Buy now pay later.....

hwman

Ok lets first of all say I messed up, but can anyone shed any light on whether the creditors are acting fairly with the charges they are making.

In Dec 05 we bought a sofa for £1400. We decided to do a buy now pay later scheme as 'there is no charge if you pay on time'. Unfortunately due to the break up of my marriage before xmas, my focus on money matters waned and I missed the cut off.

I have just requested a settlement figure and was astounded to find out it was £2500...thats £1100 in interest or charges for a 3 week period!

Has anyone else come across this and had any success in getting the 'charge' reduced?

Thank you

Astaroth

Yes have come across it as it is fairly common place.

The £1100 interest isnt for a 3 week period but is a consequence of you not taking up the "special offer" of paying it off within 12 months.

As it is not a breach of contract issue the "reclaim your charges" argument wouldnt apply. You could try calling them and calling on their goodwill but as these companies make their money by people forgetting to pay on time I would be surprised if they waived it

scotsgirl_3

Hi

basically the agreement will have an interest rebate period rather than interest free - so if you had paid within the year the the interest which had been added would have been removed and the account closed. The only thing you can do is call the company and honestly explai the situation and ask for them to either remove it or at least try to negoiate some sort of reduction