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Hitachi loan reporting on credit file
Ammeretto
Posts: 181 Forumite
Hi
I just wanted to check something is correct before we ring Hitachi.
We have recently had a conservatory fitted. We paid 50% of the cost upfront and the remaining balance was on finance with Hitachi
The amount on finance is £9,500 and is deferred payments until Dec 2020.
When OH just checked his credit report they are stating that the amount owed is £24k
We had a look at the agreement and is states that we borrowed £9.5k but the outstanding balance is £24k which they say is the amount that would be paid in total if the agreement ran its course of 10 years (that wont be happening as we will pay a chunk off in Dec and transfer the rest to a 0% credit card)
However is it correct that they have reported a loan of £24k to the credit ref agencies? That does not seem right as although we might end up paying back £24k in total, the loan balance will never be that high unless they are front loading interest?
Thanks
I just wanted to check something is correct before we ring Hitachi.
We have recently had a conservatory fitted. We paid 50% of the cost upfront and the remaining balance was on finance with Hitachi
The amount on finance is £9,500 and is deferred payments until Dec 2020.
When OH just checked his credit report they are stating that the amount owed is £24k
We had a look at the agreement and is states that we borrowed £9.5k but the outstanding balance is £24k which they say is the amount that would be paid in total if the agreement ran its course of 10 years (that wont be happening as we will pay a chunk off in Dec and transfer the rest to a 0% credit card)
However is it correct that they have reported a loan of £24k to the credit ref agencies? That does not seem right as although we might end up paying back £24k in total, the loan balance will never be that high unless they are front loading interest?
Thanks
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