Everest Windows Loan pay off in 24 months interest free

Branoc

Please keep us up to date on how you get on. We had a chap round with exactly the same offer and I've asked him to go away and get something in writing from Everest that clearly states there are no repayment penalties for settling in 24 months, which would be contrary to the contract with Barclays for 10 years.

Broke_and_sinking_quickly

I can say that about three years ago, i replaced ALL the windows and doors in my house, as the cost was about £1000 more than local companies.

We took out the home account, and really should have been suspicious when the sales rep couldn't or wouldn't give us an APR on the home account. We would have been better off taking out a bank loan!!!

If anybody is considering this - think very carefully, as the APR is about 24%!!:mad:

Former_MSE_Dan

Jess999 wrote: »

Sorry I am confused and new to all this, who have Everest been in touch with? I have now managed to get a contact with someone at Everest who was supposed to be speaking to her boss and getting back to us this week to see if we can try to resolve something, but it is not looking very good at the moment.

Hi Jess,

Everest contacted us, and asked us to post that contact information onto the forum for you (as the rules of forum do not allow them to do this themselves).

Dan

Jcowen

We've been having a similar issue. We agreed with the Everest salesman that we would repay the loan over 36 months at an almost zero interest rate.

He gave us a monthly repayment figure and set this up with the bank.

12 months later we discover that repayment figure was £140 short of what we needed to pay to clear the loan in 36 months and we were actually repaying over 120 months at 24% interest.

The fact we weren't given an upfront figure for the 36 month repayment we asked for feels like blatant misselling to me.

This has cost us in excess of £2,000 in interest payments we weren't expecting. Everest are defending their performance, but we are very unhappy about the lack of transparency from them about these supposedly low interest payment plans.

I have set up a blog everestwindowsproblems.blogspot.com in the hopes of highlighting these issues to anyone else having similar payment issues with Everest, or thinking of buying from them.

Sorry - as new poster here I'm not allowed to post a link - hope the above url makes sense to you if you're trying to use it!

jim66_2

Just found out that my 74 year old mum has fallen for this con. She was showing the 10% cashback that she's just received for taking out a loan. Suspicious, I asked about the interest and she said that it isn't much. The paperwork of course says that it is a criminal rate (especially as she had enough money in the bank to pay for the windows). My reading of the terms is that the loan can't be ended early without payment of all outstanding interest (something like £3k extra on top of a £2k purchase). However, the document handwritten by the original salesman states "we recommend that the account is clearer by payments of 24 months".

I know from similar types of interest free loans years ago that it's usually possible to overpay such that the penalty for early exit is just the small outstanding amounts. Does anyone know if it's the same for this from Everest/Barclays? We will contact Everest tomorrow when their phone lines are openn.

idsphoto

We got ripped-off when buying a small flat roof from Everest several years ago. The fraud (Trading Standard's description of our complaint) is basically the same as the others here but we were offered 12 months interest-free credit which, needless to say, never existed.

The 10% cashback after 6 months is less than the interest that Barclays Partner Finance charge in the same period. We initially declined this bizarre incentive, only to be told the lie about the interest free period. You all know what happened after we signed.

Complaints to the FSA / FSO / ASA didn't worry Everest or Barclays Partner Finance but a complaint to Sheffield Trading Standards did. Fraudulent finance commission-taking gives Everest and Barclays Partner Finance an unfair business advantage because the salesman can offer a cheaper deal by reducing his commission on selling the actual product. He knows he can make his money up via the commission on selling the finance. Trading Standards didn't like that aspect one bit and gave us some very useful advice. We later wrote to Barclays PLC in London, via their freepost address which is on the web.

Barclays PLC eventually forced Barclays Partner Finance to return all our interest. It took 3 cheques from them before they had repaid in full. Barclays PLC are the people to resolve this because at the moment of selling you the finance, your salesman is actually representing Barclays PLC.

Contacting them after Trading Standards won the day for us - polite but persistent is the key. In our case, the whole thing took two years to resolve but we were never going to let them get away with them ripping us off in our own home.

Hope this helps!

idsphoto

Everest has won a VAT tribunal connected to their 10% cashback scheme.

This ruling should therefore allow anyone who has been ripped-off by the Everest 10% cashback scheme to complain to the Advertising Standards Association (ASA). We were denied an ASA investigation as they stated it was credit advertising and had no powers in that area. This tribunal has shown otherwise. I can't post links but try a search on;

Everest wins

An upheld ASA investigation will strengthen claims made for refunds via Barclays.

Apparently, this 10% sceheme underpins £60m of Everest turnover. If the ASA stop the deliberately misleading adverts, Everest might just wished they'd paid the VAT!!

ffacoffipawb

Jess999 wrote: »

Help needed! Has anyone else bought a door or windows from Everest using their Everest Home Account, set up over a 120 month period with the option to pay additional accelerated payments to clear the account in 24 months?

The agreement was that if you paid additional payments so that the cost of the double glazed unit was covered in 24 months you would not have to pay any interest on the loan, working out to be the same price as if cash.

I tried to to do this, making additional payments taking me to the 24 month period and now I am having difficulty with Barclays who provide the loan for Everest who said they do not know of this agreement and also Everest who want copies of original letters.

The only person who said I am right is the original salesman who said he does not understand what Barclays or Everest Head Office are talking about and that he has never had any problems with anyone else paying off over the 24 month period so not to incur interest.

Feel like I am banging head against a brick wall and would like to hear from anyone who has had this problem or similar or managed to pay off in 24 months without problems.

Thanks

Something similar from 2008 ...

http://forum.moneyfacts.co.uk/postst397_Everest-Home-Account.aspx

sweety

Sorry to hijack a thread halfway through but dont know where else to raise this....For the number crunchers amongst us can anyone suggest a repayment profile which could make this everest account a positive tool to finance windows etc - based on my circumstances, financed amount £9450 plus £110 doc fee so 9560 is the loan. At month 7 i would get cashback of £945 (10% of amount financed), but this would need to be offset against the interest charges.....I am led to believe that the loan has to run until month 13 otherwise this £945 will be clawed back, at what rate im not sure. Oh yes the APR figure on the agreement is 24.7 % or 1.86% per month with interest calculated daily....

By setting up this account i got an extra 10% off the cost of the windows , so worth setting up IF i can work out a way of getting the £945 cashback as well. I believe that early repayment of the 10 year loan is possible and penalty free but im not sure how to go about this....Any ideas folks?

Worst case is i cancel in the cooling off period!!

Thanks to all who reply

sweety
xxxx

pwally2

Hi guys I used to sell a similar product for a different Window company. ( The one with the annoying advert!!! ) The way the finance worked there was like a credit card with the one exception being that you would pay off your debt in 10yrs if you made the minimum payments only. However you could top up these payments anytime via standing order or debit card payments to pay off the loan in as little time as possible most customers paid off in 3-4 yrs.

I know a lot of mis selling goes on. My parents bought an alarm system using similar finance arrangment but werent told how to make payments hence when mum got a statment balance showed as over what they had orignially borrowed. I got trading standards involved and got the original documents from the company only to find the sneaky !!!!!!s had added in the PPI for my parents that wasnt on there original documents!!! The company not wanting any hassle then wrote off what my parents owed!!!

This finance if used properly like credit cards can be useful but if not explained properly can cost quite a lot of money in interest.