Brighthouse Store Confused!

daisyduke1

Hey all im confused by the way bright house runs. As from the march this year i thought i was nearly paid my prodcut off.
And as im useless at maths i feel as if the people in the store have coned me.

Anyways. i got a 20inch tv in september 2008 this was a tv that had been a used one in Store. cost £304 and paying at 148 weeks at £5 and then it says on my annual statment total cost £432.
But on my agreement forms it all comes to £763.

The peopl in shop keeps saying oops you have until june then it was August and now its september. Something just dont seem right.

Can someone help me work this out as my head is pickled.
Are they adding over £100 each year on interest. still doesnt seem right 148 weeks from sep 2008 until sept this year

PZH

daisyduke1 wrote: »

Anyways. i got a 20inch tv in september 2008 this was a tv that had been a used one in Store. cost £304 and paying at 148 weeks at £5 and then it says on my annual statment total cost £432. But on my agreement forms it all comes to £763.

The cost of the TV was £304
The cost shown on annual statement is possibly cost of interest (£432)
Total would be cost of TV + Cost of interest (£763 - are you sure this isn't £736!!)

Total cost to you:- 148 weeks @ £5 = £740
Total cost (£740) - Cost of TV (£304) = £436 (Which is the cost of interest)

Not quite what they have, but close. I suppose it depends on when you started paying as to when you will finish and what the final payment actually is.

daisyduke1

phoodless wrote: »

The cost of the TV was £304
The cost shown on annual statement is possibly cost of interest (£432)
Total would be cost of TV + Cost of interest (£763 - are you sure this isn't £736!!)

Total cost to you:- 148 weeks @ £5 = £740
Total cost (£740) - Cost of TV (£304) = £436 (Which is the cost of interest)

Not quite what they have, but close. I suppose it depends on when you started paying as to when you will finish and what the final payment actually is.

Nope its £763.68 i pay £5.16 at 148 weeks started on the 27 september 2008 and they told me its not paid until september this year. now that still doesnt quite add up at 148 weeks

stugib

daisyduke1 wrote: »

Nope its £763.68 i pay £5.16 at 148 weeks started on the 27 september 2008 and they told me its not paid until september this year. now that still doesnt quite add up at 148 weeks

You got the TV in September, but did the payment plan start then? These things often take a few weeks to set up. Ask them for a statement of your payments to date

PZH

daisyduke1 wrote: »

Nope its £763.68 i pay £5.16 at 148 weeks started on the 27 september 2008 and they told me its not paid until september this year. now that still doesnt quite add up at 148 weeks

Well that is correct then - Total payment = £763.68

stugib wrote: »

You got the TV in September, but did the payment plan start then? These things often take a few weeks to set up. Ask them for a statement of your payments to date

I agree - it all depends when you made the first payment.

EDIT: Having said that - if you started 27 Sept 2008 then you should be due to finish end of June(ish)

daisyduke1

I am not sure if you guys get from Brighthouse. But when you set up the agreement you actually start paying for the goods before they are even deliverd to your house. so i paid my first week then september 2008. if you count there is only 52 weeks in a year so over 3 years that is more than 148 weeks especially when i dont finish paying my last payment until september this year 2011. You do get a statment once every year. last one was 2010 and just looked at it again. starting Credit price is actually £304.88 but on the agreement i signed in store its £305.55.
And this is for a used TV that someone had before me and they must of got it back.

Now forgive me for my language but they are taking the pi$$ All together for a portable used TV is £763.68.

So someone has made a mistake with the calculations.

Do i phone head office. or try again at the useless store of mine that they dont know there arm from there elbow

PZH

daisyduke1 wrote: »

I am not sure if you guys get from Brighthouse. But when you set up the agreement you actually start paying for the goods before they are even deliverd to your house. so i paid my first week then september 2008. if you count there is only 52 weeks in a year so over 3 years that is more than 148 weeks especially when i dont finish paying my last payment until september this year 2011.

You are correct - 148 weeks is 8 weeks short of 3 yrs. And if you started beginning of September 2008 then you should finish beginning of June 2011 (Give or take a couple of weeks)

daisyduke1 wrote: »

You do get a statment once every year. last one was 2010 and just looked at it again. starting Credit price is actually £304.88 but on the agreement i signed in store its £305.55.
And this is for a used TV that someone had before me and they must of got it back.

Now forgive me for my language but they are taking the pi$$ All together for a portable used TV is £763.68.

So someone has made a mistake with the calculations.

Do i phone head office. or try again at the useless store of mine that they dont know there arm from there elbow

You cannot reasonably expect to pay for something over 148 weeks and not get charged some form of interest, so this cost will always get added onto the cost of the item giving you the actual cost you will pay (the true cost)

What does it state is the APR for the credit agreement ?

stugib

daisyduke1 wrote: »

I am not sure if you guys get from Brighthouse.

I've fortunately never had to use them but I know what they're like....

daisyduke1 wrote: »

Now forgive me for my language but they are taking the pi$$ All together for a portable used TV is £763.68.

So someone has made a mistake with the calculations.

...and it wouldn't actually surprise me if there's some ridiculous APR involved that makes that true. That doesn't make it wrong if that's what quote you agreed to though.

Did they add their care plan and insurance onto it too?

NeilF3485

My thought is that the balance may have increased slightly at the turn of the year - someone correct me if i'm wrong (in which case I apologise):

But as there was still a balance owing, are Brighthouse not able to increase VAT on the balance owing to 20% in line with the change at the start of the year. In the same way that if you paid a deposit last year, but balance was due this year they could increase the VAT on the owed amount?

With or without there being a mistake on that, that is a !!!!!! load of interest They might be "taking the pi$$" but only because you allowed them to!

daisyduke1

The APR is 29.9%

This is what it says on yearly statement.
Total amount of Credit £304.88, Rate of interest 29.9% per annum, Duration 148 weeks. Total amount payable £432.16 to be paid at £2.92.

The Agreement i signed says. cash price for TV £305.53

I pay £5.16 a week as there is optional service cover at £1.57 and damage cover at 0.67. so 2.99 add the covers brings it to my weekly payments of £5.16 so this bit is correct. everything elses doenst add up.

wealdroam

From their website...