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Argos card cost me my mortgage application
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sudse
Posts: 4 Newbie
so, I bought an iPad from Argos on a pay in 9 months basis, no monthly payments just lump sum on set date, today I have had the 3rd letter saying I owe them money that I clearly don't, due to there incompetence I now have 2 defaults on my credit score that I wasn't aware of when I applied for my mortgage, of which I was turned down because of credit score, all Argos are going to do is " try to get the defaults removed" is there any way I can get more out of them and do I have a legal case against them.
Is there anything else I can do?
Is there anything else I can do?
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Comments
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You haven't said so but can we assume that the 9 months is not up yet?
If they don't remove the defaults then you might have a case against them (although it might be easier and cheaper to go to the FOS), but if they do remove them then I'm not sure what you think you might be able to "get out of them". Just reapply for your mortgage once you know your credit record is clear if you are sure the defaults were that cause of you being turned down in the first place.0 -
op did you read your statements?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Defaults plural?
Are you sure you mean a default, or are you talking about a late/missed payment or two?
AFAIK such arrangements normally include a minimum payment each month, with the full balance then being repaid by the end of the interest-free period.
I don't know the specific product in question here though.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Im with kingstreet, this sort of arrangement is interest free for 9 months but you are still required to make a payment each month during that period.
Im not saying that is the case but 9 months without a payment is quite a long time. I would double check your paperwork and ensure you have not made a mistake.
That being said, 1 default in the last 12 months it can still be possible to place a mortgage although your deposit will probably need to be in the region of 15%.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Disagree, often there are two types of deal; 1 is as ACG and Kingstreet describe whereby you'd pay a little each month and provided it's paid off within the 9 months then no interest is charged - the other is that you pay NOTHING for the 9 months, and then you either settle in full, interest free; or pay monthly and interest begins to accrue.
Could be a case of thinking you had one, whether you actually had the other, maybe? Only Argos can answer this one.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
In my experience the Argos one is interest free for 9 months. So if balance paid in full, within 9 months, you don't pay interest. If you don't pay in full in 9 months you aren't in default but you then accrue the interest from the 9 months.0
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or they put you on the wrong plan...Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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