Finance agreements

BinkyLou

I bought some fitted wardrobes from BettaLiving last year and although they were advertising 0% credit we got tied into a finance agreement provided by Hitachi Captial which is going to result in us paying double what the wardrobes should have cost if we do the minimum monthly payments. My partner spoke to trading standards and got told they did not have to offer the 0% finance option so we got stuck with the finance option. Reading the contract today I see that part of the terms says that the agreement includes 'Hitachi Capital Gold Option' which sounds very much like payment protection insurance to me with the way it describes cover for illness, disability, death etc resulting in payment waivers??

Anyone got any advice as it really frustrates me that we are paying so much for something that should have been offered as 0%??

Many thanks

forgotmyname

Did you check the figures and payment terms before signing? Sister had an issue with carcraft (never again) but needed
something fast as her car had been written off.

Knew how much a month she could afford and over 4 years. Found a car and started haggling, Monthly figures did not
match the price reduction, Sitting there with a calculator was a good move. Annoyed the salesman though.

After checking with his manager (all for show) he came back and agreed the price which matched the amount my
sister was willing to pay. BUT.... when he passed the paperwork over he had sneakily made it over 5 years
and not the 4 years.

Told him no way, Its that price for 4 years or we are walking out. Eventually after checking with his manager again.
He came back and agreed. When my sister went to sign the agreements they tried adding payment insurance without
actually asking if it was required.

You really need to check everything, They are there to make money not to help you.

arcon5

You haven't provided much information...

what was the value of the purchase and what is the value of the credit?
what was the payment schedule?

My inital thoughts are it works in the same way as a CC & you was offered the first year interest free and now you have not yet paid it back and one year has passed you are paying interest on the outstanding balance....

All the info will be in the credit agreement, which we all assume you read before you signed, right..?

Flyboy152

BinkyLou wrote: »

I bought some fitted wardrobes from BettaLiving last year and although they were advertising 0% credit we got tied into a finance agreement provided by Hitachi Captial which is going to result in us paying double what the wardrobes should have cost if we do the minimum monthly payments. My partner spoke to trading standards and got told they did not have to offer the 0% finance option so we got stuck with the finance option. Reading the contract today I see that part of the terms says that the agreement includes 'Hitachi Capital Gold Option' which sounds very much like payment protection insurance to me with the way it describes cover for illness, disability, death etc resulting in payment waivers??

Anyone got any advice as it really frustrates me that we are paying so much for something that should have been offered as 0%??

Many thanks

Cancel the finance at the end of the interest free period and add it to a 0% credit card deal.

As far as the PPI is concerned, you can take out a complaint with Hitachi Capital and they have to refund you the money. But, think about it before you do it, PPI can be quite useful at times.