Interest free Help

mum_of_lewis

I have an interest free agreement with the payments commencing tomorrow. I cant find the paperwork anywhere and they are closed today.

Has anyone had finance with creation. Can you remember if they debit your bank account with the payment or do you need to phone up and pay?

Many thanks
Janette x

Apples2

Payment is due tomorrow and you've only just started looking into it?

They won't simply take it, they have always been hoping you wouldn't pay in time so the credit agreement is now in force. Take an upsetting look at how much you now have to repay including all that interest.

You should have been paying this off a Month ago if you didn't want to pay interest.

If you have already accepted you are now in a high interest credit agreement, they will almost certainly take the payment via Direct Debit automatically but keep an eye on your account anyway, just to make sure it goes through.

chalkie99

As Apples says it is too late and, I suspect, any "interest free" period only counts if you pay off the whole amount and have the payment cleared before the due date.

You are now likely to have lost the "free" period and owe interest calculated from the date you signed the agreement.

This, unfortunately, is how the finance companies make their money.

opinions4u

We may have prejudged the exact nature of the agreement.

mum_of_lewis

Thanks for the replies.

Its actually 3 years interest free,not buy now pay later.So no interest to pay.Just the amount owed spread over 3 years.


Thanks
Janette x

Apples2

mum_of_lewis wrote: »

Thanks for the replies.
Its actually 3 years interest free,not buy now pay later.So no interest to pay.Just the amount owed spread over 3 years.

Thanks for clarifying, so you have only just bought this item?

Just keep an eye on your bank account and call them before close of play tomorrow if it hasn't gone.

matttye

FYI you can send a faster payment on the day it's due and it will reach the recipient's bank anyway.

kylararlin

As Apples2 has said, keep an eye on your account tomorrow, however I have used Creation previously and the payments were taken out automatically

jonesMUFCforever

matttye wrote: »

FYI you can send a faster payment on the day it's due and it will reach the recipient's bank anyway.

Very dangerous advice here.
FP is only guaranteed to get into the account by the close of business of the next working day.
It could take even longer to be credited to your exact account.

matttye

jonesMUFCforever wrote: »

Very dangerous advice here.
FP is only guaranteed to get into the account by the close of business of the next working day.
It could take even longer to be credited to your exact account.

Just going from experience.

I've paid a number of things the day they're due using faster payments and it's always worked out okay.

poppasmurf_bewdley

I've used Faster Payments many times, and it always seems to be that payments to most individuals and companies are credited to their accounts virtually instantaneously.

However, when paying a certain credit card company (Bar***card) it seems to take up to three days to be credited to my account.

I would never suggest that this is because payments can be linked to interest payments, and the later the money is credited, the more interest is made. No, I'd never suggest that!