0% Interest Free Finance

mrB_3

Hi all,

I'm considering buying an engagement ring for my hopefully soon to be fiance and I think I have found one!

It is a bit pricey and I was hoping to do interest free credit over 3 years to pay it off with a 10% deposit up front on 0% intrerst free finance.

My situation on credit isn't fantastic, I've been accepted for mobile phones here and there but seem to fail quite a bit with a lot of other things. I checked my Noddle report which is showing as Poor -Very Poor (518), I also have a credit card which I pay on time each month but its not fully paid off. I'm also on the electoral role.

I guess my question is if I would fail on something like this? I've never done a finance option like this which is 0% interest on jewlerry and was wondering if decisions differ? I know 100% I can certainly pay it off and they are asking for things like bank statement, utility bills, etc. which I have.

Thanks in advance

Gaz83

Your score doesn't matter, ignore it.

What do you have in your history in terms of missed payments, defaults, CCJs?

mrB_3

Gaz83 wrote: »

Your score doesn't matter, ignore it.

What do you have in your history in terms of missed payments, defaults, CCJs?

Hi Gaz83

I have no CCJ's and looking at my Noddle report on all accounts they have with me on file, its showing as absolutley no missing payments and all green in terms of paying things on time. No defaults either.

Candyapple

What is your debt to credit ratio?

Annual salary?

What is the amount you are looking to spend?

chanz4

3 years to pay a ring off mate is just stupid

JimmyTheWig

Would your fiancee prefer this ring or to start out married life debt-free?

mrB_3

Candyapple wrote: »

What is your debt to credit ratio?

Annual salary?

What is the amount you are looking to spend?

The ring is 3k
And my anual salary is 28k + Bonus here and there, I'm not really in any debt apart from a credit card that I'm paying off, but if I wanted to settle that I could any month really.

chanz4 wrote:

3 years to pay a ring off mate is just stupid

Hi Chanz,
I was told you should roughly spend two months wages on a ring, which I am essentially doing, just under.

The reason I wanted to do 3 years is because 3k over 3 years is practially no strain whatsoever on my income, should I have something extra to buy 1 month. The ring also comes with a wedding band, so its kind of worth it.

I could pay it off in less time if I wanted really.

[Deleted User]

mrB wrote: »

I was told you should roughly spend two months wages on a ring, which I am essentially doing, just under.

You really don't need to. Any more than she needs to be a virgin going down the aisle.

Buy her something you both like, rather than to someone else's budget.

Candyapple

mrB wrote: »

Hi all,

I'm considering buying an engagement ring for my hopefully soon to be fiance and I think I have found one!

It is a bit pricey and I was hoping to do interest free credit over 3 years to pay it off with a 10% deposit up front on 0% intrerst free finance.

My situation on credit isn't fantastic, I've been accepted for mobile phones here and there but seem to fail quite a bit with a lot of other things. I checked my Noddle report which is showing as Poor -Very Poor (518), I also have a credit card which I pay on time each month but its not fully paid off. I'm also on the electoral role.

I guess my question is if I would fail on something like this? I've never done a finance option like this which is 0% interest on jewlerry and was wondering if decisions differ? I know 100% I can certainly pay it off and they are asking for things like bank statement, utility bills, etc. which I have.

Thanks in advance

What do you mean by this? Have you applied for anything recently and been declined?

Have you checked your Experian and Equifax files to see what is on there?

mrB_3

Candyapple wrote: »

What do you mean by this? Have you applied for anything recently and been declined?

Have you checked your Experian and Equifax files to see what is on there?

I applied for a TV like 6-7 months ago on finance and got declined for this, this was online with Hitachi finance though.

Paully232000

mrB wrote: »

I applied for a TV like 6-7 months ago on finance and got declined for this, this was online with Hitachi finance though.

Did you find out why you were declined, how much was it in comparison to £3K, and has anything changed since you were declined?