0% Finance Issue on recently bought item.

Paul_cAPSLocK

HI all,

I hope this post (my first on the forum) is in the rIght place as it's more about consumer responsibilitis than rights.

I recently pre-ordered a then unreleased camera model from a large online retailer. I took advantage of a 0% finance offer and completed the online application at the time; which was approved.

The camera came into stock a few weeks later and when the retailer called to let me know I reminded them of the finance agreement. They said that they would let their finance dept know that the sale was proceeding.

The camera was delivered just over a month ago and I haven't heard anything about the finance. I called the finance provider to ask when the first payment would be due and they said that I was not on their system yet and would not be until the retailer activated the account. They suggested that I call the retailer and prompt them to start the finance account.

My question is do I have to do this? I'm not particularly hopeful of getting away with not paying for the camera (nearly £2000), but I don't see why I have to make up for the retailer's organisational deficiencies.

Any advice would be greatly appreciated!

Paul

maninthestreet

No legal obligation to do so, AFAIK. You cannot be accused of theft due to an oversight like this by the seller.

visidigi

Paul_cAPSLocK wrote: »

HI all,

I hope this post (my first on the forum) is in the rIght place as it's more about consumer responsibilitis than rights.

I recently pre-ordered a then unreleased camera model from a large online retailer. I took advantage of a 0% finance offer and completed the online application at the time; which was approved.

The camera came into stock a few weeks later and when the retailer called to let me know I reminded them of the finance agreement. They said that they would let their finance dept know that the sale was proceeding.

The camera was delivered just over a month ago and I haven't heard anything about the finance. I called the finance provider to ask when the first payment would be due and they said that I was not on their system yet and would not be until the retailer activated the account. They suggested that I call the retailer and prompt them to start the finance account.

My question is do I have to do this? I'm not particularly hopeful of getting away with not paying for the camera (nearly £2000), but I don't see why I have to make up for the retailer's organisational deficiencies.

Any advice would be greatly appreciated!

Paul

Lets not beat around the lens, that's absolutely why you have posted this thread, there is simply no other reason for it.

Do you have to? Probably not. Should you? Absolutely.

Finance is not to be messed with - it could cost you an awful lot more than the finance package in the long run.

Additionally they would have grounds for you to pay up for the missing payments in one go the longer you leave it (subject to the actual T&C's of the finance)

Paul_cAPSLocK

visidigi wrote: »

Lets not beat around the lens, that's absolutely why you have posted this thread, there is simply no other reason for it.

Do you have to? Probably not. Should you? Absolutely.

Finance is not to be messed with - it could cost you an awful lot more than the finance package in the long run.

Additionally they would have grounds for you to pay up for the missing payments in one go the longer you leave it (subject to the actual T&C's of the finance)

I understand what you are saying as a moral position, but there is no finance agreement as yet according to the provider so I don't see why I am subject to finance T&Cs. It seems to me that the worst that could happen would be a dispute with the retailer in which case I would just pay the original purchase price. Or am I way off the mark?

visidigi

Paul_cAPSLocK wrote: »

I understand what you are saying as a moral position, but there is no finance agreement as yet according to the provider so I don't see why I am subject to finance T&Cs. It seems to me that the worst that could happen would be a dispute with the retailer in which case I would just pay the original purchase price. Or am I way off the mark?

You agreed to the T&C's when you applied for the finance.

The T&C's don't require your approval after the finance is setup, what would be the point of that?

When they realise the error or resolve the delay you're going to be on the hook to the terms which you agreed and which they accepted you for.

Just because the finance company can't see it doesn't me it doesn't exist. You got approved, you know this because a) they told you and b) you have the product.

InsideInsurance

Depending on the exact terms of the agreement the missed payments may become payable immediately or all future payments increased rather than pushing everything out by 6 months (or however long it is until they spot the error). In this case, stick the payments you were due to make into another account earning interest on them and then you have the money there and ready when/ if they spot their error

Paul_cAPSLocK

visidigi wrote: »

You agreed to the T&C's when you applied for the finance.

The T&C's don't require your approval after the finance is setup, what would be the point of that?

When they realise the error or resolve the delay you're going to be on the hook to the terms which you agreed and which they accepted you for.

Just because the finance company can't see it doesn't me it doesn't exist. You got approved, you know this because a) they told you and b) you have the product.

That makes sense, thanks. I still don't see why I'm the party in the wrong though as I have prompted the retailer (IIRC twice) around the time of the delivery and have also spoken to the finance provider since. What if I do go back to the retailer and let them know again and they still don't take action. Would I be absolved then?

visidigi

Paul_cAPSLocK wrote: »

That makes sense, thanks. I still don't see why I'm the party in the wrong though as I have prompted the retailer (IIRC twice) around the time of the delivery and have also spoken to the finance provider since. What if I do go back to the retailer and let them know again and they still don't take action. Would I be absolved then?

No

Really, like InsideInsurance says put it in an account if you want to run the risk.

But you arent going to get away with this - was your finance setup with direct debit as payment? If so they have 6 years to take payment...

Paul_cAPSLocK

visidigi wrote: »

No

Really, like InsideInsurance says put it in an account if you want to run the risk.

But you arent going to get away with this - was your finance setup with direct debit as payment? If so they have 6 years to take payment...

It was DD yes, so I will do as suggested and place the paymenus in a separate account. Thanks for all your advice, re-reading my posts I sound a little defensive for which I apologise.

cookie365

Most 0% finance agreements have T&Cs that hike up the % massively if you miss a payment. Be careful.