Buy Now Pay Later!

Mushika

:eek: Hi this is the first time i have posted here, but i really really REALLY need some help! I bought a HD tele on a buy now pay later scheme.

Due to my fathers unexpected death, the final settlement payment was late by 3weeks. I had to travel to Canada and arrange the funeral, as well as get over this unexpected tragedy.

The company have now charged me with a whopping £750 for missing this payment, according to them and the Consumer Credit Act, if i miss a payment i am liable to pay the full interest of the loan!

Is this right? Can they really do this?

Kez100

From my understanding, yes. It is, I think, the interest in the period you have, so far, had free. It is only free if you pay within the given interest free period. It's the reason why I never do these deals now. Not just the time taken in applying for the account in the shop but having to remember the date to pay after so long. I used the system a couple times in the 1990's but the last one, a freezer from Iceland, was for two years and I got fed up worrying if I would remember to pay so I sorted it early and have never touched the deals since!

System

:eek: yes they can its part of the agreement you will have signed, even if you are late by one day they can add the full interest.

Mushika

Surely this is MORE scandulous than the unfair bank charges no?!

Im normally so good with this stuff. I always pay everything on time, this is the first time this has ever happened to me.

Its' difficult enough with everything that i have gone through.

Thanks guys i really appreciate this!

Do you think its even worth contacting their "Customer Relations"

Kez100

Not really because they have given you free credit on the understanding, if you want it to be free, you pay them back within a given period.

I have to say I am a suckler for reading T and C's and trying to find the catches in all these 'free lunches' on the High Street so, hopefully, I don't get caught.

Out of interest, had you diarised it to remember the date? When you went to Canada (obviously distraught) did you not look at your diary to make sure nothing important was going to be missed or needed cancelling before you went? I say that because they don't write to remind you - well, they didn't me in the 90's. Being home and not traumatised wouldn't have been any use if you had forgotton the final due date anyway.

There is no reason why you shouldn't try contacting customer relations - nothing to lose I suppose and you have extenuating circumstances. With so much at stake I would be inclined too. Wait and see if others more knowledgeable answer here.

Gorgeous_George

You could contact Customer Relations and plead your case but it is unlikely that they will change their minds. They rely on people like you to fund these deals.

GG

Mushika

Kez100 wrote: »

Not really because they have given you free credit on the understanding, if you want it to be free, you pay them back within a given period.

I have to say I am a suckler for reading T and C's and trying to find the catches in all these 'free lunches' on the High Street so, hopefully, I don't get caught.

Out of interest, had you diarised it to remember the date?

Not only do i diarise, i ensure the bank has received and procesed the payment. I always thought that you pay the interest over the time that you are late. Since I've always paid on time, this is the first i got smacked in the face!!!!

NEVER EVER EVER AGAIN!!!!!