hitachi capital loan (via bathstore)

spadoosh

judyb123 wrote: »

could you just let me be £800 angry just for one day...? I think I deserve that at least! Of course they want you to go over the interest free period...

I think I'm just bitter! I wouldn't mind but the bathstore stuff I bought is all rubbish and falling apart already! I'm never using bathstore again and I'm not using any form of 'interest free' store loan type products.

I'm off to buy a cadbury cream egg!

That £800 might not be a complete waste of money then.

Its good your angry about this it should mean you dont repeat the same mistake.

(sorry i forget i have a signature sometimes, its not aimed specifically at you)

judyb123

I borrowed the money for 9 months.. My reminder was for march as thats when I thought I needed to pay it off - I thought i was contacting them early, in good time. I need to dig out the original agreement as bathstore had messed the order up so badly that it kept changing and they had to cancel the agreement and re set it up. I'm usually very ordered and keep everything on a spreadsheet.. I have all my orders filled away, at present all I can see is the actual order, and not the finance information which i remember taking back in to the store as they needed to refund me some money as they had overcharged.

System

judyb123 wrote: »

I'm also astounded that I can be charged £800 for paying off the agreement 8 days after the interest free period ended - surely this isn't right.

You thought it was right when you signed the agreement. And yes they can.

They told me unless I paid today then interest would keep going up. I decided to cut my losses and gave them £5481. The initial interest free loan was for £4704, taken out in March 2017. Apparently these interest free loans aren't as they seem,

They're exactly as they seem. I've never paid any interest on them because I've repaid them by the date due.

when the lady told me I should have paid the full amount on the 30th January 2018, as I hadn't they back dated all the interest - which still seems high - interest of £800 for 9 months of an interest free period.

But it is no longer interest free if you exceed the 0% period.

Surely this practice is misleading to customers.

How is it misleading? It is pointed out in the advertising in the store, it is on the credit agreement YOU READ AND SIGNED.

judyb123

I just wanted to post an update on this situation. I have now read over every details in the contract and it does not say they can backdate the interest once the interest free period ends. I spoke to Hitachi about this and received a reply that tells me this information was then emailed to me on the 22nd march 2017 (nearly two months after I took out the loan). Of course, as their emails were landing in my quarantine folder I did not receive this email. When I pushed them on the email they said that because the email didn't bounce it must have been viewed. This isn't the case. So many emails are sent and caught in spam filters. When I asked why they hadn't posted me a letter to tell me about the interest they said they do not post letters. They then referred me to a clause in the contract which mostly relates to sharing my information and there is then a line that says 'if you have supplied an email address or mobile telephone number we may use these to provide you with information about your account'. The rep from Hitachi tells me this is their way of telling me they will contact me via email. I wonder then, why they use the word 'may' - and does this mean I have to check my emails every day for a year just in case I receive important information that I'm not yet aware of?

I have now logged this case with the financial ombudsman.

judyb123

Just to be clear - I did not sign a contract that says interest would be backdated to the first day of signing. On my contract it tells me that I had an interest free period and then, once the interest free period is up I will then begin paying interest on the loan of 19.9% APR.

fozmcfc

You might be lucky with the FO, but you'll need to be very lucky for them to side with you.

I know you're annoyed, but you should be annoyed with yourself for not making sure of the due date. You really are clutching at straws, but I guess you've nothing to lose.

One thing to be extra careful if people are taking out these deals, is that the payment due day, is very specific. My mate got caught out once by trying to pay on the day he got delivery, but it was the day he applied for finance that the payment needed to be made by. He ended up paying hundreds in interest due to this error.

Judy, do come back and let us know how you get on, it would be useful info, for others in the future.

Shakin_Steve

I've seen this "If you have supplied an email address..............." written in T&C's before. I wonder if it's industry standard?

Shakin_Steve

Here is the exact wording from the ARGOS buy now, pay in six months offer:


You won't be charged any interest if you pay off your plan within the Pay Later period and keep your account up to date. If you don't pay off your plan before it ends, you'll be charged interest at your normal plan rate from the date of purchase. However, if you choose to make payments without clearing the balance, the earlier you pay the less interest you'll be charged. Credit subject to status.

Not the same retailer, I know, but that definitely says from date of purchase.

Shakin_Steve

And here's the Hitachi wording:

https://www.hitachicapital.co.uk/retail-finance/buy-now-pay-later/

System

judyb123 wrote: »

Of course, as their emails were landing in my quarantine folder I did not receive this email. When I pushed them on the email they said that because the email didn't bounce it must have been viewed. This isn't the case. So many emails are sent and caught in spam filters.

It is up to you to check the spam folder, it is up to you to set a rule in your email program or service to allow that email address to go to the inbox and not spam.

and does this mean I have to check my emails every day for a year just in case I receive important information that I'm not yet aware of?

Yes if you don't want to miss that important information that needs action by a time deadline.

I have now logged this case with the financial ombudsman.

You'll lose. It is YOUR fault that the emails went into the spam folder and you didn't check it.