Great Universal BNPL - Extra charges??

livingdeadgirl

mumOf2wonderfulkids wrote: »

livingdeadgirl wrote: »

that's a shame, can your mum not open a very account? most of the things in great uni are exactly the same in very and its alot cheaper too,

(gosh i sound like a right tight @rse lol)

She's a stick in the mud and doesn't like obtaining more credit.
She's been a Great Universal agent for probably about 25 years.

biscit

Is it zero percent for the period up to when payments start? Or is it zero percent if and only if you pay it off by the end of the period

If not then on BNPL you have to pay that interest as well as the normal interest.

livingdeadgirl

biscit wrote: »

Is it zero percent for the period up to when payments start? Or is it zero percent if and only if you pay it off by the end of the period

If not then on BNPL you have to pay that interest as well as the normal interest.

I would think it is. They said if we ordered now and paid off the total amount of the sofa (£679.00) before the Pay Later payments(March 2011) started, then it would be interest free. But surely that then defeats the object and we'd be better off just ordering it over 52 weeks without the interest?

custardy

livingdeadgirl wrote: »

I would think it is. They said if we ordered now and paid off the total amount of the sofa (£679.00) before the Pay Later payments(March 2011) started, then it would be interest free. But surely that then defeats the object and we'd be better off just ordering it over 52 weeks without the interest?

better for you but they bank on you spending more as its months away and then not paying it off before the BNPL is up

Anihilator

mumOf2wonderfulkids wrote: »

i think what the op is trying to say is that one option (without bnpl) is 104 weeks at 29.9apr is a total of £880.87
but exactly same weeks (104) and apr(29.9) when using bnpl it jumps up to £1167.51

This is because BNPL means if they pay before the option time their position is unprejudiced and they pay the price with no interest.

If they do not they pay interest based on the time from the original advance (today) until repayment date.

I.e if they use BNPL and don't pay it before next year they are actually borrowing for 156 weeks and paying it over 104 weeks. If they dont use BNPL it is a loan of 104 weeks repaid over 104 weeks.

All sounds pretty standard to me. Do not use BNPL or catalogues unless you can guarentee the interest wont kick in.