Avoid These, unbelieveable APR for SIm-Free Phones

5limJim

All,

I did a quick search but couldnt find anything. Just noticed this in todays paper for people wanting to buy a Sim-Free phone. Worse thing is this wasnt tucked away in the adverts at the back, it was on one of the main pages.

100.5% APR, surely should be illegal

Edit: I've deleted the address, to reduce the temptation for anyone to sign up for it, we might all need a new phone, but paying £489 over 40 weeks for a phone with an original price of £370 is just ridiculous

nads

Jeez thats jsut shocking, what kind of underhanded company would do this.
Does it mention the actual interest rate?

5limJim

the only APR it mentions is a rate of 100.5% (or 99.2% if you elect to pay it over 9 calender months rather than 40 weeks). It doesnt exactly hide the rate its saying it charges, though the maths doesnt quite work out (or its my Maths that doesnt quite work out). But whichever way, paying a 10% deposit, plus 12 pound per week for 40 weeks to buy a phone is one hellishly expensive way to buy a new phone... They dont run any credit checks, so hence the reason why they're charging so much. As I say, this is just for the phone, this is nothing to do with an airtime contract. Buyer Beware

thelawnet

5limJim wrote:

the only APR it mentions is a rate of 100.5% (or 99.2% if you elect to pay it over 9 calender months rather than 40 weeks). It doesnt exactly hide the rate its saying it charges, though the maths doesnt quite work out (or its my Maths that doesnt quite work out). But whichever way, paying a 10% deposit, plus 12 pound per week for 40 weeks to buy a phone is one hellishly expensive way to buy a new phone... They dont run any credit checks, so hence the reason why they're charging so much. As I say, this is just for the phone, this is nothing to do with an airtime contract. Buyer Beware

you'd have to be particularly stupid to fall for that when you can go down to tesco and buy a brand new mobile with no contract for £20 or £30.

although perhaps they were selling phones of the variety favoured by chavs, for whom a £20 mobile isn't good enough. But then I thought they would just buy a nicked one down the pub.....

nads

5limJim wrote:

(or 99.2% if you elect to pay it over 9 calender months rather than 40 weeks).

:rotfl: Well that sold it for me! Can't wait to buy one!.... not