Should you be Notified When a Buy now Pay in 12 months deal is due to be paid back

poppasmurf_bewdley

glentoran99 wrote: »

do you have a 2017 diary yet?

Yes, on the inside back page of my 2016 diary! There's room to put anything in right up to 31st December 2017.

Gaz83

glentoran99 wrote: »

do you have a 2017 diary yet?

What are you typing your reply on, out of interest?

The computer I'm using goes up to 2099.

Mummyto4kids

Realist_49 wrote: »

I fell foul of what appeared to be a decent offer. Buying a "Managers Special" computer from Staples ( which I could have paid for from my existing cards) I felt pressured into taking a Buy Now and pay in 12 months deal! At the end of the term I received a Letter for The Clydesdale bank Informing me I was now in a credit agreement to repay the sum over 3 years which they were taking money from my current account. Ringing their call centre I was told they (or the supplier) were under no obligation to inform me that this was due to happen so I could close the account by paying the full amount. I suggested this was " sharp practise and I should have the opportunity to shut the account. I was told to be careful in what I had said and I could close the account by paying double my initial purchase price. Is this Legal practise or should the Retailer and finance company be avoided like the plague?

To be fair it was a decent offer. They let you have interest free credit for a year. The issue comes about when its time to pay it off. I've used interest free deals for all sorts of things for the past few years. I work out how much a month it is to get all the money together within the interest free period minus one month - e.g. on 12 months interest free I would save it over 11 months - then put a reminder in my outlook calendar and my phone and on the paper one hanging in my kitchen for a month before which says "X due to be paid this month" then another for two weeks before which says "Have you paid XX - if not do it today!" its a standing joke in our house especially with my kids, but I haven't ever been late paying for anything.


I personally wouldn't ever rely on a finance company to tell me when something was due, I do that myself because then I know I wont ever have to pay interest. Reminders are definitely the way to go for me.

20aday

In the past I've used BNPL plans from both Very and Argos.

On their statements they told me the date the plans ended however I still wrote it down on my calendar (and also stored it in my phone) to make sure any outstanding balance was paid off in good time.

I'm not slating you OP but if you felt you were being pressured into opening a credit account with Staples you should've said "thanks but no thanks" and taken your custom elsewhere.

Brooker_Dave

jonesMUFCforever wrote: »

You were told the deal at the beginning.
Companies like these bank on you forgetting to pay back otherwise they would be uneconomical to run.

Surely any contract that relies on one party to make a mistake to be profitable would be considered an unfair contract?

jonesMUFCforever

Brooker_Dave wrote: »

Surely any contract that relies on one party to make a mistake to be profitable would be considered an unfair contract?

The contract does not rely on this.
The OP was told what the deal was and I guarantee you that the piece of paper he walked away from the shop clutching in his hand gave full details of how to pay back in good time for free.