Credit Agreement - What Credit Agreement ???

Emma54321

Hi, hoping someone can offer some advice.

We took out a credit agreement about 14 months ago to cover the purchase of some furniture, and agreed to make monthly interest free repayments over 4 years. I noticed after a few months that there wasn't anything being taken from our bank. Dug out the credit agreement and rang the credit company who have no record of us taking it out!!!

Still not had one shred of paperwork since, or any payments taken. Please can anyone advise where we stand legally, surely there is a limited timeframe in which the money can be claimed? Or will I be looking over my shoulder for many years to come!

(We are putting the money aside in an ISA just in case)!

Any help and advice very much appreciated.

brightonman123

keep the money aside, and keep schtum!

cancel the d/d to be safe, just in case they go for the lot in one go!

Tixy

There is a time limit - but its 6years.

Another thing that might happen is that the company from whom you bought the furniture realise that for some reason the finance company never paid them and so they (the funiture shop) would then have 6years to pursue you for payment.

Obiviously ensure you keep hold of your original receipt from the shop and your copy agreement - and I also make a note of the date you made the call to the credit company and what they told you.

It might just be worth checking your credit files with experian & equifax to see if there is any record of the credit agreement on there - or even a credit agreement from the same time/amount but for a different company. You could also check to see if a credit search was ever carried out by the credit company.

Presumably this wasn't 'pay nothing for a year and then take 4 years interest free credit'?

opinions4u

A few years since I've used DFS but:

1) You sign the agreement when you agree to purchase.
2) The agreement commences on delivery (it was 8 weeks in my case).
3) You pay nothing for a year.
4) You then repay the balance over 36 payments.

So it would be more than possible for the first payment to come out 15 months after the agreement was signed.

rang the credit company who have no record of us taking it out

Assuming this is the case, rather than the scenario I describe above, I'd strongly suggest setting aside the monthly payments in a savings account so that you have the money available when they do spot the oversight. They almost certainly will.

Emma54321

Thank you for all your comments and suggestions, good point about getting my credit record. It was certainly an agreement whereby you started making payments immediately.

Thanks again.

:T

worried_jim

Tixy wrote: »

There is a time limit - but its 6years.

Another thing that might happen is that the company from whom you bought the furniture realise that for some reason the finance company never paid them and so they (the funiture shop) would then have 6years to pursue you for payment.

Obiviously ensure you keep hold of your original receipt from the shop and your copy agreement - and I also make a note of the date you made the call to the credit company and what they told you.

It might just be worth checking your credit files with experian & equifax to see if there is any record of the credit agreement on there - or even a credit agreement from the same time/amount but for a different company. You could also check to see if a credit search was ever carried out by the credit company.

Presumably this wasn't 'pay nothing for a year and then take 4 years interest free credit'?

I used to work for a big furniture company and the finance company paid us the day the furniture was delivered to the customer's home.
I too would keep the money aside in an ISA for six years- you never know.....