Everest Windows Home Improvement Loan

TVPIPE

Putting aside whether I am wise to be considering Everest

The sales guy came down to 17000 if we took finance.

The APR appears to be 19.9%

from what I have been advised by Everest, and the written terms and conditions appears to confirm, if we wish to pay the loan off early, we face 28 days interest (the notice period), and then a 31 day interest penalty. This comes out at around £450 interest.

What I find unclear is , if Everest/Barclays only make this little interest should I repay at the earliest opportunity, why would Everest not reduce the quote to approx 16550 for a cash payment, rather than risk my losing the sale through my not being keen on finance. Also, surely Barclays would not wish a loan to be cashed in early under such generally favourable terms.

I cannot see any other charges, but I remain suspicious of home improvement loans....

Can anyone explain this further......have I missed other charges should I pay off the loan?

Has anyone taken out such a loan recently?

[Deleted User]

There would only be the interest charge. Everest are looking for the commission on the finance, not to reduce their sale price.

TVPIPE

Thanks for the prompt reply.

But if Everest receive commission, and then I cash the loan in at the earliest opportunity, Barclays would only really make around £450. This may be less than the commission paid to Everest...surely this wouldn't make sense?

[Deleted User]

Barclay are betting on enough window shoppers like yourself deciding to keep the loan until maturity.

They will also have a clawback in place for the commission on early redemption.

TVPIPE

So Everest may as well accept cash ....but I suppose they are pinning their hopes that I may decide to continue with the loan for at least a few months...


this type of thing puts me off Everest....but their windows are good...

glasgowdan

A local independant would do the exact same work, and I assume higher quality, for something like £10,000 I bet. Everest obviously hope that being able to offer their windows on Brighthouse terms will encourage people to use them who can't really afford new windows (considering how much of that £17,000 will be going into the company profit bank)

robin58

I would not trust Everest if they were the last company in the world. All they are after is making as much money out of you. They are well known in the industry for doing this.

Have you got any further quotes from other companies?

[Deleted User]

£17,000 ????? what are you double glazing?? a palace??

AnotherJoe

The same sort of deal is often available when buying a car, when its cheaper to buy on finance as long as you pay off the finance quickly.

As said, yes in your case they may not make a profit but for every 1 person that does this 10 will probably through ignorance or inertia stay with the finance. Its like a loss leader in a supermarket, lets say they are selling milk at less than it costs. They reckon that most people that go in to buy milk will buy other things as well.

poppasmurf_bewdley

Nothing to say about your finances with Everest, but please make sure you get some quotes from local companies.

When I had Everest in for a quote, I got all the speel about doing the deal now, ringing the manager, etc. Then when I looked locally, I got the job done for about a third of the price quoted by Everest.

meer53

Everest reply on people who can't be bothered to do any leg work and those who think if you pay more you get a better job. There are a lot of them about.

FGS don't buy from them, there are loads of fantastic independant window installers who will charge a fraction of what Everest will change you for the same job.

Everest quoted me nearly £30k for a conservatory, same conservatory bought and fitted independantly cost me just short of £10k. It's still looking good 15 years after installation.