Crystal Windows Finance

Marksfish

Just a quick question as I am very dubious. We purchased new windows, and although we had the cash to buy outright, were persuaded to take out finance (against my better judgement). The main reason for doing so was because (although Crystal offer a 10 year insurance backed guarantee), they also told us that if we made 7 payments, the bank would be jointly liable under the consumer credit act (as when purchasing with a credit card). The salesman told us to pay back the full amount minus the 7 months payments, to minimise interest accrual, as there is no penalty for early repayment.

I am very sceptical and want to pay it all off in one go, now and not after the 7th payment. Is there any truth in this bank guarantee malarky?

Thanks

Mark

Apples2

What does your finance agreement say?

Sounds like some waffle from the salesman, maybe I'm just sceptical but maybe after you make 7 payments, his company can no longer retract his commission. Let's face it, you were this guys meal ticket, not his friend.

Marksfish

Finance agreement says it can be paid off early with no penalty. It is the "extra guarantee" from the bank that sold the wife on taking the finance. If that is a bare faced "porky", I will pay it off next week, if it isn't, i'll continue with the 7 payments and pay then.

DevCoder

Have a read of

http://www.financial-ombudsman.org.uk/publications/technical_notes/goods-and-services-bought-with-credit.html

Marksfish

A very interesting link thank you. So we have a "point of sale" loan which is covered under section 75. It appears the 7 month thing was a bit of a white elephant, so my scepticism was right!

poppasmurf_bewdley

Can you not just pay the total outright on your credit card and get the same protection without going through all this palavor?

UseYourCommonSense

Marksfish wrote: »

Finance agreement says it can be paid off early with no penalty. It is the "extra guarantee" from the bank that sold the wife on taking the finance. If that is a bare faced "porky", I will pay it off next week, if it isn't, i'll continue with the 7 payments and pay then.

You say you have the money to pay it off, so what's the point in being persuaded by this sales ploy?

dealer_wins

Sounds like the company who sold you the windows think they have the lifespan of a mayfly LOL

Are they made of paper?