Overcharged on credit?

mummy-pig_2

I bought a PS3 2 yrs ago on finance from Game and was told when I bought it if i didnt pay it off in 6mths interest would be added. I was stupid enough not to read the small print - I bought it for £379.99 and they added a lump sum of extortant interest on of £237 - surely this isnt legal. I now still owe £411

Any advice welcomed please

kaisersoze_2

Your right it isnt illegal, on BNPL types of deals the interest rate tends to be very high (they become like a store card) if its not paid back within the interest free timeframe. A large percentage of people will pay it back before interest is added so they have to make money form the small percentage who dont (it costs them money to setup finance for everyone)

Unfortunately i would put it down to experience and read the small print better next time.

StuTheDon

Hi - it is not what you will want to hear, but yes it is legal. It also sounds like you were told this was the case up front so it has not been missold. I'd recommend you always read the agreement before you sign it.

I'd put this down to bad experience and move on - perhaps you can put it on a 0% credit card as there may be more interest if you are paying it off over time?

esuhl

If you agreed to pay this (by signing the contract) then the only way you could avoid paying would be if the contract terms are considered legally unenforcable or if Game just happen to let you off.

I would have thought it very unlikely that you'll be able to get out of the contact, I'm afraid, but maybe someone else will have more information about the enforcability of contracts...

mummy-pig_2

To be honest Ive been very niave and assumed it was the normal 29% apr not 50%, they said no more interest will go on but im disgusted with what they have charged me. Do you think it might be worth writing to them?

kaisersoze_2

I have bought things this way before and the fact that a whopping amount of interest will be added after the interest free period has never been hidden (maybe game are different) from me.

StuTheDon makes a good suggestion regarding a 0% card, this would be your best option (just pay it off before the interest free period ends:rotfl:)

Apples2

When you were stood in the shop with the brand new PS3 next to you..... would you have decided not to buy it and go home if you were aware of the total cost.....(honestly now!)??