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TV bought with SANTANDER 9 months interest free credit
Nine month's ago I bought a TV from Comet at around £500 with 9 months interest free credit supplied by Santander, after which there are payments over 3 years at an APR of 24.9%, an extra £326 in interest.
Luckily I more or less remembered the terms because when I received a letter from Santander a couple of weeks ago it merely stated the amounts of the payments and when these would be collected from my account.
It then said "We will only start to charge you interest on your loan from 11/06/2015 (end of deferment period)".
By this time the monthly payments would have repaid the loan.
This bank is REALLY REALLY EVIL in that it suggests that you will only start to pay interest a long way in the future whereas you start to pay interest right now (i.e., right after the 9 month's interest free period).
It also makes it hard for the consumer to settle early by actually charging you to ring the multiple option Customer Services process. You cannot pay be internet. In other words it makes it hard for someone to pay off their account.
It's all very carefully constructed by the Bank so customer inertia will keep the customers paying to swell its overflowing coffers even more.
Needless to say I paid off the amount straightaway.
Beware of this Bank.:(
Luckily I more or less remembered the terms because when I received a letter from Santander a couple of weeks ago it merely stated the amounts of the payments and when these would be collected from my account.
It then said "We will only start to charge you interest on your loan from 11/06/2015 (end of deferment period)".
By this time the monthly payments would have repaid the loan.
This bank is REALLY REALLY EVIL in that it suggests that you will only start to pay interest a long way in the future whereas you start to pay interest right now (i.e., right after the 9 month's interest free period).
It also makes it hard for the consumer to settle early by actually charging you to ring the multiple option Customer Services process. You cannot pay be internet. In other words it makes it hard for someone to pay off their account.
It's all very carefully constructed by the Bank so customer inertia will keep the customers paying to swell its overflowing coffers even more.
Needless to say I paid off the amount straightaway.
Beware of this Bank.:(
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Comments
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te be fair, these agreements are the same where ever you buy, and get so many yrs interest free.... be it DFS, Comet or whereever.
Like you... you just gotta be smart!Promo codes are never always cheaper..... isnt that right EuropCar?0 -
Sorry, but that's the whole point of these deals, you got your telly interest free but some other poor saps will end up paying for theirs, swings and roundabouts my friend."We want the finest wines available to humanity, we want them here, and we want them now!"0
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Not just evil but REALLY REALLY EVIL0
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