HFC - Early Payment

mm73

Hello All,

Jus contacted HFC about a computer I brought from PC World on a buy now pay later deal (12 months 0%). The deal runs out in Feb (otherwise it shoots up to 29.5% apr!!).

HFC run an early settlement fee of £25 if you pay the balance before the due date (not sure why it costs £25), but get this - even if I pay on the day (or payment hits them on the aniversery of the deal) it's still classed as early settlement!! and I have to pay £25. Tried to explain to HFC that their definition of early settlement did sound right!!.

Is it me, or does this seem really unfair, as they've got you over a barrel (pay early or on the day and pay an extra £25 or pay late and pay 29.5% apr over 37 months....

Anyone else had similar problems - surely this can't be allowed. Can it??

fozmcfc

What you say makes sense, but I guess the fee is applied because you wish to settle the deal before the 3 or 4 years 29.5% ends, regardless of whether you settle in the 0% or 3 to 4 year period.

My last finance deal had a set up fee, it could be that instead you have a settlement fee which comes into effect unless you let the deal go right through until the end of the 29.5% stage.

A lot of buy now pay 0% later offers, aren't 100% 0% many do attract a fee for one thing or another, it depends on what your agreement states.

At the end of the day, you have still had a computer which you have had 12 months to pay off for just £25 interest, still not bad surely?

paddyrg

£25 settlement fee is a bargain - pay it and be happy :-D