Advice Needed on Buy Now Pay Later Contract

craigking

Hi,

I was hoping someone could give me some advice on a contract I have with Black Horse. Last Decemnber I bought a DVD Recorder on the Internet and took out the Buy Now Pay up to 12months later. The credit agreement was with Black Horse. I moved house a couple of months ago and forgot to inform black horse, so I never received a reminder about my agreement. I was checking my finances last week and came across my agreement:eek: Looking at the this I could (a) pay the full £225 by the 6/12/2006 or else (b) I would incur a minimum of 36months agreement of £9.70 would kick in. Now I setup a payment to pay the full amount on the 4/12/2006 on my TSB Bank (Who I believe own Black Horse) and it came out of my bank on the 5/12/2006 So I was confident that it would go into Black Horses account by the 6th as technically it was going from TSB to a TSB owned company.
I have now noticed that the £9.70 payment came off as a DD from my bank account and I am dreading phoning them to find out that I missed the payment date:(

I would really appreciate any advice that I can take before phoning Black Horse up and pleading with them

rsykes2000

As you say, it was going from Lloyds to a different company - yes BH is part of the Lloyds group but it is not Lloyds so it would not be an instant transfer. You will have had to give 3 working days, so unfortunately I think you missed the cutoff.

Xbigman

Yep, I was surprised that when I applied for a C&G mortgage they wanted copies of my Lloyds bank statements. Apparently they are run as separate companies.

And the bad news is that there was a thread a few weeks ago by someone who had, like the OP, just started their payments and wanted to pay it off. Unfortunately once you switch from 0% to the credit agreement it cannot be paid off early unless you pay all the interest too!

If I was the OP I would complain like mad that I had paid it and see what happens. But if push comes to shove then they are liable.
Regards


X

craigking

Thanks For the Advice. Im just going to phone them and see what they say:(