Buy now pay later

greggyboy

Hi

New to this! I bought a leather suite last year on bu now pay later.

At the payment date to clear off the loan, I was 5 days late. They then charged me 1 years interest up front, some £900, on top of the loan amount!

Now I know this is my !!!! up, but surely I would only have to pay interest on the days after the offer date.

Anyone had this before, and can I get my money back?!!

Thanks

Astaroth

No, you have agreed to pay interest from day 1 but agreed that if you paid it off within 12 months that they would waive the interest for the period until you paid it off.

you failed to pay the balance in time and therefore the interest stands.

Your only hope is that the wording of the contract you signed is poor and there is a loophole but the ones I have seen previously have been fairly strong (though a solicitor may be able to read more into it)

scotsgirl_3

Hi

Afraid I have to agree with Astaroth - the agreement you have will most likely state that interest is charged from day one. .All the agreements i've seen like that are worded in this way - it's basically an interest rbate period, rather than interest free

greggyboy

Thanks for your replies!

nomoneytoday

They rely on people failing to make payments on time, and usually add ppi etc onto the loan (as well as a high interest rate).
The trick is to pay it back well before the due date, especially as it can take a week for payment to reach them..

hwman

Made the same mistake and posted on here Monday...almost identical post to yours ..... I have written to lender more in forlorn hope, I will let you know if I get anywhere with it.....but very much doubt it!