - they are sub prime lenders!

Sadley, the company grow during a "Credit Crunch / Recession" as so many more people fall into a stage where they cannot get credit (Job Loss etc) but wish to stay accustomed to life they used to with latest gadgets etc. To be honest i am findig a lot more home owners now taking the service - it used to be single mums on benefits, families on low income's etc - i was taught that if a woman answers the door show her a suite, if its a bloke go for TV and PS3's etc - make them want it and then they will invite you in, by the time your reading the T&C's out to them they have already got it in thier heads about what they will do with new goods etc. Brighthouse is slightly cheaper, Homebuy are even more expensive.

My advice folks, try not to use them, if you must then buy only one thing dont get anything else till its paid off otherwise they will refinance you so that first item still isn't paid off after 5 years etc AND NEVER EVER BUY A "REFURB" ITEM - ITS USED AND YOUR PAY A FORTUNE FOR IT - I was told to sell a woman a 3 year old TV which had a cash price of £450, but with intrest over 3 years cost her over £1000!!!!!

email me (fred180476@hotmail.com) if you need more info.

poppy10_2

Oh geez, they charge double the rate for the TVs in the first place e.g. their catalogue has the Sharp LC46X20E LC TV for £1399, whereas it's less than £650 from other retailers. Add to that the fact that the finance will double the price and you end up paying £2,800 for a £650 TV.

Why anyone falls for these scams is beyond me.

soolin

I htink they prey on the new consumer need for 'things'. I'm older and am more used to saving for things I need rather than doing the never never so my view is probably different. However if I had £145 every 8 weeks it would seem logical to me to wait 8 weeks and buy a small TV outright, or even wait 16 weeks and buy a larger one outright.

andyrules

soolin, me too, but looking at the dates I suspect that the op's old tv blew just before christmas before last, so a good time of year to sucker in people, especially those at the poorer end.

I do hope the op followed the advice from pinkshoes.

pinkshoes

It's a lack of education I guess, so perhaps they should be teaching useful maths in schools about loans and extortionate interest rates, so people can calculate that they can have 1 TV, or wait 8 weeks and have the same tv, PS3, surround sound etc... all for the same price.

It's like that test they do with 5 year olds and sweets, telling them that they can either eat one now, or wait 5 minutes and have a whole plate full. Perhaps those that take the one sweet NOW are those that get into debt later in life?!?!

(I need to stop thinking so much, and concentrate on my work!)

flissy25

i had the same problem with this company i told them to come and get the telly they did i have never heard from them since thank god but i understand that sometimes its the onl option of getting something and these companys play on that hope u get it all sorted out

pinkshoes

flissy25 wrote: »

i had the same problem with this company i told them to come and get the telly they did i have never heard from them since thank god but i understand that sometimes its the onl option of getting something and these companys play on that hope u get it all sorted out

But is ISN'T the only option. Most the things these company's sell are luxury items, and a much easier option is going without for a few weeks and saving up.

This is what people need to understand before using these companies.

It won't kill someone to go without TV for 2 months.

Takoda

The first time as a teenager I ever expressed a wish to buy anything on credit my Dad sat me down and did the maths showing me exactly what happens.

I know it is hard but a large TV isn't a necessity. Nice to have but you won't die if you haven't got one. What's wrong with little portables?