We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Returning an Item on Finance
Options
Andyr11
Posts: 19 Forumite
Hello Everyone
This year I have been in a bad financial situation and accumulated over £3,000 debt with 1 Credit Card, an Overdrafts and outstanding finance on a Television.
I have not used the television much and could really do with returning it to the shop where I brought it from as it would reduce the amount of debt I am in quite considerably (£1500). I know that the shop does not deal with the finance on the product and that is done by a bank (in this case HFC Bank).
Do shops operate such a policy where if you were to return the product they will wipe off the debt and how would I go about getting access to them?
Thanks in advance,
Andy
This year I have been in a bad financial situation and accumulated over £3,000 debt with 1 Credit Card, an Overdrafts and outstanding finance on a Television.
I have not used the television much and could really do with returning it to the shop where I brought it from as it would reduce the amount of debt I am in quite considerably (£1500). I know that the shop does not deal with the finance on the product and that is done by a bank (in this case HFC Bank).
Do shops operate such a policy where if you were to return the product they will wipe off the debt and how would I go about getting access to them?
Thanks in advance,
Andy
0
Comments
-
It depends where and when you bought it. As far as I know, the only way to cancel the credit agreement is to pay a lump settlement fee to HFC. If it's within guarantee, the shop may give you a refund, but I think it's doubtful, as you have used the TV, albeit lightly.
The other option is to sell it, (although technically, that's illegal as the TV is not actually your property until you've cleared the finance).
Could you overpay a bit each month, which would get it paid off quicker?0 -
call HFC (now HSBC) and speak to them. I seriously doubt you will be able to get a refund on the set and even if you do the amount you get probably wouldnt cover any charges associated with closing the account.
If you are having problems (or think you may have problems) paying your account call them NOW and explain whats happening. Companies are much more willing to help people who are proactive rather than reactive.
They may be able to offer you an APR reduction which they did with me - when I just called out of curiosity to see how long was left on my policy.Save a life. Learn emergency first aid.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.0 -
Another possibilty - not to be taken lightly, is to consider asking them to extend the term of the loan and reduce your monthly payments? While it will take longer to pay off (and thus more interest) it at least means you wont default etc.Save a life. Learn emergency first aid.
Who knows what might happen tomorrow or who may need help.
Contact your local college or first aid provider to enquire about free courses in your area.
Already a first aider? Have you updated your first aid to the new 2005 guidelines? Most providers should now be training the new (and more effective) CPR protocols, see if they are offering refresher courses near you.0 -
check your agreement ... some of them if you have paid 1/2 you can give it back without owing anything0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards