Creation CF loan

Ian_Manning

Hi.
I feel extremely stupid as I purchased a fridge last year from Westgate House (the Coop) and took out ther interest free option with a company then called Open and Direct of Belfast (now renamed Creation CF) which was one of these deferred payments for 12 months schemes. Unfortunately, I didn't see the small print where it said they would NOT be sending a reminder of when the interest free period was about to finish. Of course, I missed that date and am now stuck with a loan at an extortionate 29.5% APR.
First, a warning to anyone contemplating using Open and Direct (now called Creation CF) - my advice is: DON'T! If you forget to pay within the interest free period, you/re stuffed!

Second, although this lack of a reminder was in the small print, does anyone know if there is any way it might be challenged as an unreasonable omission? I'm not hopeful, but you never know.

Ian Manning

nomoneytoday

Many buy now, pay in x months worth off the probability that many people won't pay it back on time.

You can complain, but next time mark it on your calendar.(or a fridge magnet- lol)

patmcc

There is no need to feel stupid. I purchased a fridge freezer from Apollo 2000 and bought on a 12 MONTH buy now pay later deal. Creation CF have charged me £500 for 5 days over the due date.

They obviously profit hugely from people living busy lives and are allowed to do so by the FSA! I am furious and gutted that companies such as this are allowed to profit in this way. I would be very interested to know the total amount they make each year from people being caught out by the small print on 'we don't send a reminder'.

sj_der

Creationcf.com .Be careful not usual interest free loans !!!!!!!!!!!!


On the 13th November 2010 I purchased some items from PC World in Lincoln


I clarified with one of the sales staff that I wanted to fund the purchase of these items over a 6 month period, interest free. I was told that this was something that I could indeed do so the necessary paperwork was made out using creationcf.com as the supposed interest free credit finance suppliers who would supply an individual online account which you could monitor and pay into. An administration fee of £25 was also charged. The final amount came to £533.97.

On the 6th of January I decided to make an instalment payment of £100 towards the final borrowed amount and to my dismay I was informed by creation.com that there is a £3:00 charge every time a payment is made using my VISA bank card.

This was never explained to me at any time so that I could make an informed decision as to whether this was the way I wanted to fund my purchases. You can obviously see that if I decide to make 10 equal payments to pay off the amount then this is going to cost an additional £30 hence it is not interest free like the salesman said so I rightly feel that I have been misled.

The public are fully acquainted with the usual way of financing purchases over 6, 9 or 12 months interest free with the proviso that the amount is paid off within the agreed time frame. Argos, BHS. John Lewis, Debenhams operate these methods along with many many other companies.

Because I was not told that my 6 months interest free plan was any different from the normal I rightly assumed that creationcf.com would be exactly the same. They do not work like this and likely the salesman will not tell you.

Steve
Lincoln
UK

iolanthe07

But how can you all forget something as important as meeting the pay back date? Don't you have diaries? Of course they're not going to remind you - why should they? You have to stay ahead of the game.

rock-on_2

This company should be reported to the FSA so too should the retailers who use them

I bought a laptop in early December from Curry's on their 'buy now no payment for 6 months' deal. I expressly told the salesman that the total would be paid in full well before the 6 months was up and yes I do have the date on my calendar (early June).

In early January they extracted a direct debit set up charge from my bank account. I had no knowledge, I did not agree to this and I certainly didn't authorise any payment whatsoever to this Creation/Open and Direct place. 6 months before payment as far as I am concerned means exactly that. NO PAYMENT OF ANY DESCRIPTION FOR 6 MONTHS and that includes any direct debit set up fee which wasn't even mentioned by the salesman or Curry's.

My original contract for the purchase is obviously with Curry's but all they have suggested is to call their 0844 number which again is completely useless.

Advice to anyone who wants to buy on credit - set up your loan before you go to one of these retailers. If you see an offer of 'No payment for 6 months' check, check and double check just exactly what their version of 6 months is. In my case it wasn't even 6 weeks!!

Above all AVOID anything to do with Creation/Open and Direct, they are anything but open and direct

Hax

I've bought loads of PC bits on BNPL through Creation. It was quite clearly detailed about the charge for using a debit card to make payments. So, I asked for bank details to make payments through my online banking - that seems to work just fine and didn't attract a fee - although, I've only made a "test" payment of £1 so far - no point throwing money at a BNPL purchase before it's time to make the payment - may as well get *some* interest off it in the mean time.

For me,

First BNPL loan needs to be paid in May
Second BNPL loan needs to be paid in July

Both will be paid a month early to ensure there are no problems as I am fully aware of the hefty penalty for not paying in time - it's all documented quite clearly - or maybe it's just that I take the time to read what I'm signing up to?!

gravitytolls

Hax wrote: »

I've bought loads of PC bits on BNPL through Creation. It was quite clearly detailed about the charge for using a debit card to make payments. So, I asked for bank details to make payments through my online banking - that seems to work just fine and didn't attract a fee - although, I've only made a "test" payment of £1 so far - no point throwing money at a BNPL purchase before it's time to make the payment - may as well get *some* interest off it in the mean time.

For me,

First BNPL loan needs to be paid in May
Second BNPL loan needs to be paid in July

Both will be paid a month early to ensure there are no problems as I am fully aware of the hefty penalty for not paying in time - it's all documented quite clearly - or maybe it's just that I take the time to read what I'm signing up to?!

Gold star moment for you then.:D

Some of us just ain't that organised, 12 months is a long time you know.

Hax

gravitytolls wrote: »

Gold star moment for you then.:D

Some of us just ain't that organised, 12 months is a long time you know.

Twelve months may be a long time, but why come and complain about it and try and shift the fault to the lender when it's the borrower's responsibility to remember and pay it back before the BNPL period is up?

The lender has already added provision into the contract for reclaiming their money via a "normal" credit agreement with back-dated, high APR interest. It's to the borrower's advantage to remember the date by which they need to make their payment.

For the person complaining about their £3 admin charge for each payment, then why not just save the £100/month up and then make just a single payment thereby incurring only a single charge (for the remaining payments).

Coveredinbees!!!!

I almost got caught out once but in a slightly different way, I bought a PC on a BNPL, didn't miss the date but they kept rejecting my payments then started taking the money out of the bank for the monthly payments. I managed eventually to get them to take my payment and cancel the agreement but they wanted to charge me all the interest for the entire 3 year period it was supposed to run. Luckily my bank help me out proving to them I had sent them the correct details. Be careful out there, lots of dodgy sharks about.

rock-on_2

Hax
I did read the small print, checked and re-checked with the salesman. I was assured that no payment, direct debit fee or anything else would be requested, certainly not within 4 weeks of buying the goods. I checked everything and STILL these people took money from my account which was completely unauthorised. My contract is with the retailer so I'm going to take matters up with them if they can be bothered to sort it out, they after all gave me duff information. If retailers are advertising these deals then they should at least know what they are selling.

I'm not sure that anyone makes a charge for using a debit card, never had a charge before and checked with the retailer on this one to make sure that no charge was to be made so I still think this lot should be reported.