TV Finance Deal

kierran87

Hi,

I took out a finance deal on a Panasonic TV October 2011. It was pay within 12 months, no interest deal. I have saved up all the money ready to pay off the deal, £1,150.00 in total. When i went back to the shop to pay it, they had shut down and been taken over by another Panasonic Dealership, and they could not tell me who to pay, or where to pay off my finance deal and had no paperwork for my deal. Now, the deal has gone over the 12 months, and they have applied 4 years worth of interest to the amount, which is now over £2,000.00. When i phoned them to explain the situation, their answer was they basically couldn't help me, as the deal had expired. This is really really frustrating, as i have the money to pay off the original amount in full, but do not want to pay double that amount because of this.

Is there anything i can do to explain this better to them, and to agree to just pay the original amount?

Thanks for your help in advance, Kierran.

opinions4u

Your finance agreement was never with the shop.

It was always with a finance company.

The fact you didn't retain your paperwork is the problem here. I think you're doomed to paying interest. But not four years worth if you settle in full, with interest, now.

kierran87

opinions4u wrote: »

Your finance agreement was never with the shop.

It was always with a finance company.

The fact you didn't retain your paperwork is the problem here. I think you're doomed to paying interest. But not four years worth if you settle in full, with interest, now.

Yes, it is with Barclays Partner Finance. They have given me a settlement of around £1,500.00 if i pay by 15th December. I had paperwork, with a receipt, but it never showed who the finance was with for some reason...Maybe the shop didn't provide me with everything..? Anyway, they have given me a settlement figure of £1500 if i pay by 15th December, but i don't have this amount. I have around £1,100 at the most. Anyway i can get this down or any other ideas?

Herzlos

Can you borrow the 400 difference from somewhere? Even a cash advance will probably hurt less than the backdated interest.

kierran87

Herzlos wrote: »

Can you borrow the 400 difference from somewhere? Even a cash advance will probably hurt less than the backdated interest.

It's possible, but I'd rather not..! I even suggested to them that i would pay the £,1,150.00, and then pay the interest off on the settlement figure monthly, but they said no to that too.

19lottie82

Hi OP - Sorry but I can't say I have much sympathy for you in this situation. As others have said, your finance deal wasn't with the shop, it was with a finance company.

You knew the deal was that it had to be paid in full within 12 months to avoid interest charges.

You "stuck your head in the sand", so to speak when you realised the shop was shut, when in reality you should have really exercised a bit of common sense in trying to find an alternative way to make your agreed payments. Did you contact Panasonic directly to see if they could help?

I'm afraid that you broke the T&C's so don't have a leg to stand on. The sensible thing to do would be pay then the £1500 by December 15th to avoid even more charges and learn from this experience. Oh and ALWAYS keep paperwork in future!

Apples2

Although it is interest free for 12 months. The interest does start right at the beginning, this is why the settlement is for 1,500 and not the whole 4 years worth.

If you pay up before the 12 months is up. They waive the interest payments.

loads of people get caught out like this by waiting until the final days before trying to pay.

If its any consolation, a lot if people find a weird problem with the payment which pushes it over the 12 months so they too end up in the same position.

These deals should really be paid at month 10, not the final days.

kierran87

Apples2 wrote: »

Although it is interest free for 12 months. The interest does start right at the beginning, this is why the settlement is for 1,500 and not the whole 4 years worth.

If you pay up before the 12 months is up. They waive the interest payments.

loads of people get caught out like this by waiting until the final days before trying to pay.

If its any consolation, a lot if people find a weird problem with the payment which pushes it over the 12 months so they too end up in the same position.

These deals should really be paid at month 10, not the final days.

Thank you, and everyone else. I know the answer really, was just seeing if there was a way out of this at all! Definitely a lesson learned!

opinions4u

You could try pursuing a complaint with Barclays citing the lack of paperwork provided by the store.

You may then find a goodwill payment will write off the interest.

But it really is a long shot.

kierran87

opinions4u wrote: »

You could try pursuing a complaint with Barclays citing the lack of paperwork provided by the store.

You may then find a goodwill payment will write off the interest.

But it really is a long shot.

Thank you, I'm sure it is worth trying. Will see what they say.